TRO - My comment was made in response to a post of yours which did not mention the book or any material from the book. It was one of your posts that you post over and over ("price goes up or down, ...") , and it was off-topic for this thread.
Your later posts where you read parts of the book are very interesting and I welcome them. My only comment there is to be careful because without reading all of the book, if you just take a few paragraphs they could be out of context. The book is not organized very well and I find the same information repeated and scattered throughout the book.
After reading several times "best trades", "daytrading stocks", glossary, "first hour", and the pullback chapter, I'm now starting at the beginning again and I'm currently on signal bars and reversal bars.
This book is amazing. But very challenging. I plan to sim some brooks trades on ES today.
I think this trade from yesterday qualifies as a brooks trade. I saw the TL break and a FBO (did make a HH but due to news). I put a stop one tick under the low around 3pm and as the bar reversed it triggered.
Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).
This book is always with me, and it looks very old...
I would say it is the same setup as I did in the last 6E trade. Just in the other direction. Great trade. Brook's comment of the FOMC day and short setup is interesting too.
I do not trade FOMC days. Wait or donate...
I'm going to have to read the book again to find out how he manages his stops. Had I moved my runner stop to BE I would have been taken out just before the big move. Had I kept it above the entry bar high I'd still be in. A bummer cause this looks like it may end up being the HoD.
I read the day trading chapter for the 3rd or 4th time. is it just me or is this book really difficult to read? After 30 min I have to put it down or my head will explode.
My other comment is that I would like to see how the author would have traded each bar. As it is, it is a review bar by bar in hindsight. Often "one would wait for a second entry which occurred 2 bars later" kind of makes me suspicious. But we gotta take what we got and learn it. It's a treasure trove of information.
Here is what I reinforced today:
- you must have two reasons to take a trade (he lists them in the daytrading chapter)
- always think about what is luring in traders on the opposite site and trapping them
- think about how you could be getting trapped by the opposite side
- don't go countetrend if there is a lot of momentum. wait for the 2nd reason (TL break, failure, etc.)
I tried it yesterday but was just practicing entries and moving my stops etc. I'm not comfortable risking 2 pts to get 1 pt scalp. The runner makes up for it but right now ES has a very low range (14 pts) so runners are rare. So I'm going to set my target equal to my stop and do 1 contract and see how that goes.
Heck I will post my trades from yesterday but don't laugh. I was just fooling around.