if it is a trading range day then you trade TL breaks and signals. in a trend day i cannot even risk a small stop so i trade near support or near resistance meaning H & L. i trade it like range action-i do not trade breakouts like most normal traders because i cannot put correct stop loss. i also recognise how bottoms are formed. markets hammer out a bottom if you are observant and know market principals well and have experience of watching bars for years then it is workable trading inside bars. you have to see context and then decide how you want to trade within your risk parameters.
Hello ironchef, Your eyes will never lie to you. Your brain will never let you forget. Your bank account needs confidence before money can flow in it like the water. Full Disclaimer : I am currently a Losing Trader so far of about -$7,200 on the fiscal year of 2023. Let's see how the next 2 months go. My comments are not worth a penny with a hole in it because I am losing trader right now.
i am trying but not as consistent as i would like to be. i really have to tighten up on a few things. appreciate the encouragement
In essence SimpleMeLike is doing what Al Brooks did for 10 years, just observing the Market. Only difference is, Brooks has a large IQ and a strong work ethic and took detailed Notes etc. Thats part of the reason Brooks has these different names for different things, I assume.
trade what you see,they say.not what you think it has merit, but as usual you have the other side, so you see one side and trade. that is why they say there are bulls and bears but they do not say there are bulls bears and both
i have to clarify or change what i said earlier. the second entry is after a trend line break but the break should not be of a major trend line and it should NOT have strong strength. if it shows strength and breaks a major trend line, then the next leg will be a test of the strength of the leg, that broke the major trend line and so if the test is successful then there may be a reversal. now for a reversal you need a reversal bar or pattern- a bar is stronger- and a break of the major trend line. both. so if the reversal does not happen, then the market is of the opinion that the TL break of the major TL, is not strong enough, to reverse the market. please note that the test can be a HL,DB or LL in case of a bear that is reversed by a bull reversal bar. if this sounds like Brooks, it probably is. If it sounds like a duck, it is a duck PS: now the question is: what is a break of a major trend line? and what is a major trendline that Brooks does not answer i can if you ask me to. Nicely. horribly. Badly. Lovingly. i am not fussy. but i am stupid since i took 30 years to understand the market, so if you ask me what does that make you. but go ahead i love the attention.
different names for old things. his H2 buy is nothing but a H&S pattern which failed and all patterns have a failure rate .see Bulkowski and you will get the exact percentage. a successful H&S may well be the h2 failure which is the L2 sell now a successful inverse H&S is a H2 buy. so Brooks is not bullshitting he is just repeating traditional TA in different words and confusing the hell out of us. he is good trader but a fraud educator- he is just teaching what is out there and claiming to be different- like all of the other teachers. There is only one market and one market action Ross calls the first correction after a BO as a Ross Hook. Cheek of the guy Brooks does the same and so all teachers appear to be egomaniacs, at the very least and frauds since they all teach the same thing, saying they figured it out by themselves !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! so we say oh fcuk he is a genius because we do not understand the fuck he says