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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

  #201 (permalink)
Trade with the flow
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Blz17 View Post
I'd be curious to hear more about this spreadsheet if you are willing to share, if not I completely understand. I am always intrigued by math based quant strategies for trading.

Blz

See: https://futures.io/general-discussion/1081-why-i-dont-keep-trade-secrets.html

Hopefully others feel the same.

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  #202 (permalink)
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Takes 2 to make a market

Blz17

I have to say I agree with the original L1 and L2 by Hapster - lower highs and then a higher high = L1??
With hindsight clearly there was no entry on the original L1 but in real time you can't know that.

Ditto - very intrigued by the spreadsheet - must have taken a lifetime to put it all together... if it's making a ton of es points don't confuse yourself with another strategy would be my advice :-)

Equally if you would love to share some ideas that would be great.

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  #203 (permalink)
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Mindset View Post
Blz17

I have to say I agree with the original L1 and L2 by Hapster - lower highs and then a higher high = L1??
With hindsight clearly there was no entry on the original L1 but in real time you can't know that.

Ditto - very intrigued by the spreadsheet - must have taken a lifetime to put it all together... if it's making a ton of es points don't confuse yourself with another strategy would be my advice :-)

Equally if you would love to share some ideas that would be great.

Mindset,

Appreciate your view on the L1/L2. I'll respectfully disagree. The reason the first one is not the L1 is because there is no up leg to qualify it as such. In other words the market has not made an attempt to push the market higher and failed yet. I attached a pic to clarify what I'm trying to say here and I appreciate any feedback. This sort of discourse only adds to learning this stuff so I invite the discussion.

Blz

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  #204 (permalink)
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Blz17 View Post
Mindset,

Appreciate your view on the L1/L2. I'll respectfully disagree. The reason the first one is not the L1 is because there is no up leg to qualify it as such. In other words the market has not made an attempt to push the market higher and failed yet. I attached a pic to clarify what I'm trying to say here and I appreciate any feedback. This sort of discourse only adds to learning this stuff so I invite the discussion.

Blz

I agree with your assessment.

These are tricky sometimes cause you can have a nice uptrend with a pullback and find H2 in the pullback, but the pullback can have pullbacks and there you can find L2.

I missed a great L2 today on Euro & CL, both good for 16 ticks. that's $320. I'm a bit bummed. I'm a bit hesitant to take these, even on sim. Need more practice to build up confidence.

BTW please verify it's an L2!

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  #205 (permalink)
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cunparis View Post
I agree with your assessment.

These are tricky sometimes cause you can have a nice uptrend with a pullback and find H2 in the pullback, but the pullback can have pullbacks and there you can find L2.

I missed a great L2 today on Euro & CL, both good for 16 ticks. that's $320. I'm a bit bummed. I'm a bit hesitant to take these, even on sim. Need more practice to build up confidence.

BTW please verify it's an L2!

that's exactly why I don't like al brooks setups. too many if, when and maybe's. remember what famous tro said: price goes either up or down.

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  #206 (permalink)
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Silvester17 View Post
that's exactly why I don't like al brooks setups. too many if, when and maybe's. remember what famous tro said: price goes either up or down.

I made (on sim) over $300 on two H2 trades on CL on Friday so I'm determined to practice it and figure it out. If you have another consistent method to make money then I agree, no need to complicate matters with H2/L2. For me it's just another trick in the bag.

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  #207 (permalink)
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Terminology

Ah you see the simple mistakes you can make.
I am assuming we are talking uptrend here when of course we are not

blz17 - appreciate the feedback - you are quite right a pullback must go against the trend if only for a bar to validate an L1/H1.
(I think half my issue with the terminology is I see L1 and automatically think "Long 1")

I have not read the book yet but already the lack of clutter on my charts is making me THINK about the price action and what it means.

Not entirely sure this is a brooks set up but I hesitated fatally at the point of breakdown and failed to get in....

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  #208 (permalink)
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Silvester17 View Post
that's exactly why I don't like al brooks setups. too many if, when and maybe's. remember what famous tro said: price goes either up or down.

Hasn't he been banned from just every single forum he has ever been on? Tradestation,T2w,Big Mike, etc

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  #209 (permalink)
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cunparis View Post
I made (on sim) over $300 on two H2 trades on CL on Friday so I'm determined to practice it and figure it out. If you have another consistent method to make money then I agree, no need to complicate matters with H2/L2. For me it's just another trick in the bag.

check out gio's thread

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  #210 (permalink)
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Mindset View Post
Hasn't he been banned from just every single forum he has ever been on? Tradestation,T2w,Big Mike, etc

looks like, but never the less a brilliant trader we all could learn a lot

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