[forrestang]

Trades and observations on the day for me.

[Maletor]

DB - I've never heard Al Brooks say support and resistance is something he doesn't use.

He calls all support and resistance double tops, even though it may be triple of quadruply pivoted.

[Maletor]

Here's what I found.

[Maletor]

Hey forrestang,

How come you didn't take the L3/Double top/channel overshoot and decided to wait for L4?

Simply because you wanted a bear trend bar?

[forrestang]

Originally Posted by Maletor »

DB - I've never heard Al Brooks say support and resistance is something he doesn't use.

He calls all support and resistance double tops, even though it may be triple of quadruply pivoted.

Actually, starting on page 61 is the section about S/R. Starting on Page 55-70 is the chapter on areas of conviction.

The problem here is what is being presented in the thread, which has left a lot out as many are still learning. For whatever reason nobody has really spoken of it. If you notice, most of the trades in the material are trades that at least 'base' at some prior S/R level.

What is not done in the book is going out on say a 100K CVB chart, and looking for levels. I guess he may have found that complicated his trading at some point, which is one of the problems I have had, but it is a learning process so maybe eventually it will add to my trading?

[forrestang]

Originally Posted by Maletor »

Hey forrestang,

How come you didn't take the L3/Double top/channel overshoot and decided to wait for L4?

Simply because you wanted a bear trend bar?

No, I will usually try to wait for a second entry. Other than the am breakout type deals, I usually will wait, I guess that's why I always have so fewer trades than everyone else during chat?

The L3 to me is not a second entry. It's an entry AFTER the second entry, once that rolls by, I look for the second entry OF the second entry which is an L4. So I'm usually excited about the L2 and L4s.

Obviously sometimes this works both ways though.

[DbPhoenix]

Originally Posted by forrestang »

What is not done in the book is going out on say a 100K CVB chart, and looking for levels. I guess he may have found that complicated his trading at some point, which is one of the problems I have had, but it is a learning process so maybe eventually it will add to my trading?

Depends on what you're going for: a few ticks, a few points, or letting your profits run until the trend is done. That, unfortunately, is a decision you have to make all by your lonesome.

[mbfromla]

Here is a chart for July 7 guys,,,