it may be just frustration cant blame brooks ...markets are incorrigible any competitive activity is difficult to master...there is huge difference between pro and am. i have played amateurs' golf at a high level for 25 years and have cooked at am level for 5 years..and have day traded at an amateurs' level for 14 years. to be pro ...to make money doing something or anything, is just difficult or impossible for most
for a long time maybe all of 14 years i have been looking for the answer to the question:what does the market do? apparently all it does overextend on both sides....up and down. there are many ways to measure this overextension.....over bought/ oversold levels....and over time i have looked at many of the popular ones. and then i found Brooks and started looking a few of the unpopular ones......price action.....wedges .....trend lines. brooks defines wedges very widely and that is one overextension that found was useful:though it is widely thought to be a reversal pattern i found on study that it results mostly in 'correction' which is ,of course, a minor reversal. but one if you trade will be only a scalp. Brooks methods extend beyond traditional TA........using PA, trendlines to define wedges and triangles rather than indictors
I will have to read Brooks apparently. I wave watched a number of his videos and watched a number of "webinars" that he has given. Not once do I recall him using the word "overextension." Is this a Brooks concept, or is it one you yourself use and not from Brooks but you picked it up somewhere else? By "wedge" I saw a webinar where he says he defines all three push patterns as wedges. So you are right, he defines them "broadly" as you say. But he does not define them as an "overextension in his free public stuff. Do you recommend his book or books or his video course?
i read my first TA book in 1994 and it was written by M. PRING......in the next few years i have read many many many others
it is obvious from your starry eye infatuation with brooks vids that you are not a experienced trader.... if this offends you i am deeply sorry....i rarely make personal comments except to 'overnight'. if you are not well versed with the classical side of TA then brooks will only confuse you more. please tell me your exact trader pedigree or experience as a trader then i could recommend you something
a wedge he defined in one place as ' a failed channel line breakout ' what is a channel line? and what does that in red mean.....it took me 14 years to understand that one line but understanding it and putting it to practice can yield such trading results as i got today. i made a gross profit of 22 usd.....and my balance at start of trading was 26 usd. it is difficult to repeat such but be that as it may
broadly unless you are extremely proficient in all aspects of classical technical analysis-which i was - you should not go anywhere near Brooks. even with my previous knowledge i had hell trying to understand brooks....took me 14 year to turn a profit......you will do it in less i know but how much less has to be seen. it is like a 2 grade student studying a Masters syllabus.......you will be wonderstruck by it all but what is the use?
trading requires the skill of a heart or nerve or eye surgeon. it is probably a coincidence that Brooks was an eye surgeon
now after 14 years to make senses of it i wonder if i could put anyone through what i have been through for 14 years. it is really difficult for anyone to imagine what it takes to be a good trader......just a good trader .....not a fantastic one