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Bar counting vs Leg counting
In the Brook's trading course we learn about bar counting using H1/L1; H2/L2 etc.
But in the Trading updates from Al on the other website (Brookspriceaction) Leg counting is always used.
For eg, on Friday (August 13), bar 2 is H1 where H1 is refer as one legged PB in a bull move, where in bar counting bar 1 is a L1 and bar 2 is a H1 after bar 3 formed.
I always confused on which to use and interpreted in real time trading. On real time, when you see bar 2 as a continuous bear bar, should you consider a bull move PB or a downside move (bears)? Should you always use legged PB on bull move or bear move instead of bar counting only?
Thanks in advance.
hi, bar counting and leg counting are the same. Every h2 is a two legged pullback and a double bottom (down,up,down), and every l2 is a two legged pullback and a double top (up-down-up). Since the market is fractal you will be using leg counting all the time, for example, a major trend reversal can be seen as a huge h2 , down= bear trend + up=strong minor reversal up + down= test of the bear trend low. Bar counting is used mainly in continuation patterns and not in reversal patterns. I said mainly because there are some exceptions, for example, h2 at the bottom of a trading range or a L2 fail in a final bear flag reversal.