you have to recognise a trend ending which is the most difficult thing to do. a pullback is a trend and you have to recognise when it ends to get in the larger trends. i think you should see the market as colllection of trends rather than trend and counter trend.. some deep corrections are definitely tradeable. a 1H pullback is a trend in 5 min. where you have to be careful with 5 min and Brooks is that 5 min trades are much shorter....you get more trades and if you take them all you end up overtrading. now if you are trading let us say a daily chart you may make 4-5 trades a month. the only reason you shift to 5 min like brooks did, is to make more trades. making more trades may be very dangerous for a new trader because he cannot judge a good entry or a good set up from a bad one. over trading is one of the most common reasons for failure: not knowing how to differentiate a bad set up from a good one. this takes a lot of experience. small wonder most traders wonder what the fuck brooks is talking about
be careful here this set up road will only lead to a dead end....with emphasis on 'dead'. if you cannot know the direction or cannot read the market conditions and focus on set ups alone ,you will join all the Brooks' haters.
i suggest you take one of his chapters....like trendlines or break outs or trends and then keep reading each page a number of times....and stay reading that one chapter for a long time. you will find there is a lot of overlap between chapters. for in stance between trend and pull backs: a pull back is actually a trend; and to know when a pull back ends you have to know where a trend ends. as far as price action goes there is no difference between trend and pull back !!!!
why is this journal helping me.? because it is forcing me to find reasons to justify the position i may take....rather than just think: 'oh it should go down now'
in all my videos i do not talk of set ups....thus that mean i am not trading like brooks? https://screenrec.com/share/ABHNX8TYwf https://screenrec.com/share/uYLNBMrXch https://screenrec.com/share/Rx0gF2zrDO
ok closed my gold short...7 usd booked profit today in two trades....with .01 lot size.....that is good by my standards https://screenrec.com/share/4dtJboYnLM https://screenrec.com/share/DpVmQSIfwR https://screenrec.com/share/Os6yU7Q95m