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I have read the section of the book that you're referring to and the recommendation to wait for the close of the bar generally makes sense depending on the overall context. For example, if a trader is taking a counter-trend trade it is typically better to wait until the signal bar has closed to decide whether or not to enter.
However, sometimes the context actually supports getting in before the bar closes (and keep in mind that any chart type is just revealing the collective behavior of participants and the structure of the market so getting in when it makes sense to do so even if a bar hasn't closed yet is a very reasonable thing to do). For example, if there is a strong breakout (no clear S/R in the way, likely not a second leg trap, etc.) and the always in direction is relatively clear, then getting in as soon as possible makes sense. The reason for this is that if the bars are only having small 2-3 tick pullbacks as they form, the momentum and urgency in the direction of the breakout will probably cause price to continue to move in that direction. In this case, waiting for a pullback or for a bar to close will likely increase the risk relative to the reward and while the probability may still be high, it is potentially less so than before since it is a lack of urgency (and profit taking and possibly counter-trend scalps) that is allowing the pullback to occur. So the decision to enter while the bar is forming or to wait to enter after it has closed depends heavily on the overall context and market behavior. Something else worth noting is that in the course, Dr. Brooks does say that depending on the context traders can enter in numerous ways including while the bar is forming, so it's possible that his views on this have changed a bit since publishing the books.
So with that being said, I don't think it's a good idea to cover up the current bar because you're missing out on seeing what is happening at the current moment. What the market is doing in the moment should always be viewed within the context of the bars that came before it, but focusing solely on the completed bars is creating an unnecessary handicap in my view. You also won't have enough time to determine whether to enter, where to place your order, stop, etc. if your chart somehow just jumps forward after each bar is completed instead of watching it as it is forming and anticipating how you'll manage the trade.
Any thoughts?
Related to your question but addressing it in more broad terms: Looking for workarounds to prevent our emotions to kick in is a good sign that we are not ready yet. This happens mainly because we don't trust the setups or we haven't a clear idea of where the MKT is headed (always-in direction, targets). During the learning most of the time we face both problems 🙂
We all have been there.
All but the strongest swing setups will come back to your entry price and this does not mean they will not work. Just they are not strong enough so the resolve of the swing traders has to be tested. Learn to go thru that (or go for a walk) and trade the "I dont care size". This is all you need. In the mean time, we can, we all did, try many "creative things" 😉
Once you really trust the setup and trade small, even if you loose, your emotions will be under control. Then, you know you are ready and can step by step increase your position size.
What if one were to adjust their own chart to where they can only see the bar that has already formed?
Hi.
That's easy enough to do (at least with NinjaTrader): just back off the display by one bar. That way you won't see the bar that is currently forming.
Mind you, you won't see that it's dropping rapidly! And maybe you'd better take some of your profits off the table before they're all gone...
But, I suppose, that is not your intent?
Cheers!
