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Al brooks - Price Action for Swing Trading
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Al brooks - Price Action for Swing Trading

  #1 (permalink)
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Al brooks - Price Action for Swing Trading

Hi All -

First of all thanks for Big Mike for hosting such a great educational / informative forum. Big thanks for all the traders who have made time for contributing in the discussions.

Quick Intro
I have been investing / position trading on / off with mixed results. Shorter the time frame the higher my percent of losers.
It just highlights the lack of my trading skills since short term trading is unforgiving and demands better decision makings skills.

Swing Trading using Al brooks price action method
I would like to learn price action trading and have learnt that Al brooks books / course is the best available in the market for price action trading. I have already purchased both video course & books and i have started learning the concepts.
I would like focus on swing trading indexes futures. ( ES, NQ ). I have a full time job and have no plans to do "Day trading". Most of the traders using price action trading seem to work on very short time such as 5-min chart / 15-min chart. Though, i keep reading both in Al brooks course + books that the concepts will work for any time frame, i would like to know from actual futures.io (formerly BMT) traders who are using Al brooks price action method for swing trading using daily charts.

Regards
Kavi

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  #2 (permalink)
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  #3 (permalink)
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Is this a journal? If so, it should be created in Journal section not beginners.

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  #4 (permalink)
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kaviyarasu View Post
Though, i keep reading both in Al brooks course + books that the concepts will work for any time frame, i would like to know from actual futures.io (formerly BMT) traders who are using Al brooks price action method for swing trading using daily charts.

Brooks and price action trading will work on longer time frames (with some fine tuning). The issue with trading futures on daily charts is that you will need a very big bank roll to allow for the much wider stops needed with longer time frame trading to maintain any reasonable risk management. Most people (retail traders) that trade futures are intraday traders or if they carry trades overnight carefully monitor positions in real time anyway.

With daily charts something like SPY is probably more appropriate.

Obviously this may not be an issue for you.

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  #5 (permalink)
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kaviyarasu View Post
Hi All -

First of all thanks for Big Mike for hosting such a great educational / informative forum. Big thanks for all the traders who have made time for contributing in the discussions.

Quick Intro
I have been investing / position trading on / off with mixed results. Shorter the time frame the higher my percent of losers.
It just highlights the lack of my trading skills since short term trading is unforgiving and demands better decision makings skills.

Swing Trading using Al brooks price action method
I would like to learn price action trading and have learnt that Al brooks books / course is the best available in the market for price action trading. I have already purchased both video course & books and i have started learning the concepts.
I would like focus on swing trading indexes futures. ( ES, NQ ). I have a full time job and have no plans to do "Day trading". Most of the traders using price action trading seem to work on very short time such as 5-min chart / 15-min chart. Though, i keep reading both in Al brooks course + books that the concepts will work for any time frame, i would like to know from actual futures.io (formerly BMT) traders who are using Al brooks price action method for swing trading using daily charts.

Regards
Kavi


Seahn View Post
Brooks and price action trading will work on longer time frames (with some fine tuning). The issue with trading futures on daily charts is that you will need a very big bank roll to allow for the much wider stops needed with longer time frame trading to maintain any reasonable risk management. Most people that trade futures are intraday traders or if they carry trades overnight carefully monitor positions in real time anyway.

With daily charts something like SPY is probably more appropriate.

Obviously this may not be an issue for you.

Depending on your timeframe and capital it may be better to swing SPY or QQQ.

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  #6 (permalink)
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Thread moved to Traders Hideout

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.

Reply With Quote
 
  #7 (permalink)
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did not know the Closed button would allow me to post in a closed thread.

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  #8 (permalink)
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Hi @Seahn,

Could you elaborate or give exemples on the kind of fine-tuning useful to use Brooks' methods on daily charts?

Thanks!

Nicolas

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  #9 (permalink)
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Nicolas11 View Post
Hi @Seahn,

Could you elaborate or give exemples on the kind of fine-tuning useful to use Brooks' methods on daily charts?

Thanks!

Nicolas

Nothing special, most markets behave differently in different time frames, some are more trending in higher time frames for example, things like that. Price action still works but you need to be in tune with the characteristics of your particular market and time frame for best results.

I have never traded my market, the ES, on the daily chart so I really cannot give any specifics. Probably should not have even mentioned it.

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