The support forum is built with (1) a Q&A format for common trading queries received from wannabe and experienced traders, and (2) a standard forum for course video topics. How to Trade Price Action and How to Trade Forex Price Action videos are consolidated into common forums.
Use topic header to identify video number (and Main/Forex course as needed) you are referring to.
The Brooks Trading Course and Trading Room chat room can be found here: Brooks Trading Course Discord Server
Trading Range BLSH Scalp question
Hi everyone, I had a question about trading in a TR. Is it best practice to wait until a TR is clearly formed before buying and selling the tops and bottoms?
No, as soon as you see TR PA you can trade it like a range.
What are the reasons for staying in this trade instead of seeing TRPA and early exit ?
When you assume that the TR is still valid as you marked it, you are at the bottom so both mentioned options are fine. After getting stoped out you should consider to buy there. It depends if your assumption is still valid or if you are expecting a BO down of the TR?
To stay in that trade, the stop would have to be 20+ points up, around breakeven.
What is the correct way to read the PA to risk that much?
It depends on your hypothesis how the market will react. Your SL in Pic #2 should have been placed at the DT (4240) from my point of view so already 20+ points and not above the 3rd BR bar. So if you were assuming a TR you have to BLSHS and get out at 1:1.
If your assumption of your marked TR changed after getting stoped out at around 4200, which is a brn and functions as a magnet you have different options to evaluate which direction the market will take next.
You can assume that after the the back bounce from brn the market can test the LL MTR point at around 4160 or even lower.
From my point of view it always depends on your assumption what is probably to happen next, placing your SL right to BPA and let the market go without interfering as long as you hypothesis doesn't change.