An indicator based on the Al Brooks spirit

April 17th, 2011, 05:34 AM

Hi All,

Al Brooks states in his book "Have at least TWO reasons to enter a trade".

So from this, I thought I would make an indicator that flag reasons why you would enter a trade.

Possible reasons:
1. With Trend
2. Lower volume reversal bar (Wyckoff??)
3. Inside Bar
4. NR4 (Narrow Range 4)

What other single bar, bar types could be used as support argument for getting in?

The attachment shows a Multicharts chart with the indicator at the bottom.
Unfortunatley, Multicharts does not have a good hint system unlike some other charting packages.
So you just have to use the scale on the right.
The continuous dots are the trend indicator.
3=DtIB, 4=DtLVR, 5=Trend, 6=UtLVR, 7=UtIB, 10=IB, 11=NR4, 1&12 are borders.

So by getting 2 or more dots in a vertical column, we have two reasons too enter a trade.

Thoughts anyone?

Neil.

April 17th, 2011, 12:17 PM

NW27

Hi All,

Al Brooks states in his book "Have at least TWO reasons to enter a trade".

I think he has it backward. You must rather find a reason not to take a trade then finding multiple reasons to enter a trade.

April 17th, 2011, 07:48 PM

NW27

Hi All,

Al Brooks states in his book "Have at least TWO reasons to enter a trade".

So from this, I thought I would make an indicator that flag reasons why you would enter a trade.

Possible reasons:
1. With Trend
2. Lower volume reversal bar (Wyckoff??)
3. Inside Bar
4. NR4 (Narrow Range 4)

What other single bar, bar types could be used as support argument for getting in?

The attachment shows a Multicharts chart with the indicator at the bottom.
Unfortunatley, Multicharts does not have a good hint system unlike some other charting packages.
So you just have to use the scale on the right.
The continuous dots are the trend indicator.
3=DtIB, 4=DtLVR, 5=Trend, 6=UtLVR, 7=UtIB, 10=IB, 11=NR4, 1&12 are borders.

So by getting 2 or more dots in a vertical column, we have two reasons too enter a trade.

Thoughts anyone?

Neil.

Here's a few

5. outside bar
6. pin bar
7. 3 bar reversal
8. close outside prior range ( breakout)

May 26th, 2011, 09:01 AM

Hi All,

The bouncing dots all got to be to much and difficult to understand.
So I've scrapped the indicator.

Thanks for replying.

Neil.

December 26th, 2012, 03:06 PM

Thanks so much, is there I way to get your indicator?

Thanks for sharing. John

NW27

Hi All,

Al Brooks states in his book "Have at least TWO reasons to enter a trade".

So from this, I thought I would make an indicator that flag reasons why you would enter a trade.

Possible reasons:
1. With Trend
2. Lower volume reversal bar (Wyckoff??)
3. Inside Bar
4. NR4 (Narrow Range 4)

What other single bar, bar types could be used as support argument for getting in?

The attachment shows a Multicharts chart with the indicator at the bottom.
Unfortunatley, Multicharts does not have a good hint system unlike some other charting packages.
So you just have to use the scale on the right.
The continuous dots are the trend indicator.
3=DtIB, 4=DtLVR, 5=Trend, 6=UtLVR, 7=UtIB, 10=IB, 11=NR4, 1&12 are borders.

So by getting 2 or more dots in a vertical column, we have two reasons too enter a trade.

Thoughts anyone?

Neil.

An indicator based on the Al Brooks spirit

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An indicator based on the Al Brooks spirit