Trading Brooks H2 AND L2

"There are no secrets among successful traders; they all know common setups, and many have their own names for each one." Brooks

which only means that it is the non successful traders that have secrets and make others huge amounts to divulge them
 
"Now that most of the volume is being traded automatically by computers and the volume is so huge, irrational and emotional behavior is an insignificant component of the markets" Brooks
 
For example, Tiger Woods is not hiding anything that he does in golf, and anyone is free to copy him. However, very few people can play golf well enough to make a living at it. The same is true of trading. A trader can know just about everything there is to know and still lose money because applying all that knowledge in a way that consistently makes money is very difficult to do.

BROOKS
 
i am now entering at the end of a pullback putting stop above PB or entry bar.......enter on L OR H....whatever the number after may be..... it does not matter........
entered on the yellow arrow
a4.png
 
padutrader said:
For example, Tiger Woods is not hiding anything that he does in golf, and anyone is free to copy him. However, very few people can play golf well enough to make a living at it. The same is true of trading. A trader can know just about everything there is to know and still lose money because applying all that knowledge in a way that consistently makes money is very difficult to do.

BROOKS
More...

Just do what you do. And just do it. :)

 
Brooks said if you are trading in trading range market then use wide stops and scale in.
in this trade i attempted to do just that.
i felt that audusd was in a wide trading range and i went long audusd at bar 2 because of the sell climax. i set a wide stop at 20 ticks or pips:for those not familiar with forex..... at most times for audusd to move 20 pips would take 2-3 hours so it qualified as wide.
bar 5 was buy climax and market reversed and resulted in another sell climax at bar 8.i scaled in at the close of that bar.
i closed both the trades for a net profit..... at the last bar seen on the chart.

i may have closed at a better price but i was away from terminal taking my dog for a walk-something that cannot be avoided.

i may have finally understood what Brooks was repeating ad nauseum !
a1.png
 
wide stop and scaling in .........makes sense only if the market is trading range or channel......AND IF IT IS ALSO AT ONE OF THE EXTREMES OF THE RANGE OR CHANNEL
 
i see many persons do visit this thread and that encourages me.

leaving your thoughts criticism or any words of encouragement will go a long way in ensuring that i continue to post since this is for the most part to help others.

it does help me also........since i may look back on it later, in case i lose my way in the future
 
entering after a climax and using a wide stop and scaling in, in a common sense location, at the extreme of a channel..... worked again

top of channel sold audusd and used a wide 25 ticks/pips stop.
the red arrows show two sells 8 ticks / pips apart.
the trades were closed on the last bar seen on the chart.
a2.png
 
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