No need to reconcile Fred, what difference does it make? We each have to do our own due diligence and research and find and utilize merit as we deem useful. What someone else thinks is irrelevant. Leave the he said-she said shit to the talk shows and mindless threads.
Al Brooks method
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Interestingly, Hougaard, who reportedly makes millions and apparently in real time on the social media platforms he uses (I can't confirm since I don't visit such platforms), downplays the need for any TA complexity, focusing only on the very basics. Quite the contrast, eh?
It is up to each of us to distill the complexity of price behavior down to what gives us individually an edge. You can't get to simplicity without understanding the complex. Anyone who want to go directly to the simple will find plenty of material on YouTube but good luck with that. There is no avoiding the work if one wants to succeed as a trader.
While I still stand by my prior posts, there is some merit in what you said here. Just that Brooks seems to revel in the very complexity of it all while Hougaard dismisses or downplays much of it to avoid analysis paralysis, suggesting that it is not a lack of familiarity with TA that prevents most traders from making money; it is not necessarily more "analysis" that is going to get them there. So does PA/TA really need to go beyond the basics? Meanwhile, Brooks makes no effort to streamline the process; his books and videos seem to multiply like rabbits, going further and further into the weeds. Does he even suggest to his readers that they make an effort to streamline and minimize their process? I don't know since I never got that far.
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I've been re-reading Al Brooks over the weekend. Can someone explain to me the point of his High1 High2 system in plainer English than he seems capable of?
High 1 and 2, Low 1 and 2 are not systems but price formations. Understanding the material requires a lot of focused study. AL is a scientist but he is no Hemingway. I will give you a hint re H and L's. Think flag consolidations prior to directional resumption..first and second attempts. The books are a slog for those not used to studying technical text books. The video course is a lot easier for many as it contains many hours of lectures with slides but even those will require repeated viewing if you really want to master the material. Most will not do the work required to succeed as a trader regardless of source or content and as we know...most will fail.
I'll give you one thing: that's certainly less cryptic than Al Brooks! But still cryptic. So let me try to cobble together what I glean from him and from you. The basic definition of a High 1 is a candle that closes above the prior candle during a pullback. High 2 would be if it happens twice. That would by definition produce an upward wedge/flag, right? One followup question that is painfully simple: is Brooks suggesting High1s and High2s are good entry points during a PB?
I've gone thru two of his books carefully by now, but the Trading Ranges one is so poorly written I'm not buying another. He often relies on terminology for several chapters before simply defining it, which really isn't a whole lot to ask. Like his videos though.
Yes and no, Hougaard advocates a 20/80 focus (20% on technical analysis, 80% on mindset/psychology). Longer I trade, more I come around to thinking he's dead right. Hougaard also swears by Al Brooks' method of TA, think they've even done some seminars together as well.
Here let me save you hundreds of dollars. Just buy the Reading Price Charts one. It's almost clear and distills what the other 3 pretend to do in more depth.