Enter to win: Autographed copies of Al Brook's Reading Price Charts Bar by Bar Book
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Enter to win: Autographed copies of Al Brook's Reading Price Charts Bar by Bar Book
BIG MIKE TRADING 1-YEAR ANNIVERSARY
THIS THREAD WILL BE FOR THE PRIZES "FREE AUTOGRAPHED COPIES OF AL BROOKS' BOOK: READING PRICE CHARTS BAR BY BAR: A TECHNICAL ANALYSIS OF PRICE ACTION FOR THE SERIOUS TRADER". WE WILL BE GIVING AWAY FIVE (5) COPIES OF THIS BOOK IN TOTAL.
As mentioned in the main thread here, our 1-year anniversary is this June and to celebrate we are giving away over $4,000 worth of prizes!
futures.io (formerly BMT) owes its success in large part to you. Over the past year, you guys have contributed great content to the site... and in that spirit, we are going to ask you contribute just a little bit more in order to win this prize!
To enter the drawing, simply post a reply to this thread. Important: your reply needs to be creative! Don't just reply with something plain or basic. There is no particular topic that we are going to specify for you, but the prizes will be awarded based on the creativity of your reply to this thread. In other words, the better your reply is, the more likely it will be selected as the winner. Please don't ask for guidance, we are leaving this up to your judgment and asking you to be creative!
Eligibility and rules:
- You must be a registered member (it's free, it just means you've signed up and created a username on our site).
- You must be in the Continental USA for Big Mike Trading to cover the shipping cost of mailing the book to you. If you are outside the Continental USA, you should not enter this contest unless you are willing to PayPal us the cost of shipping the book to you via the USPS.
- You may enter only once per prize/thread (once for this exact prize). You can enter to win the other prizes in the other threads as well, but you can only win the exact same prize once. It is possible that you win more than one different prize from more than one thread.
- There will be no substitutions of prizes. If you do not wish to accept the prize, it will be forfeit.
- The moderating staff at futures.io (formerly BMT) will select the winners. Again, the winners will be selected based on the creativity of the reply. In the event of a tie, Big Mike will make the final decision. Big Mike has the final say over the outcome of the drawing and the awarding of all prizes.
YOUR ENTRY (REPLY) MUST BE RECEIVED BY JUNE 25TH 2010.
WE WILL ANNOUNCE THE WINNERS BETWEEN JUNE 26TH AND JUNE 30TH.
Thx and good luck!
Mike
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
If you want to support our community, become an Elite Member.
Al Brooks will be holding a special webinar presentation on Monday, June 21st @ 5:00 PM ET. There will be a Q&A session at the end of the webinar.
Don't miss this chance to learn from Al Brooks and get your questions answered!
As the date approaches, I will update this post with the link and information for the webinar.
Mike
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
If you want to support our community, become an Elite Member.
The following user says Thank You to Big Mike for this post:
Really looking forward to bloging on the futures.io (formerly BMT) site. Trading so far to be a rather isolated career endevor. Sure you have those wanta be broker friends that know you as their cyber meal ticket... and then there's all the dream merchants out their who want a piece of your account. Gesh, I'm finding it hard to relate to real people these days and hope futures.io (formerly BMT) will lead to some meaningful productive dialog once more.
Any independents with 2yrs+ into trading futs is some one I'd like to melt minds with!
To enter the drawing, simply post a reply to this thread. Important: your reply needs to be creative! Don't just reply with something plain or basic. There is no particular topic that we are going to specify for you, but the prizes will be awarded based on the creativity of your reply to this thread. In other words, the better your reply is, the more likely it will be selected as the winner. Please don't ask for guidance, we are leaving this up to your judgment and asking you to be creative!
Mike
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
If you want to support our community, become an Elite Member.
The subject says it all, the study of the relationship between the current price and previous price while taking into consideration
the volume and speed of trades. It is simple in concept yet complex in practice because of the sheer number of changes that
relentlessly occur. This aspect continually alters the market reader’s perspective. But this is the most important aspect of
Price Action Analysis, the edge that it provides, reading what the market is doing in real time.
To illustrate this point, consider a single trade of a single unit of an instrument. One basic construct we all know is there
must always be a buyer and a seller. If the price paid by the buyer is more than the price asked by the seller, price goes up.
And, if the price paid by the buyer is lower than the price asked by the seller, price goes down. So what do you know from
analyzing this single transaction just using this single basic construct?
You now know that buyers are willing to buy at the sales price.
You now know sellers are willing to sell at the sales price.
You now know the price where someone owns a unit of the instrument.
You now know a direction price is heading.
