a loser's journal......read at own risk

[padutrader]

sold again

https://screenrec.com/share/b5J6A0cRqt

closed trade
https://screenrec.com/share/evSn4cRmoq

 

[easymon1]

Man i swear you ET traders love to overcomplicate things which is why you A, think you have found the holy grail, B - that trading is super hard and requires some type of stupid ass backtesting or whatever other method you think is right, or C - no one is right except for you because you have spent ridiculous hours going from your elbow to your asshole and have finally arrived.

It doest matter what chart there is - GC, Forex, Emini, a chart is a chart. If you were shown a chart with no price or time axis you would not be able to determine what it is a chart of - Brooks does this in his course to prove his point.

market context is whatever it is in relation to the bars to the left, which is what he breaks down in his courses in small chunks.

Brooks teaches you how to read the market. Not a "method" not "system" but how to read the market.

If I know how to troubleshoot a computer system, I dont need to backtest to see if my outcomes are correct. Brooks is showing you how to troubleshoot the market to trade which is why it doesnt matter what chart you are looking at - a chart is a chart.

Does that mean he is right ALL the time? No, no one is. But he gets you 90% of the way there.

Being good at trading should not take that long, at least a year but no longer than 2 or 3. It isnt that complicated and I laugh at all these people making their life a living hell by overcomplicating shit.

You dont have to be great to make money at trading. You just have to be a little better than avg. And if ET is any indication of the avg, then its no wonder someone can put in a little work and bypass all the bullshit that ET says one must/should do.

Listen up. Brooks says context is more important than any single setup. And he goes to quite lengthy explanations of contexts. For Brooks the larger context is his “market cycle” that he so adeptly talks about. He will look at the present context (present market cycle) and at times the prior context (the prior market cycle before the present market cycle). These are the larger contexts. Then you have the immediate context which is the price patterns that are taking place within the present context mentioned above. These are things like wedges...micro wedges...flags...DT...DB.. micro and larger. Trends and micro trend...Actual PB’s...and implied PB’s ...triangles...channels and micro channels...etc

So, a trader looks for the contexts; the larger (the market cycles) and the immediate (which again is the price patterns). Once he has determined that he looks for setups such as H1’s...H2’s...L1’s...L2’s ....BO’s...implied PB’s..etc. He is paying attention to setup bars and the more immediate market pressures that are within a price pattern..that in turn is within a market cycle...he then enters the market by taking a position on an entry bar. Not all setup bars are equal. That is not all H’s are equal. Some are stronger than others and have higher probability. One determines the probability of the setup and entry succeeding by looking at the pressures bar by bar that are taking place in the price patterns. He then uses the traders equation to structure his trade so it will have a positive traders equation. That is he will adjust the three variables of the trade in the traders equation (i.e...the PT ..the SL..the probability of success) to a point that he thinks will render him a successful trade with a profit. You might liken this trade structure to fine tuning. He does this BEFORE entry. Once he learns the process it is mostly done on the fly in his head without actually writing the traders equation down. Experience will teach him how to do it “on the fly”.

ok to summarize: when I say you I mean any trader using brooks concepts properly.

1) First, you got the larger contexts (market cycles) you are looking at. That generally means the market cycle and previous market cycle in the TF that you are trading BUT can include a peek at the market cycles in a larger TF. So if one is trading a 5 min TF he may take a quick look at the market cycle in say 15 min or 30 or even a 1 hour time frame. This is more for orientation. The main focus should always be the cycle on the TF he is taking his trades in.

2) Next, you got the immediate or present context which are the “price patterns” within the larger context that are leading to setups.

3) you are looking for “setup” bars within the “price patterns” pay close attention to bar by bar pressures as the price making and bar formation unfolds.

4) you are then structuring a trade using the “traders equation” that will fit the size of your account and your risks tolerances. You are just pulling out a pistol and pulling the trigger just because you see an H1 signal bar by followed by an H1 entry bar. Not all H1’s are equal. Not all L2’s are equal. You have to determine ( to the best of your ability ...the strength of such single signal and entry bars by looking at the pressures in the preceding bars (within the present price pattern AND the larger market cycle) but especially in the pressures in the dynamic unfolding of the “present bar” and last 3 to 5 bars as price is being manufactured in the present bar all within TF you are trading. Dialing down to smaller TF’s (for instance 1 min or 2 min if taking trades on a 5 min TF) can often help see the pressures clearer but not using the smaller TF for entries.

5) you then take your position followed by falling down on your knees and begging the market for price to go in your direction as you have dutifully paid your dues with logical and detailed analysis prior to entry. LOL

So, there I have pulled together for you the many concepts Mr. Brooks discusses (with the exception of number 5 as I don’t perceive Mr Brooks would ever beg the markets..ROFLMAO) in his books and videos and in much much more detail and in repetitive fashion piece by piece. Repetition is a didactic principle which some find boring or even confusing but which is hugely successful if one will wade through the teaching.

Most people want instant oatmeal or grits. They want to eat at “fast” foods. Unfortunately, life is not so simple, nor is trading, regardless of the worn out KISS idea.

However, if a trader is satisfied sitting around twiddling his thumbs as he waits for setups he may choose to make his money trading only 1 or 2 setups. Such as actual or implied PB’s, and BO’s. And get really good at it.

