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Book Discussion: Reading Price Charts Bar by Bar by Al Brooks
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Book Discussion: Reading Price Charts Bar by Bar by Al Brooks

  #131 (permalink)
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Thanks for the webinar, I'm attaching the one I am viewing now "Trading the best price action setups" to make it as simple for everyone else as possible. This one was from December 2008, he briefly talks about his book coming out soon (just so you don't download if you've already seen it).

I'm watching now and eating it up, I wish the book was this easy to understand.

Mike

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  #132 (permalink)
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From Al's webinar, I found this chart talking about H1/L1 H2/L2 helpful.

Not sure if it's in the book. If it is, I haven't run across it yet.

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  #133 (permalink)
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ceramictilepro View Post
free pdf of book...do you want me to upload it?

let me know

thanks,

That would be very nice of you please do.

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  #134 (permalink)
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Brooks Setup

Here's an example of a Brooks setup that I watched in real time this morning however I did not trade this pattern as I am very unfamiliar with this pattern (in fact I don't even know if my interpretation is correct). I know the first part of my analysis is correct in that you should expect 2 legs down after a trend line overshoot. I believe that the trend line overshoot is supposed to be a climax top in which case you would expect two legs down then a re-test of the highs. In this particular screenshot you have two legs down that ends on a trendline. So my interpretation was to enter on the High2 here with a plan to exit near the highs which played out perfectly.

Blz

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  #135 (permalink)
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Blz17 View Post
Here's an example of a Brooks setup that I watched in real time this

Blz you are truly an inspiration! I looked at the ES 5min chart for L2/H2 and had a hard time spotting them. Then when I found it they became obvious. I am only looking at L2/H2 near the EMA. Yesterday it would have been good for 5/5 trades for at least the scalp portion. I wouldn't attempt a runner with ES with the recent price action but if you did on the first one it would have been a runner for the day. Maybe that could be the rule that you only attempt a runner in the first hour, hoping to that the high/low of the day occurs near the open? I think I'll get to that once I'm consistent with the scalp portion.

Let's talk about stops. I don't remember Brooks mentioning a specific stop for this other than his usual money stop of up to 2 pts. From what I see, I'd put the stop above the L2 bar or above the prior bar whichever is higher. That gives you a nice tight stop. I'd also put my target = to my stop. I've been doing that on ES lately (using tick charts) and it works well (70%+ win rate).

Can you guys check my chart and let me know if I'm marking this correctly? It's easy to do in hindsight. So I'm going to try it real time tomorrow.

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Last edited by cunparis; October 21st, 2009 at 03:59 AM.
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  #136 (permalink)
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anyone can make this indicator?

Cunparis, I guess you manually draw the dot and arrow for L1L2H1H2 in your chart, right? I still have a request, could anyone make this Al Brook's special indicator for marking L1L2H1H2 with dot or arrow like Cunparis's chart, I am not a programmer, but I guess it is not easy to do, cause you need define up/down wave from strart to the end, just an idea. But if anyone could make it, that will be huge.

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  #137 (permalink)
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alex123 View Post
Cunparis, I guess you manually draw the dot and arrow for L1L2H1H2 in your chart, right? I still have a request, could anyone make this Al Brook's special indicator for marking L1L2H1H2 with dot or arrow like Cunparis's chart, I am not a programmer, but I guess it is not easy to do, cause you need define up/down wave from strart to the end, just an idea. But if anyone could make it, that will be huge.

I knew someone was going to ask if I had automated the dots.

I thought I'd make an indicator to show H2/L2 this weekend. So I started to work on it and I realized I didn't know how it works exactly. I mean what is the criteria? You have to recognize that you have a pullback in a trend. I do not think this is easy to automate. You have to start the count in the right spot and that's the hard part.

Usually I work in steps like this:

- identify a setup in hindsight for past days
- identify a setup real time
- see if I can write an indicator for it

usually the 3rd step is done in baby steps. like just automate HH or LL and then I can manually determine if it's H1 or H2 etc.

I'm still at the first step. Looks like Blz is on step 2.

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From Al's webinar, I found this chart talking about H1/L1 H2/L2 helpful.

Not sure if it's in the book. If it is, I haven't run across it yet.

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Mike

Seems like 9:25am was an H1 and 9:35 would have signaled an H2, which would have failed. Correct? If not, why?

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  #139 (permalink)
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shodson View Post
Seems like 9:25am was an H1 and 9:35 would have signaled an H2, which would have failed. Correct? If not, why?

I agree, this is an H2 as I understand it and it did fail. So did Brooks cherry pick his examples or is there a reason to disqualify this H2?

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  #140 (permalink)
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failed H2 12:15 ... right?

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