Re-read my notes on Al Brooks "Best Trades" chapter. My entry today was far more inline with his words.
"if a trader has the patience to wait possibly hours for a best trade to develop and he restricted himself to only the trades in this chapter , he would be a very successful trader...the best trades req alot of patience, patience to occur and patience to work out...learning to restrict yourself to only the very best trades is perhaps the most difficult part of trading. If you are not making money it is something that you must seriously consider...The single most important trade to avoid until you are skilled is trading within BW (in a volatile range) and a TTR (tight trading range)...many WT setups will look terrible , but you have to trust your read and place your orders or else you will be trapped out of great trades, like so many weak hands... in a strong trend you do not need setups you can enter at anytime, they merely allow tighter stops... Once profitable increase size not setups"
NB : My setups are now very similar to Al Brooks's
1. EMA PB/RL (S&R PB/RLs) ... My LSH and HSL @ 20ema in a strong prolonged trend is v similar.
2. clear strong REV after maj TL breaks... My SAR of a LSH or HSL @ 20 EMA in a strong trend or at S/R is v similar.
3. FBO/FBD and BOPB/BDRL of patterns from yesterday's S/R... My LSH, HSL and SAR at S/R are v similar.
No comments:
Post a Comment
Note: only a member of this blog may post a comment.