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Book Discussion: Trading Price Action Trends, Reversals, Ranges by Al Brooks
This is very interesting, I would like to know how do you determine which trend line you are going to place an importance on because the trend broke a few trend lines on it's way up. Also do you mainly use trend lines to determine market turns or is there something else?
To me, the market turns when it starts to make lower highs and lower lows.
P.S. Can i keep the johnny walker, please?
Thanks,
qping (i kinda like this new nick)
Trading is not a game of perfect.
Can you help answer these questions from other members on NexusFi?
Dear qping
Every time the market pulls back/retraces, there are lower highs and lower lows.
The market has turned, just for a short while
But that does not mean its gone from a bull to a bear
You need a trendline break and a test of the high before you go short. Lots of times it turns and goes straight down. No test.And you kick yourself for missing a big move because you were waiting for the test.
Reading your post I think you know where to draw the trendline.You must return the whisky
I want to make a small comment.Mr Bollinger, Mr Elliot, Mr Brooks , Mr Gann etc all took years to develop their trading systems. And these trading systems have all sorts of little Tweeks and extras which they cant explain.Their system suits them. And now you wonder why it does not work for you .
I love Al Brooks price action
BUT
Dont bet the farm on his method.
More to follow
Kind regards
bobc
Now, I am confused...
How did you determine that the bull trend turned into bear trend? There was no clear reversal? The bull bars were strong and big and if you close the right side of the screen it's impossible to say that the trend has turned. To me it looks like a pullback. Also, if the market tries twice to do something and it was the first time the bull trend went down, wouldn't there be another leg up at least before a second leg down?
I just don't see a clear reversal sign so how can I be convinced that the bull trend is no longer in effect?
I have it on Kindle. They are legible but it's hard to read the descriptions and look at the chart at the same time because they are usually on different pages. The charts are on Wileys website so it's better to look at them on there or print them out when reading the deeper discussions at the same time.
This is the core. I could not iamgine working thruogh the book without printed charts - kindle or paper, discussions go over quite some pages and with printed charts one has no problem... Making commentso n the charts.
Just got the later 2 books deliverd - 2 pieces each, one for my library, one to work with it. Got the first one last year.
I have the book on kindle and also just bought the reversals book.
I usually look at the charts on Wiley's website.If I am going to read while traveling I print out some charts.
What I like kindle(I use a kindle app on a pad) is that you can highlight sections or take notes on selected sections.
You can then go where all the highlights are listed and you can click and go back to that section but it also serves as
a recording of what you think are important ideas.
As I get more knowledge of PA I find his books very readable and enjoyable.
He goes into so much detail that you may miss seeing the forest for the trees..
I've finished reading his first book a couple of months ago, to be honest i wasn't fully impressed with it as it was written terribly unreadable and unless you are really interested in what he is discussing you will loose focus quickly.
Also i was not a huge fan of the charts and the way they were labeled but to be honest a couple of chapters did allow me to tweak some of my breakout play strategies that i do.
I just finished the first book of the series (and I'm excited to be on to the next one!). This was my first taste of Al Brooks' work, and I am relatively new to trading (just barely a year).
I thought this book was just terribly written!! But the content is so valuable, I think it's a must-read for anyone interested in trading. If I absorbed just half of the material in this book, I absorbed a lot, but what I have learned has helped me tremendously. I intend to read volumes 2 and 3, and then start all over again.
I have the Kindle version as well. I printed out the charts for each chapter from the Wiley website and marked them up with Al's analysis. I review them whenever I'm bored, which is really helping solidify these concepts for me.
Should Al's 3 newer books be read in order? Do they build on each other or can you just pick up any of them?
I have ordered all of them but I am particularly interested in trading ranges at the moment so I was thinking of starting with that one. Unless it is recommended to start with the trends book (which I think is the first in the series).
Making commentso n the charts.
