Identifying a reversal (trend change)
- Thread starter Alfing
- Start date
I seriously am disappointed in WILEY in this endeavor because if I was the editor I could have cut it in half. Lot of repitition and you see parts that he just gets overwhlemed with diarrhea and lets it flow and the editor never reigned him in. I can put it through the juicer and squeeze out the best parts and leave the rest of the shit behind but his editor must have quit after this was published.
But within all that are the good discussions of price action but you have to be willing to roll up your sleeves, hold your nose and dive in
.i define a trend in place when there is two bars of same color and size which indicate one side is in control at least for now
time patience somebody may have....but the sheer effort needed to write 4 books needs far more stamina than a long distance runner....not to mention editing the 'masterpiece/s',as you so aptly put it.
do not forget Brooks is not a spring time baby anymore!
would love to join the telegram chat but your link is bad...i am on telegram
but no one can question his passion for the game
1 and 2 mark two bars of same color and size and so are a trend but the bars are weak down bars so i consider these weak trends
The best way to earn about reversal is to do reverse engineering / look at your historical chart.
After > 3 decades of trading, I can tell you books and info from internet are useless / not enough to make you successful in trading reversal.
How to do reverse engineering?
everyday look at your historical chart.
When price reverse, look for pattern prior to price reversal.
99% of time time there is pattern before price reversal.
Take a snapshot of the reversal pattern, assign a name to it and document it.
Do it every day, every week, every month, every year ... till you are proficient in it.
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After > 3 decades of trading, I can tell you books and info from internet are useless / not enough to make you successful in trading reversal.
How to do reverse engineering?
everyday look at your historical chart.
When price reverse, look for pattern prior to price reversal.
99% of time time there is pattern before price reversal.
Take a snapshot of the reversal pattern, assign a name to it and document it.
Do it every day, every week, every month, every year ... till you are proficient in it.
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it is a good idea....once you find a pattern and document it, go back to your historical charts and search for that same pattern and SEE HOW MANY TIMES THAT PATTERN APPEARED BUT FAILED TO REVERSE.
it has been my experience that every reversal 'pattern' fails 90% of the time it appears and this is the enigma of trading...but that is my experience......