The support forum is built with (1) General and FAQ forums for common trading queries received from aspiring and experienced traders, and (2) forums for course video topics. How to Trade Price Action and How to Trade Forex Price Action videos are consolidated into common forums.
Brooks Trading Course social media communities
I seek clarification on a statement Dr. Brooks provides in video 48D regarding BOM on the Open.
He says the pattern is less reliable if it occurs with fewer than 10 bars. I presume this is a reference to the BO above the new HOD or LOD formed after B1.
In other words, an opening range encompassing a new LOD and HOD can form within 10 bars, but a BO of this range that occurs after 10 bars can more reliably lead to a measured move.
In contrast, if the BO occurs within the first 10 bars, it less reliably leads to a MM.
Correct?
Thanks!
Hi Jivers,
You are correct, it's best to have at least 10+ bars when considering taking BOM. Personally, I found this pattern to happen successfully very very rarely. It requires too many perfect conditions like TR size 30%-50% of ADR, 10+ bars, no obvious S/R blocking the BO. If you look over the past days, this setup works maybe once or twice a month?
Thanks for the clarification.
Totally agree with your comment regarding frequency. I have not found a high frequency of examples, relatively speaking, going through charts back to 2019. This is in part why I sought to clarify the setup. As you point out, usually there are other reasons to take the trade (or not).
