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In Al Brooks' trading range strategy (buy low in bottom third, scalp to middle third), when should I take 100% profits at the midpoint versus scaling out 50-75% there and leaving a runner for a measured move? What specific price action signs (bar types, closes, tails), tell me it's safe to leave a runner, and what's the trailing stop rule for it?
Hey Eduardo,
When it comes to taking profit in TR, the middle is always the best place (at least 1:1 Risk to reward, 60% probability). but, Leaving a runner and taking profit on the opposite end of the TR is also better and its big profit (more than 1:1 risk to reward, 40% probability). its personal preference but there is a way to do both at the same time.
When taking a trade like the first buy trade on the chart. Have a take profit for 2/3rd or 3/4th of you entire position on middle of the TR. once the take profit is hit, take your stop loss and put it at breakeven and let the 1/4th or 1/3rd of your trade run to the opposite side of the TR and take profit there or on a reversal (yellow boxes),
sometimes the push to the opposite side might BO and you would have bought the cheapest price on the bull trend.
What specific price action signs (bar types, closes, tails)
I guess medium sized bars, not big pullback etc. look for the video where Al talks about "signs of a strong BO"
Hope this helps.
