[davewolfs]

Could someone please define "Final Flag".

[ACS]

Originally Posted by mbfromla »

Here is today's chart guys... I know it was tough day but there were opportunities.

You have the trend channel overshoot marked but the low of the day was also a setup for a H4 that ended a large two leg correction.

[szubaark]

7/14

Not a good day.
Total 14 trades 4W/8l/2BE
Overtraded as i had a bad start took a Hit for -2 right at Open. Had a lot of Failed +3 Tick setups. Got frustrated at end of day and started forcing a few trades. Again today, the Major move of the day started with H1 with no frikin second chance to get Long. Right at Low we just started going higher 11 Green candles in a Row with no LL to get in.
so -6 Pts for day

[szubaark]

I took this M2S Short (2nd attempt to break above EMA) After a Strong downmove off the High expecting a 2nd Leg Down. ALso Double Top Bear Flag, sucker went up for -2.25 Stop on me. It started coiling up for hours after that.

[davewolfs]

Originally Posted by szubaark »

I took this M2S Short (2nd attempt to break above EMA) After a Strong downmove off the High expecting a 2nd Leg Down. ALso Double Top Bear Flag, sucker went up for -2.25 Stop on me. It started coiling up for hours after that.

The M2S you traded on was an L1, I believe these work best when they are L2's. Additionally, after a strong bull rally, I would have been expecting a an attempt to put in another high and as you can see the market did so and then failed. Eventually rallying after the third leg down.

[jolee]

Trying to figure out what to anticipate for - I guess should still stay long but maybe be on a look out for channel over shoot and exit/stop below last bar. Then look for PA for short setup after overshoot. But won't short if L1. Wait for L2 or second entry short. Who knows at this point.

[ACS]

Originally Posted by szubaark »

I took this M2S Short (2nd attempt to break above EMA) After a Strong downmove off the High expecting a 2nd Leg Down. ALso Double Top Bear Flag, sucker went up for -2.25 Stop on me. It started coiling up for hours after that.

Straight from the book: beginners should not be trading when the market is in the middle of the day and in the middle of the day's range. Almost all my losing trades come from ignoring (or forgetting) that.

[bakrob99]

To JoLee,

Thanks for posting the charts you have. I actually disagree with your statement that publicly posting them has no benefit for you. You do gain from the actual display of the charts and the work involved - and the responsiblity to do it. However, I can understand your frustration because not many have been contributing to the discussion (myself included).

The main reason why I haven't is because I DO NOT LIKE the Brooks method. First of all, I hate giving up the height of the bar of potential profit rather than fading from higher up against some S&R line. I just do not like Stop Market entries.

Secondly, this is definitely a scalping method, which may be useful for summer time trading - but I prefer to try to catch a larger intraday move and trade less frequently.

Finally, I prefer to add to a winning position and start with only 1 or 2 contracts... which is opposite to the MM suggested by Brooks.

That said - I have read the book (it is not a well written book by any means) and am happy I bought it and I am sure that I will refer to it from time to time in my trading future.

Good luck with your trading
Bakrob