BUT ...IF HE WANTS ACTION..He can learn the many setups in Brooks toolbox and possibly get quite proficient at trading them. IMO

IamTheCasino, volpri,
Little help over here? You traders are familiar with Al Brooks.
Where would you say is a good place for a stop if a trader wanted to enter this Brooks DBPB?
Where's a good stop price for a trade like this?

Thanks for the vid.
Here's a couple of Brooks entrys on that chart.
Are those Valez entries off that 20 to the downside?
View attachment 253996

 

[IamTheCasino]

IamTheCasino, volpri,
Little help over here? You traders are familiar with Al Brooks.
Where would you say is a good place for a stop if a trader wanted to enter this Brooks DBPB?
Where's a good stop price for a trade like this?

On the first one i see in the center of screen you have a few options depending on how big your acct. is.

Its forming a HL so theoretically if it gets below that then your premise is wrong for a HLMTR. So you can put it one tick below the low of the bull bar. Or you can put it one tick below the low of the prior bull leg. Sometimes it can retest again (after the first retest of forming a HLMTR) all the way down to that first leg and then go up. If you got stopped out you could just re-enter and make up your lost points. Your other stop option is a MM down with the idea that you would cut before it gets to that point. Of course as the market moves further up you can gradually move your stop to new MAJOR higher lows, or take profit to reduce risk.

The second on the right hand side of the screen you would put it just below the white 0% line or 1 tick underneath the big bull bar. It doesnt matter if you bought the 5th bull bar in that BO aka the bar at the 37T line, stop would be the same place. Your risk/reward is horrible but your probability for making money is high. AKA you will probably make money of some type before your stop gets hit. Bad risk/reward in this case means, for example, your are risking 10 to make 3. Dont think you will be able to hold on for a big gain when your risk/reward is terrible - of course there are instances where this actually does happen.

This is per brooks.

 

[easymon1]

On the first one i see in the center of screen you have a few options depending on how big your acct. is.

Its forming a HL so theoretically if it gets below that then your premise is wrong for a HLMTR. So you can put it one tick below the low of the bull bar. Or you can put it one tick below the low of the prior bull leg. Sometimes it can retest again (after the first retest of forming a HLMTR) all the way down to that first leg and then go up. If you got stopped out you could just re-enter and make up your lost points. Your other stop option is a MM down with the idea that you would cut before it gets to that point. Of course as the market moves further up you can gradually move your stop to new MAJOR higher lows, or take profit to reduce risk.

The second on the right hand side of the screen you would put it just below the white 0% line or 1 tick underneath the big bull bar. It doesnt matter if you bought the 5th bull bar in that BO aka the bar at the 37T line, stop would be the same place. Your risk/reward is horrible but your probability for making money is high. AKA you will probably make money of some type before your stop gets hit. Bad risk/reward in this case means, for example, your are risking 10 to make 3. Dont think you will be able to hold on for a big gain when your risk/reward is terrible - of course there are instances where this actually does happen.

This is per brooks.

Where's the Brooks entry on that DBPB?

 

[IamTheCasino]

Where's the Brooks entry on that DBPB?

Either the first big bull bar since its closing above the last 15 bars, or the FT bar for higher probability.

 

[vinc]

man, you are quite prolific at opening new threads do they pay you for that?
another thread for church-going people,lol
and what makes it even more comical is that you give a like to posts as absurd as yours

why don't you try to be skeptical for a change? how about this: before you take a position with some 'rationale' supporting it, say long, give a thought about taking the other side of the trade -short in this case, and come up with some reasons - some effort is needed.. you may find out that there will be as much going for long as there is going for short given your heuristics, so to speak

cheers..

 

[Laissez Faire]

Man i swear you ET traders love to overcomplicate things which is why you A, think you have found the holy grail, B - that trading is super hard and requires some type of stupid ass backtesting or whatever other method you think is right, or C - no one is right except for you because you have spent ridiculous hours going from your elbow to your asshole and have finally arrived.

It doest matter what chart there is - GC, Forex, Emini, a chart is a chart. If you were shown a chart with no price or time axis you would not be able to determine what it is a chart of - Brooks does this in his course to prove his point.

You dont have to be great to make money at trading. You just have to be a little better than avg. And if ET is any indication of the avg, then its no wonder someone can put in a little work and bypass all the bullshit that ET says one must/should do.

Are you yourself rich from your simple and a little better than average trading?

 

[padutrader]

Either the first big bull bar since its closing above the last 15 bars, or the FT bar for higher probability.

thanks for your contributions

just ignore some of the bull shit here if you know what i mean......

and i am coming to understand why you say brooks is simple and people are complicating trading

 

[padutrader]

sold

https://screenrec.com/share/k1zD4MCO2x

 

[padutrader]

man, you are quite prolific at opening new threads do they pay you for that?
another thread for church-going people,lol
and what makes it even more comical is that you give a like to posts as absurd as yours

why don't you try to be skeptical for a change? how about this: before you take a position with some 'rationale' supporting it, say long, give a thought about taking the other side of the trade -short in this case, and come up with some reasons - some effort is needed.. you may find out that there will be as much going for long as there is going for short given your heuristics, so to speak

cheers..

Are you yourself rich from your simple and a little better than average trading?

thank you both for your wonderful thoughtful intelligent posts that will surely help everyone become better traders.

you should ask to be paid for such fantastic posts....