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Book Discussion: Reading Price Charts Bar by Bar by Al Brooks
- more people taking my same trade will only help to push the market in my direction
- it will only be negatively affected if a large number of people trade my setups
- if more people trade my setup and it helps me, then it figures that i'll be rich …
I have to say I agree with the original L1 and L2 by Hapster - lower highs and then a higher high = L1??
With hindsight clearly there was no entry on the original L1 but in real time you can't know that.
Ditto - very intrigued by the spreadsheet - must have taken a lifetime to put it all together... if it's making a ton of es points don't confuse yourself with another strategy would be my advice :-)
Equally if you would love to share some ideas that would be great.
Appreciate your view on the L1/L2. I'll respectfully disagree. The reason the first one is not the L1 is because there is no up leg to qualify it as such. In other words the market has not made an attempt to push the market higher and failed yet. I attached a pic to clarify what I'm trying to say here and I appreciate any feedback. This sort of discourse only adds to learning this stuff so I invite the discussion.
These are tricky sometimes cause you can have a nice uptrend with a pullback and find H2 in the pullback, but the pullback can have pullbacks and there you can find L2.
I missed a great L2 today on Euro & CL, both good for 16 ticks. that's $320. I'm a bit bummed. I'm a bit hesitant to take these, even on sim. Need more practice to build up confidence.
I made (on sim) over $300 on two H2 trades on CL on Friday so I'm determined to practice it and figure it out. If you have another consistent method to make money then I agree, no need to complicate matters with H2/L2. For me it's just another trick in the bag.
Ah you see the simple mistakes you can make.
I am assuming we are talking uptrend here when of course we are not
blz17 - appreciate the feedback - you are quite right a pullback must go against the trend if only for a bar to validate an L1/H1.
(I think half my issue with the terminology is I see L1 and automatically think "Long 1")
I have not read the book yet but already the lack of clutter on my charts is making me THINK about the price action and what it means.
Not entirely sure this is a brooks set up but I hesitated fatally at the point of breakdown and failed to get in....
