How are you doing so far? Are you in credit? Any setups that are working better than others? I've just been looking at Brooks 10 favourite setups, and even those would be hard to keep on top of in real time I should think.
Tribute to Brooks
- Thread starter padutrader
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at the risk of sounding arrogant, just scroll back and you will see all the statements that i have posted.
i just do not want to repeat all that i have already posted again
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you seem to be one with an open mind.
everyone here has already decided...BROOKS IS SO AND SO.
Brooks has repeated said that it is difficult to see things in the live markets .and that would be true for anyone's else's setups as well.
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you are looking in the wrong place.
a set up like a H2 does not cause the market to go up, if it is not ready to go up.
just because a set up appears does not mean you take it.....you take a H2 only if the market is going up and if you know that is going up then you do not need the fucking set up....just buy anywhere put stop below the swing low....if you right about it going up, that stop will never get hit.
so next how do you know or expect that the market is going up? if there is a strong move up then you know it will continue after a pull back because all strong moves have pull backs and the stronger those moves are the deeper the pull backs are.
ok now i have taught you how to trade.......it is simple
but why is that i am not a millionaire. that is also simple ..or maybe not.
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it is always hard in real time.....i am a damn good trader when markets are not live.
not if you are looking for specific things, a specific context....wait for a pull back from a strong momentum move and the wait for the pull back to weaken and then wait for a set up to enter in the direction of the original strong momentum move and ignore the setups in the opposite direction. these set ups will only result in scalps.
this should make it easier...not easy.
because it means waiting for a perfect time to strike and practically that is difficult to do....you have to be there at the computer and recognise that moment after sitting for 3 hours or 5 without anything to do.
this is why practically there are very few successful traders...'a handful of patience is worth a bushel of brains'-Dutch proverb oh! if you do not believe me ask the Dutch
brooks is very clear
determine the context and then look for a set up consistent with that context
determine the context and then look for a set up consistent with that context
Brooks also talks about another critical thing and that is two legs......
it is important for traders to recognise this movement.
i must add that it is not brooks' genius to recognize two legs: it was mentioned in books 70 or more years back as ABC corrections.
it is important for traders to recognise this movement.
i must add that it is not brooks' genius to recognize two legs: it was mentioned in books 70 or more years back as ABC corrections.
sold aud usd
closed trade
you can see the explanation of the trade and where i closed and the profit in the history in this video link below
not complicated and there is no need to flog Mr Al Brooks
https://screenrec.com/share/RSW5QfdCVP