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The importance of waiting for the bar to close
I just wondered what Al's views were on waiting for a bar to actually close. Sometimes if a trend seems to take off quickly you might not have time to wait for the bar to close before deciding to get in. Any thoughts? thanks.
I just wondered what Al's views were on waiting for a bar to actually close.
There are times when you can buy while the bar is forming but if you read wrong and the BO ends up failing the lose can be big, so he strongly recommends waiting for the bar to close, at least, before you get profitable.
Mr. Brooks answered this question here in this video https://youtu.be/91h0Dw9jwQ0?t=2933
Basically, at the end of the day, reviewing the chart, Mr. Brooks looks at the charts and decides to buys or sells just by how the bar looked after they closed.
Personally, I had experienced instances where an eventually bear bar kept bouncing from its low during its formation. Seeing that I got bullish bias and I was very wrong and should have just trusted what the bar looked like at the close.
This is something that I've been working on myself and it has helped me eliminate bad trading decisions. It's a very good lesson in allowing the market to communicate to you what it is doing instead of over-emphasizing a particular bias/hope/preference. This alone has helped improve my trading immensely.