You now have an idea of how long it took for the buyer to take action.
Now, consider the very next moment in time where you and another trader, who did not look at the
previous trade, are contemplating entering the market. Given the simple knowledge you gained from
your analysis of the previous trade you have an edge over this trader – you know the direction of the market, you
know the momentum of the market, you know where buyers and sellers are located - all of this based on the
single, basic construct of Price Action Analysis used in this example.
I have heard the following quote a bazillion times “being consistently profitable is how you win at trading.”
I submit that any advantage or edge, used correctly, should help you obtain consistency.
Yes there is more to Price Action Analysis, so much more. Yet to me, all of it is based on simple, logical
constructs. To exemplify further, it is widely known and accepted to use the 5 minute chart for day trading.
Furthermore, because of common practice, protective stops and entries are placed 1 tick beyond the
extremes of signal bars. What advantages do you gain applying simple Price Action Analysis to 5 minutes
time periods, incorporating these additional constructs into your analysis?
You know where, given the appropriate market context, buyers should be buying and
sellers should be selling - 1 tick beyond the extremes, You can ride the actions of these traders
to consistency, specifically trapped traders
You know based on the tails of the bar, how bullish the bulls are or how bearish the bears are
- If the tails are long, the other side pushed it back, if the tails are short or nonexistent that
side is in control. If they are even, market context will indicate which side is control.
You know the size of the bars relative to previous bars - Is this move climatic, a break out,
occurring at common news times – do you expect more or less from this move, what
happened the last time this occurred?
If you were watching the construction of the bar, you know how price behaves as it hit
certain levels of price – for example round values such as 0, 5, 10, 25, etc.. - Did or will Price
Action pick up or slow down as it approaches 1100 - most people like seeing or are attracted
to round numbers. For example is 1098.75 close enough to 1100? If your answer is yes I will
gladly take the remaining 1.25 points from you as profit.
And if you were watching, how did price behave as it approached or bounced off established
points of interest such as 1 tick beyond the bar extremes of previous bars or say, the open of
the day, yesterday’s close, a previous swing high, swing lows, trend lines, trend channel lines,
protective stops, weekly highs, etc… etc… etc... - What happened to price after yesterdays mid
day market low when it finally approached the opening price, for the first time in the session?
–Price is doing the same thing again today and is approaching the opening price, what
do I expect to occur? THINK - Can I scalp out a profit or will this run big with multiple swings?
Price Action Analysis is simple, in theory. But then again so is a single snow flake. If 100 tons
of simple snowflakes come crashing down on you in a climatic avalanche, you and your account
can be wiped out in seconds.
To make things even more interesting, consider that at any given time there are literally
thousands and thousands of other traders looking at the same data you are using different
techniques, high speed super computer programs, Holy Grail processes, different timeframes,
even chart types. What you see as a buy entry is absolutely someone else’s sell entry. The stop and
profit targets from these other points of view add variance to the analysis. Price Action Analysis is
more akin to Quantum Physics instead of Newtonian Physics - given certain circumstances
“price should behave like this instead of that”, as opposed to, “if I see price do this it will do the following”.
To the random observer, Price Action Analysis may appear more of an art than a science, but if you
loosen up and embrace the constructs, patterns emerge. I believe the state of mind during such analysis
needs to be similar to the state of mind required to view 3d stereo graph images. To see such images I
need to focus yet let my sub conscious mind churn on the data, then and only then does the pattern appear.
Your sub conscious mind knows how to process visual data and eventually settles on an outcome which is
when the image appears. With Price Action Analysis, you need to teach your sub conscious mind to churn on the
simple constructs in order to visualize or read what the market is doing in real time.
The Price Action Analysis edge provides you with an ability to read what the market is doing right now. It provides
you with a methodology to categorize what is occurring in real time so you can take action in real time. There are
numerous simple constructs or points of view to consider. The best way to learn this approach is to first master
one of them and then move onto mastering the next; solidly and confidently building up your repertoire. The
Price Action Analysis edge provides a focus and confidence, which used correctly, many times more than not, offers a winning advantage.
Last edited by tulanch; June 1st, 2010 at 10:41 AM.
Reason: formatting
The following 3 users say Thank You to tulanch for this post:
i always follow you when you go up and up on the highest high, and i start a long posizion.
But ahhhhh no the price starts go down, down down and down, so i decide to do a stop a reverse. just a seconds and the market seems to follow the down, "ahhhh yes i am right" sboom great economic news chage the direction... So fu.. i close the open posizion and i start to think. "what is it the price action"
The following user says Thank You to iwannatoscript for this post:
