Hello padutrader, you doing good buddy. There is nothing wrong with 2nd entry. Win or Lose. It all eventually adds up
the issue with Brooks is that he questions our ingrained beliefs. for example we all think markets move up or down? if we ask broker about market :will it go up or down.? we dont ask will it go up down or range. Brooks says is that when a uptrend changes it may become a range or down. there many many things like this where he thinks very much different from all the others.
all these guys Larry included and Volman and all the others show you how to trade in one market condition, brooks you can trade any and all market conditions. that said Brooks does not have a monopoly on market knowledge but it certainly the most vast
you have ranges. and then this evolves or changes to trending but brooks describes what he calls trading range market / day the difference is subtle. and then you have trending ranges.. this clasification is the genius of Brooks but be warned if you try to understand a genius, you have to be of the same mental ability as him. trading is to understand the maRKET CONDITION or what it is doing and also manage the trading aspect. you need a definite plan for each market condition and execute that plan. Brooks describes in detail each market condition how to trade it and how to manage certain aspects of the plan. no else does this .that is why Brooks looks complicated. you can make trading simple but market will always remain complicated
i am still learning after 30 years of watching and studying markets 24 hours a day. when will it end?
Al Brooks says, you should generally wait for a test of the old extreme after a trend line break, before going with the new Trend ie. a double bottom or second entry.
When do you find time to eat and sleep? Anyway, i have tried to use second entry, but often, second entry became reversal. How can I be sure the second entry is a second entry? Thanks.