Hello ironchef,
Learning day trading is easy, very easy.
You trying to learn from the wrong place sir. Trying to learn from ET is not the right place.
The place to learn is directly from your 2 eyes and the mouse button.
WHAT IS A SECOND ENTRY ?
- Thread starter padutrader
- Start date
Learning day trading is easy, very easy.
You trying to learn from the wrong place sir. Trying to learn from ET is not the right place.
The place to learn is directly from your 2 eyes and the mouse button.
it is the answer to a certain question-not all questions
how do i enter a trend or momentum?
also a second entry must have a good signal bar to start with.
so yes you must learn about second entries and you can do it with Brooks or anybody else. Because Brooks does not own the market
happy
learning
i agree
but you must know what you are looking for.
and to know what to look for you must learn what to look for.
SimpleMeLike has learnt what to look for-he has been trading for along time.
so that will work for him and other experienced traders
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this thread does not mean that you should not take a first entry.
after a spike phase, then first PB is the first signal. this will never fail.
unless the last bar of the spike, is so big, it can be considered an outside bar or a temporary exhaustion.
but when you feel the first signal, may fail, then wait.
there are some situations where the first entry may be expected to fail.
the first of these is when the first entry has a bad signal bar. a bad signal bar is the no 1 reason for ALL failures of any pattern.
if there is a bad signal bar then the reason for this bad signal bar is that not enough traders had conviction that the PB has ended.
the other is when the first entry signal bar is an outside bar.
here the breakout of the outside bar usually fails-the BO may be considered a first entry since the outside bar is trend bar- and it is almost mandatory to wait for a PB and a entry signal.
the other is when the first signal is close to a swing high or ema or a high /low.
after a spike phase, then first PB is the first signal. this will never fail.
unless the last bar of the spike, is so big, it can be considered an outside bar or a temporary exhaustion.
but when you feel the first signal, may fail, then wait.
there are some situations where the first entry may be expected to fail.
the first of these is when the first entry has a bad signal bar. a bad signal bar is the no 1 reason for ALL failures of any pattern.
if there is a bad signal bar then the reason for this bad signal bar is that not enough traders had conviction that the PB has ended.
the other is when the first entry signal bar is an outside bar.
here the breakout of the outside bar usually fails-the BO may be considered a first entry since the outside bar is trend bar- and it is almost mandatory to wait for a PB and a entry signal.
the other is when the first signal is close to a swing high or ema or a high /low.
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Taking notes on all of these videos as this is my first time studying Brooks. Excellent post, thank you...only on video 2 and there is obvious value here.Here's the complete playlist of all the videos mentioned on Al Brooks (on the top right corner of the screen it reads 1/14 -- or 1st of the 14 videos). I think it's a good primer for Al's materials, especially for anyone who follows price action. But the real meat is with the market psychology. In another word, WTF were you thinking when you entered long at that price? Or better yet, it never crossed your mind that others couldn't read your mind and you fell straight into their trap?
I've been burning through trading books like crazy lately and in need of 1 today...could you recommend one on the topic of PA or day trading or whatever you deem worthy of reading?
I know, I know.
You told me before, just click, click, click... It was actually helpful. I was too deliberate before and missed many good entries.
But I was hopping @padutrader could give me the holy grail, a perfect entry.
i have only studied Brooks for the last 15 years.
after seeing all the videos in his channel his books may be easier to understand.
i could understand shit till i saw the videos
sure for 1000000000000000000000000000000000 usd
second entry is pretty close to perfect and if you scalp for 3-4 ticks point you will get 20-25 entries and a 100% win rate