trading is a marginal business and i not heard of any one who has made millions, starting with 1000s
Tribute to Brooks
- Thread starter padutrader
- Start date
maybe but twice a day my dog comes first.
any trader who trades 18 hours a day has to have some unplanned chores
Since you're following Al Brooks - why are you not trading ES or MES? Isn't his entire course mostly based on that?
I would imagine that if there's any merit to what Al teaches it's possible not all of it is directly transferrable to other instruments as each instrument have its idiosyncracies. For example, ES have a lot of back-filling and FBOs, while other instruments may not.
18 hours per day sounds tough. Why not focus on one volatile instrument and specifically the most volatile period of the day for that instrument? Personally, I trade only the initial 90 minutes of the US RTH session on ES and it offers plenty of opportunity. Usually, I'm done trading within the 1st 30 minutes.
Just a question, no offense, how can you trade the open for a profit in the first 30mins if it das only (huge) zig zags, or how do you avoid getting zigzaged if you stay out on these days? Do you know that in advance?
I'm not sure if there are any easy answers to this. I was told by another trader who seem to be doing well that he never initiates a trade until after the initial 30 minutes as he considers it gambling.
Personally, I don't have such a rule and it depends on the bigger picture and where we are in the weekly cycle. Often, if the main move is up you'll often see the market drop initially, so may be wise to wait until that morning pullback is over before initiating a trade assuming the long side. I've become more of a scalper lately, quickly taking profits, so that goes a way to take care of the issue of getting 'zig-zagged'.
lol
lol it sure doesn't!
No, it wasn't.
Here is your chart below. Green shows broad bull channel, "BLSH Scalp" is Brooks's approach. "Buy Low Sell High Scalp". Buy in lower third, sell in upper third, scalp not swing.
Brooks would say you could've structured your trade for profit even though it was poor long entry in top half/third of channel. You could've bought where you did, and scaled in lower. Exit first position at break even and second scale in for a profit. Brooks says this over and over. Also he says only highly skilled traders should do this.
The red lines are where Brooks would have suggested your stop. The orange line inside the channel and in the lower third of the channel is YOUR stop loss. Brooks would've told you not to take the trade if that was all you could afford to lose because a proper stop would have been BELOW the lower channel trend line of the broad bull channel. Your stop loss placement is one of the mistakes beginners make that Brooks covers in the last section of the video course "Managing losses - Losing because of mistakes."
A second mistake is that your "failed wedge" is not a wedge and not a failure. Your first high of the wedge as you've drawn it is is BEFORE the low of the leg where you say a wedge failed. You started counting the bars too soon.
I took this last night on my tablet. The yellow line is drawn to show the wedge top that then led to pullback to lower channel trendline and below your stop loss.
the L1, L2, and L3 were all in that leg from the last low at the channel trendline. You chose an L1 before price had started to rise off the low. You started counting too soon. Maybe that is "Classic padu" but it is not "classic Brooks".
You said you are learning Brooks from his book. Maybe his book isn't very good? I have had his video course for three weeks and it is very clear to me what Brooks looks for. I don't see that clearness here with you padu. Maybe try the video course?
brooks is NOT about set ups only.
it is about understanding what is happening in the market at the present time.
the video course is price action for dummies but brooks does NOT end there.
the video course is to help unaccomplished traders get a basic understanding of price.
the video course does not make you expert so do not think you are
it is about understanding what is happening in the market at the present time.
the video course is price action for dummies but brooks does NOT end there.
the video course is to help unaccomplished traders get a basic understanding of price.
the video course does not make you expert so do not think you are
You should change title to your journal to "Tribute to Me, Padu the Great"
There is a phrase for what you suffer. I don't know it. But you think you know a lot, and you are so arrogant about your "knowledge" you no longer see your mistakes.
Go walk your dog. This dummy will now leave you alone for good.
you are great
you must be making tonnes of money