Brooks Trading Course

status1

Well-known member
Interesting but not sure if this would work in today's market
This was done 4 years ago before the 2020 crash when price movement was somewhat reasonable

Today with every fed announcement or cpi report the market can go crazy and make irrational moves
 

status1

Well-known member
I found this one that is part of the same series that is more interesting


It goes more in depth on each bar and kind of analyzes the trader psychology and where a possible entry and exit may be
It's more about scalping than relying on the high or low of the day which may change in the middle of the day
 

tom

Well-known member
Administrator
The best advice for day trading with "known unknown events" (as Scot Ruble calls them) is to be flat and not trading. That's also what George Dean does. He goes fishing :)
 

PhilipC

New member
Gold Member
Interesting but not sure if this would work in today's market
This was done 4 years ago before the 2020 crash when price movement was somewhat reasonable

Today with every fed announcement or cpi report the market can go crazy and make irrational moves
Opening 18 bars is still true. (y)
 

status1

Well-known member
Opening 18 bars is still true.
Is that just for SPX or any other index ,stock or futures ?
I just looked at SPX and RUT yesterday and while bar 18 was a high it was not the high of the day so I am not sure how that follows the prediction
It seems to me that the 18th bar is just another high or low and the market can continue to go higher or lower from that point
 

status1

Well-known member
Today was another example where it did not follow the rule and got that chance in 1000 where SPX made an early high but it was not the high of the day and made a new high on the last bar before the close
Perhaps this worked better when SPX was around 2300 when the video was made but it doesn't seem to follow those rules anymore so I am not trusting those rules
 

SergB

Active member
Today was another example where it did not follow the rule and got that chance in 1000 where SPX made an early high but it was not the high of the day and made a new high on the last bar before the close
Perhaps this worked better when SPX was around 2300 when the video was made but it doesn't seem to follow those rules anymore so I am not trusting those rules
Actually I think the rule was followed today.
The way I read the rule is that by 11:00am (18 of 5min bar) the market defined either low or high of the day. I see on the chart that the low of the day was exactly at 10:55am and market never went lower during the day.
 

PhilipC

New member
Gold Member
Yes...BY 11am, not ON 11am, 90% chance the H or L has been established for the day. So far, my data for 2023 shows this is still the case.
 

status1

Well-known member
I am not so sure It seems to be subject to interpretation I mean how do you know that by bar 18 it is the high or the low
It seems to me that by bar 18 there is a range of high and low but how do you know which is the high and which is the low of the day

Let's say that you think by bar 18 you have the low of the day Without knowing how the rest of the day is going to be how do you know it's not going to continue going lower like on 1/18/2023 when you had a low by bar 18 but than it kept going lower

Comparing that to yesterday when you also had a low by bar 18 but than it reversed and went higher
 
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