Al Brooks BrooksTradingCourse.com Scalping the Emini open
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Al Brooks BrooksPriceAction.com Live Emini trading room
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When does opening range end? No specific time, usually before
8:30 am PST As early as first bar or as late as 10 am With
breakout, if day starts with TR With TR, if day starts with BO
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Why trade the opening range? 90% chance of swing trade 4 points
or more profit Reward at least twice risk Strong swing = best math
for scalp BrooksTradingCourse.com BrooksPriceAction.com
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Either high or low of day forms in First 5 minutes on 20% of
days First 35 minutes on 50% of days First 2 hours on 90% of days
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Goal of most traders Find one or more swing trades But, many
traders scalp while waiting BrooksTradingCourse.com
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How many scalp setups? Great scalpers see setups on every bar!
Take 20 or more trades a day Most traders should focus on swings
Take only occasional scalps BrooksTradingCourse.com
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Scalps during 1 st hour Very difficult to make money scalping
Better to look for swing Best scalps are also swingsso swing!!
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Main reason to avoid scalps Requires quick thinking and quick
ACTION! If cannot exit quickly when wrong, dont scalp If cannot
quickly reverse mindset, dont scalp BrooksTradingCourse.com
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When wrong, exit quickly! Always have a plan to exit Have stops
in market, not in head Stops protect you from yourself!
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If TR becomes trend, trade like trend! BrooksTradingCourse.com
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PB below bottom of bull breakout If initial tight trading range
has bull BO PB can fall below bottom of bull leg Look to buy
Reversal up Below TR with limit order BrooksTradingCourse.com
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Buy more below! BrooksTradingCourse.com
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Enter with stops or limit orders? Trading range = limit orders
= bet breakouts fail Trend = stop orders = bet breakout succeed
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First few bars often tell if Trend day Trading range day
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Trend from the open BrooksTradingCourse.com
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Trend from the open BrooksTradingCourse.com
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Trading range day BrooksTradingCourse.com
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Limit order open BrooksTradingCourse.com
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Dojis, tight trading range, at MA BrooksTradingCourse.com
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Signs of strong trend Consecutive strong trend bars Strong
reversal bar if gap Strong breakout from TR price action
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Strong bull reversal bar, good context BrooksTradingCourse.com
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Consecutive trend bars, but bad context Unlikely to form trend
More likely will reverse Likely will form opening reversal
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Dojis, tight trading range, at MA BrooksTradingCourse.com
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Reversals are common Market always searches for direction
Probes up and down Needs to find out what is too far Most days,
first direction is wrong Initial move creates opening reversal
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Opening reversals Strong, quick test of support or resistance
Creates tail on most trend bars on daily chart
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Opening reversal at 60 min MA BrooksTradingCourse.com
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Opening reversal at yesterdays low and high
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Always look for Major trend reversal Breakout or failed
breakout of anything: Swing high or low including high or low of
yesterday Trend line Trading range or channel Moving average
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Is trend continuing or failing? Is breakout continuing from 1
st bar or failing (reversing)? If failing, is market just pulling
back and about to resume breakout? BrooksTradingCourse.com
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Swing begins with strong signal bar Bull swing usually begins
with Bull body Close at or near high of bar Bear swing usually
begins with Bear body Close at or near low of bar
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Strong buy signal bar BrooksTradingCourse.com
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Strong sell signal bar BrooksTradingCourse.com
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If no clear signal bar Wait for strong breakout up or down 1
big trend bar, especially with follow-through 3 5 smaller
consecutive trend bars BrooksTradingCourse.com
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Strong breakout after bad signal bars BrooksTradingCourse.com
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Opening reversal at MA after gap up BrooksTradingCourse.com
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Opening range setups BrooksTradingCourse.com
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Double bottom, PB to MA BrooksTradingCourse.com
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Wedge, big Low 2 BrooksTradingCourse.com
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LL MTR = Lower Low Major Trend Reversal BrooksTradingCourse.com
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HL MTR, DB BrooksTradingCourse.com BrooksPriceAction.com
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Trading the open BrooksTradingCourse.com
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Trading the open BrooksTradingCourse.com
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Parabolic wedge on open BrooksTradingCourse.com
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Endless pullback, then reversal BrooksTradingCourse.com
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A week of trading the SPY opening range Pay attention to
yesterday Look for reversals, breakouts, and failed breakouts Look
to swing, using usual management BrooksTradingCourse.com
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