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Hi everyone, I am confused about why don't we exit long below bar 14 or 15, and what makes bar 23 as a short?
I consider it because in prior bars we are in a trading range and need to BLSH, the break out gets decent follow though but then got a two bar reversal back down to the trading range, and it seems to be the third leg of the bull trend. And before bar 17 we got a bull reversal bar, it seems hard to recognize the context as a bull channel and hold long.
I am a beginner and I do not scale in, may I exit my long below bar 14 with those reason above?
Very appreciate your patience to look though my questions, it would be very helpful if you could provide any advice.
i think it would depend on what are your entry bar and if you are scalping or looking for a swing trade.
if you took a swing trade and your possible entries would be one tick above B3 or B8 for a long, your stop would be below B3 low. If you took this swing trades a exit below B14 or B15 would not make sense. Because ther wasnt a strong trendline break from the bull channel up, B16 was the first trendline break but this was a weak BO bar with bad follow through.
If you were scalping your entry bars are important to know, where did you enter?
If im not wrong B22 was the signal bar and B23 with the red arrow above was the entry bar. B22 is more important becasue this was the signal bar for a short trade.
B22 was a good short signal bar because it was a micro double top with B20, it was a failed H1, it was a bear bar closing near its low, a good bear reversal bar. The bigger context was a possible breakout pullback short setup from the bull channel up, and a lower double top with B14. All this after a bull channel with 3 pushes up and the third push was a channel line overshoot, wich is leading to a climatic reversal, but the climatic reversal failed and fomred a trading range (triangle ).
The Bafter B23 would at least test B22 low and then the MA low, or lower, for example the trendline.
Hope this was is helpfull for you.
Regards.
