Tribute to Brooks
- Thread starter padutrader
- Start date
You had a big bull wedge leg up, then a big bear leg down that did not go beyond the breakout point - formed a slightly higher low DB - aka after the big bear leg down an endless PB developed which was a trading range. Markets have inertia, a trading range has been going on for a while just at varying sizes.
A trend would be BIG (relative to the size of the current/past few bars) consecutive bull bars closing on or near their highs. All the, what you call a bull trend, did was develop into a bigger range than the past 15-20 bars. That bear leg down is probably going to have 1 more leg, thus making a DB.
If that happens, better off trading like a range and waiting for a bigger BO. 50/50 either direction. Although I would slightly favor the bears considering the tight channel that happened before the endless PB.
true it was two leg move
thanks good stuff
that was exactly what Brooks would have said.
even now i have trouble thinking like him
stopped out
If we see, what I said about the BO appears to be correct. BO and FT. MM down based upon the height of the TR puts the next line of support at 78577.
Few clarifications. that "bull trend" you were trading a few videos back was a test of the first BO point near the top of the bear leg down.
Few clarifications. that "bull trend" you were trading a few videos back was a test of the first BO point near the top of the bear leg down.
.... Al, is that you?! 
But seriously, you know your stuff.
So... do you trade Brooks style and does it work for you?
you were spot on and i am not surprised since what you had observed made sense.
what does FT stand for?