I tried to register but it's too late (after Aug 19).
Gary, I didn't skip to ch 15 but maybe I should. Should we start with that chapter here? I plan to study it and then try to find examples on the markets I trade. I'm glad to post them here to share, and if others do the same we could all benefit.
It is also avaliable as a DNL book... I don't know what the cost is to download, but the online applet is neat.. you can highlight, add Notes and do other good stuff while working through the material... including taking snapshots and annotating them as you wish: Reading Price Charts Bar by Bar - al brooks, john wiley & sons
The following 3 users say Thank You to Saroj for this post:
First, I suggest everyone read the chapter he recommends, I think it's 15. it's about the best trades. To summarize he's looking for:
- in a trend, a reversal bar after a pullback, entering in the direction of the trend
- after a trendline break, look for a reversal bar after a failed test of the high/low
These are similar to the trading that I do, although I didn't require a TL break to go countertrend, I think it's an excellent idea to reduce risk.
What do you say? Can we post some charts showing these patterns and then discuss them?
Can we agree to keep to the 5 min timeframe? I used to trade ES on tick charts and recently I started trading everything on 5min (except CL which is too wild for 5 min IMHO) and I really like 5 minutes. Gives you time to think and analyze the price action.
As for the market, I think we should leave that open. Stocks, ES, whatever you want. This way everyone can see some other markets they may not usually trade.
Another comment of his that I like is one that I really believe in. If a move comes back to your entry then it's probably not a good move. Cause a good move wouldn't come back to let everyone on. The good ones take off.
There are so many gems in this book..
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The following 9 users say Thank You to cunparis for this post:
It's not an easy ready but I hope you will put in the time so that we can discuss it together. I've learned a lot so far. I think there is a lot of ideas that one can incorporate into just about any trading style. I took another reversal like the one I posted above, on CL and made 30 ticks. My best CL trade of the day and it didn't even come from my normal system!
The book is really a gold mine. It'd take a year or more to learn everything in it.