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Al Brooks demonstrates the strategy with 5m bars. He calls it H1, H2 (L1, L2). H2 is a "second entry" buy. Brooks' philosophy is that there are sufficient opportunities with 5m bars, so he avoids the stress of working the lower time frames. Also, there's something to keep in mind about tick charts: the varying pace. When volume is high, the tick chart is cranking out 30 second bars, requiring you to analyze and make decisions faster. When it slows down, they might be 3m to 15m bars. So there's an added task of perspective adjustment. I don't use tick charts.
Last week, toward the end of the week Mack did a live trade, something he doesn't do much of.
By the way if you want to learn price action the last couple of weeks of video's (he tries to cut off at 30 minutes) have been a great seminar on how to do it with lots of time spent answering questions from viewers who haven't figured out the fundamentals.
Currently cleaning all of my backlog on Macks videos from January 6th through today - and I came here because I wanted to post exactly this piece
points he raises in this video:
- trade bigger, not more. But be prepared that it'll take time to grow your trade size.
- the mental side and experience are key, learning the method doesn't take long.
- if you are not 100% confident in your read, you are just gambling. (that was me, today).
- you are getting better by studying all your trades, and reviewing the entire day's priceaction.
Not by sim-trading and then going home.
I like the bullet points @Scalpingtrader. We should add that from now on and if you see something that I've missed, you know what to do. I respect Mack so much, he shares a working system for free and teaches the little details on the mental side that don't come easy. We are lucky!
Hope you will make the best use of it!
“Happiness is the meaning and the purpose of life, the whole aim and end of human existence.” Δ
“There is no path, but only a fool wouldn’t follow it.”