those explain some things better my opinion. i learnt some more things because that guy always shows what trades Al took and why and how he got out etc
You are right on this one. I actually have been testing it out this week day trading using the concepts and I lost money trying them out. But it is OK, like you said, doesn't prove it is not good.
it is good to be aware that the second leg is a test always. why? because the leg can reverse without another test : markets hammer out a bottom so once a bottom is made, if it is not already a test meaning a second leg ,then we can expect a test to the extreme which should reverse ;these tests are believed by some traders to be stop runs
we search for some deep meaning behind market movements and i have been no exception. i was wondering why i have puzzled by some trading day price action and then realized that the price action was simple and easy to trade, if i thought of them as double tops and bottoms and BO PBs. basic and easy stuff which does not fail if you wait for the pattern to trigger and do not expect or anticipate the move. i strongly suggest you trade these simple money making ideas you get a high probability scalp which is fast easy money and if it goes more you can always enter again: market always gives you a second chance. because it is a bitch that wants to test the commitment of early traders who are correct but may be scared out the correct position. The market always does this because it's life depends on shaking traders out so that they then power the market as they chase it. so no shakeout means that the move will not last. this is very useful information to base your trades on: you can then look to fade the move confidently knowing that the move you fade, will be the shakeout, or a big move in the opposite direction. Both are very appetizing and knowing expecting this price action, this will empower your trades
actually i think they are similar. i went back to his first book and found similar ones and i thought they were dissimilar because i was looking at them in a wrong way. if i look for DBDT and BO PBS everything looks similar. if you do not think in these terms you think they are violent random fluctuations that you cannot trade. see my earlier post no 326 where i talk ABOUT THIS IN DETAIL
you have to learn to manage it. not test it. it is valid so no need to confirm it happens. approach it differently
You are an expert on Brooks, share some examples of your money making trades with those so I can learn how to trade them. Thanks.
seriously? i have already shared not only my trades but the rationale behind them. second entries scalping for a point in ES, for example i already post some trades, as i make them live, which no one has done here are yet. but i found that i eventually get distracted and even miss some trades because posting takes some time. and then some body comments on my posts and i have to invest emotional energy in answering them instead of using that energy in my trading. i have tried many things over the years wedges H2 L2 [pullbacks] trend line trades but i have never tried the simplest of them all because i thought it was too obvious for it to work. some things i see, i think wont work because everyone can see them and do the same thing. i used to think that there must be some secretive method and it cannot be something which everyone can see and which a grandmother or 10 year old can do. this secrets thing is the biggest bull shit i have heard. because if i buy, it cannot reach the target, by my buying alone. second entries work. but you need to decide whether to swing them or scalp them. second entries have high probability so scalping is best option but target has to be small for win rate to be high. try it with one point and then increase it. experiment! i have used them scalp for a point and done very well I have decided from tomorrow to trade DB/DT the simplest most obvious strategy there ever was . i may scalp out or if the market condition is good i may swing. we will see how i do but i expect to be profitable. There is no need for some fancy algo and complicated systems to make money.