WHAT IS A SECOND ENTRY ?

[Darc]

People say to watch Brook's videos rather than read the Books. I find the videos that Schizo posted harder to follow than the Book.

The Book isn't hard, its just that the information is dense, like me.

 

[Darc]

 

[Georpe]

PS: now the question is: what is a break of a major trend line? and what is a major trendline
that Brooks does not answer

He does; on a typical day there is at least one swing good for roughly 40% of the average recent RTH range measured from a “good” stop entry signal. Some days will begin as a continuation of the prior days price action.

Your major trendline is off a swing (opposed to targeting roughly 20% for a 1:1).

 

[padutrader]

My head is spinning.

context can do that.

think of context as reasons....set up are patterns which are notoriously unreliable. you need set up to be collaborated by a number of other reasons such as is the trend strong,is it a pull back is it DB/ DT flag, how strong were the pull backs or countertrend moves .

counter trend moves slowly becomes longer and stronger until they are the trend

 

[padutrader]

Al said that" the second leg is always a test"

so if the test is successful than it will reverse. and then two legs in the opposite direction. which will change direction again if test is successful or continue if the test fails.

knowing this is useful but it will not make you money

now the issue is how do we trade this and how do we manage it ? that is the money making part. because the market keeps doing this whole day.

taht is why Brooks or anybody else teaching, even the correct information, will not make you money, until you learn to manage it

 

[padutrader]

Your major trendline is off a swing

you said it .... i do not remember Brooks saying it but he might have...i just do not remember it.
many things he just expects you to know and understand. He is an encyclopedia of knowledge.

major and minor but according to me the TL closest to the price action is the valid one until it breaks

 

[padutrader]

i have never seen such a clean chart in my life.... does he generate them i wonder

 

[Darc]

you said it .... i do not remember Brooks saying it but he might have...i just do not remember it.

major and minor but according to me the TL closest to the price action is the valid one

Yes, he says when drawing TLs chose the one with Overshoots.16 min mark.

 

[padutrader]

BTW i referred his first book again and found it was wonderfully clear.
this is the book that was on the best seller list -the later books are rambling and can be hell for a first time read.

 

[padutrader]

Yes, he says when drawing TLs chose the one with Overshoots.

i used to use the one that touches at the most points .... but then i left TLs.

my bad. you never know where you will get the information to make good trade

as Bollinger says" TA is information for you to make rigorous trading decisions"

so it is not the decision itself as many new traders seem to think