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
Hi all! I finished going through the entirety of the video course a few months back and I must say that I am extremely satisfied with the amount of content, examples, and lessons that I've learned so far!
I know that I have a long way to go and I will continue working hard and practicing day by day! Am planning to rewatch the entire course to solidify the foundation in my head
That being said, I have quite a few questions that I could really use some help on if you guys don't mind! I think it would be inappropriate to separate my countless questions into each individual thread so I'm asking them all here.
To start things off, I am currently located in Asia and as such am unable to sustainably trade the US open for SPX without burning out in the long run as much as I like the style and idea of it. As such does that mean the entire section on "Trading different times of the day" won't apply to me?
If so does anyone else have a recommended pair and time slot to start with?
Building on this, how many bars should one be looking back on when analyzing context? I tend to be extremely overwhelmed when looking back and seeing so many things going on (When looking at other pairs and time slots).
Regarding the risk/reward ratio, I understand that the MINIMUM one should aim for is 2RR but Al always emphasizes striving to go beyond the minimum. However, in another video, he also mentioned that should the context not be right, one should exit immediately and look to enter again. I am however struggling with this point. No matter how much I try, I rarely seem to be able to hit the proper 2RR often due to my stops being rather big causing my take profits to be even bigger. My question is how does one juggle between trying to maintain the 2RR or greater and the concept of exiting before the context changes.
High probability vs. Low probability trade sizes. How exactly does one calculate the size of trades? Al has mentioned the phrase "Death by a thousand cuts" before when taking too many low-probability trades. How exactly should one calculate the lot size for these trades? I've heard and read from others that one should risk a maximum of 1% on trades, even less being better. But what should the ratio be like comparing a high-probability trade size to a low-probability trade size?
My apologies for the amount of questions. Any help would be greatly appreciated! Thank you all so much!
No matter how much I try, I rarely seem to be able to hit the proper 2RR often due to my stops being rather big causing my take profits to be even bigger.
Take reasonable tight stop entries. For example, a MTR setup in good context with a good signal bar will definitely provide you with more than 2R when it goes your way. It's a reversal trade with a tight stop, so don't expect high probability.
Building on this, how many bars should one be looking back on when analyzing context?
I believe Al once said something general about don't look at more than 100 bars. If you want to look at more, go to a higher time frame. There isn't any rules set in stone for looking at context. It's really a subjective matter. Perhaps look at what Al does, watch some recordings of the trade room.
Keep in mind that probabilities on your day-trading time frame is affected by what the higher time frame is doing. So is the market in a tight bear micro channel on the daily chart, intra-day bull reversals will probably fail at some point, even if they last for a while (this is top-down analysis as seen in the daily blog posts describing the daily chart). But to keep it simple just look at the 5 min.
I see. Thanks for the help Andreas! I really appreciate it!
