was not in mood to sit in front of terminal continuously yesterday......active trading was not done in the usual Brooks way.....
Tribute to Brooks
- Thread starter padutrader
- Start date
sold one more lot.....breakout pull back short as well a a L1 short
THIS IS AN UPDATE OF TRADING FROM THE START OF THIS JOURNAL TILL END OF TRADING YESTERDAY
there is a channel line breakout failure.....because of the steep downtrend i expect this failure will fail and become a breakout pull back further short will be added if that happens
brooks says that in a down trend all...[but one] attempts [buy signals] to reverse the trend will fail.....so it is better to wait, for the buy signals, to fail and then trade that. if the stop is hit....consider waiting for fresh information:this Brooks does not specifically say but there a lots of things he does not specifically say..
there will be conflicting signals......ignore those that go against the trend.....if ignoring causes losses....then reassess the market. before entering any trade signals again
but he is very clear in saying STAY WITH THE TREND
https://www.tradingview.com/x/Rr323XIx/
brooks says that in a down trend all...[but one] attempts [buy signals] to reverse the trend will fail.....so it is better to wait, for the buy signals, to fail and then trade that. if the stop is hit....consider waiting for fresh information:this Brooks does not specifically say but there a lots of things he does not specifically say..
there will be conflicting signals......ignore those that go against the trend.....if ignoring causes losses....then reassess the market. before entering any trade signals again
but he is very clear in saying STAY WITH THE TREND
https://www.tradingview.com/x/Rr323XIx/
Last edited:
this channel extension[which is also a DT bear flag] at the ema to boot, so a number of reasons here for this to be the end of this corrective move which will also make it about the same length as the other corrective moves in this swinghttps://www.tradingview.com/x/zfeg87H1/
closed all positions.....after screen shot...[ASS] did not like the doji down bars at ema....
short two attempts to go down failed ....then the failure failed....
market made an attempt to reverse the down move defined by blue trend line.......but could not and broke the up trend defined by the yellow tend line.....there were some micro trendlines which confirmed this overall market action but since they are micro, drawing them would not be clear ......https://www.tradingview.com/x/Uqol3Bb5/