How does Brooks work on Unirenko bars, if at all?
(I've always wanted ask that, but never had the courage to, because I figured I would get a non-answer. Now I am ready for the answer).
Tribute to Brooks
- Thread starter padutrader
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How does Brooks work on Unirenko bars, if at all?
(I've always wanted ask that, but never had the courage to, because I figured I would get a non-answer. Now I am ready for the answer).
markets usually try to broaden everything........if you understand what that means and looks like on a chart you have lovely zones in which to enter trades.
and most novices do not look for broadening .....they look for brownian motion.
no wonder they lose and then they blame Price action!!!!!!
and most novices do not look for broadening .....they look for brownian motion.
no wonder they lose and then they blame Price action!!!!!!
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You didn't say zones up above, you said bars. Unirenkos do not have bullish or bearish bars. They are just bars.
So which is it? Bars, or zones? Or a combination of both?
Brooks says that bull trend usually are tight channels which slowly or rapidly widen.........and that bull trend will end in one of the many ways that markets broaden
if you do not understand this broadening and think it is brownian motion then you will also think that price action is bullshit and you will lose money
if you do not understand this broadening and think it is brownian motion then you will also think that price action is bullshit and you will lose money
no one screwed up the analysis, they just have different time horizons, liquidity needs, and strategies. You have no way of knowing their intention by staring at a 5 min chart. In fact, a 5 min interval is not correlated to the daily return of a security.
Lmao, because if you actually tested this, you would find that there are no excess subsequent returns on a "bear bar" or "bull bar".
no offense padu, but you've been reading brooks (along with many other folks) and they've all been consistently losing money. Brooks himself doesn't add any value in live trading, because he literally does not know what will happen next. That's because his analysis is made up. He has never done a study to see if there is any significance of a "bull bar" or "bear bar" or whatever term he throws. And the fact that he has found people like you who are willing to spend real money on his products has reduced his incentives to actually try. The folks that understand that prices are generally efficient (semi strong form EMH) and generally follow brownian motion between informational events are the guys at renaissance, citadel, millenium, etc., who are eating your lunch. but this is your thread so feel free to continue to believe in fantasy.
i have never spent money on anyone in the last 15 years
i have traded it ....i do not need to test such basics which any idiot should knowLmao, because if you actually tested this, you would find that there are no excess subsequent returns on a "bear bar" or "bull bar".
Maybe you aren't on the same wavelength as those here using the 5-minute chart to trade for small profits during the day and who do not take a position overnight?
In his trading course, Brooks is very clear: Institutions are most of the emini volume and some institutional trader is involved in nearly every tick of the day. He does not say we know the reasons for their trades and he doesn't say we need to know their reasons. He doesn't say we can know their reasons. In one of the first videos of the course he says if that is what you want, "go raise at least 100 million dollars and hire programmers at $500,000/year base salary and then you can trade like the institutions". Brooks I think would agree with you in part. He would not agree with your dismissing the 5-minute chart for small day traders.
He says is that institutional foot prints are visible on the charts, and we can follow in their footsteps to structure profitable day trades.