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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.
As I understand it, h1, h2 refers to one and then two pullbacks in a broader bullish setting. H1 may consist of multiple bars in the pulldown or only one bar. You could argue that "bar counting" is a somewhat confusing term. Perhaps "push counting" might be a better term.
On 13 Aug Al saw the opening gap up as a pullback (a push-up) from the previous day's bearish or sideways moving closing bars. So, the gap up plus the bear bar 1 created the L1.
But swingtraders probably wouldnt have seen a good enough traders equation to enter, partly because bar 1 is seen as somewhat unreliable (unless, for example, its something like a good Sell The Close bar pushing down from the ema or a key level).
I meant to say '...h1, h2 refers to one and then two pushes in a pullback in a broader bullish setting...'.
When trading, do you use bar counting for each bar or consider as legged in pullback for analysis? Bar counting/legged in PB seems to be opposite. Or do you consider both?
In Brookspriceaction forum Trading Updates, I only see legged counting, no bar counting analysis is used.
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.
