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The following user says Thank You to Big Mike for this post:
Having seen Brook's live webinars on and off in the past 6 months, throughout the whole session, amazingly one wouldn't think to take any trades; it's all "low probability" and "better to wait" for the most part. I would say FT71 (if his current record stands) wins the trade-off today at least on the ES.
On a monthly chart, Al was right about the market heading higher in his original book in 2009 despite all the media pundits. I think HFT has ruined the paradigm of the original book (a big statement in the book "do not trade in barb wire") HFT has taken over the ES, and are now in the process of taking over the currency futures. BPA does help in conjunction with other methods, indicator or otherwise. That's the biggest worth I got out of bpa plus a degree of "feel" for price behavior which I hadn't had before bpa.
Last edited by Cloudy; February 28th, 2012 at 03:23 PM.
The following user says Thank You to Cloudy for this post:
for myself , the answer lies in ft's motto. "simplicity in trading". after listening to al and reading his first, second first, and second book. the third is still pending. i can see value in al's approach. but he never claimed it would be simple . ft's approach helped clarify market profile for me. by turning it into a practical asset which one can understand and use. even after p/steidlemeyer backed away from it.
by focusing on levels (which al also does) it is easier to become involved in the areas where your involvement may pay. ft is bolder, al is very guarded. al's approach requires learning which , in his opinion , are the best set ups. i am still trying to understand them. maybe i never will. since al doesn't point them out
ft bypasses the bar by bar pain. instead levels become important. the similarities exist but al 's work is more stressful. simply because it keeps one focused in the many bars which don't work. and as he says most breakouts fail. lost in all this is a reality. what both approaches require are thousands of hours of contemplation and study of the markets.one can see it by watching 'rob spain"s videos. (who uses an approach similar to ft). it's not just one approach but a combination of approaches that these people bring to the table. and that i suspect. can not be done overnight.
so i see ft as providing a simpler method to the question of where to get in and out. i suspect that if al said where he gets in and out as he is doing it, more people could benefit from his work. not been able to ask during the day is also a big impediment. at least for me. my two cents
The following 3 users say Thank You to leont for this post:
His techniques are based on supply & demand areas that give him a place to enter and then he's eyes on the tape/DOM at that area for confirmation
Al Brooks - studying the minutae of every bar and as we know - if you switch from a 3 min to a 5 min, the bars tell a totally different story yet it's the same market. Al doesn't use tape/DOM to confirm entry.