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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

  #241 (permalink)
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Mr. Brooks's book opens my eyes, and my trade has never been the same.
It applies not only to ES, but also Forex too.

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  #242 (permalink)
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cunparis View Post
A retired pit trader (Feb) once wrote that one should not try to cherry pick setups, because we'll end up picking the bad ones. He said we should define our setup and take EVERY ONE.

I agree. Even if you have a GOOD system, not every trade will win, so don't always think you screwed up, it's just not perfect and deal with it. If you followed your plan then that's OK. Of course, this only works if you have a good plan to begin with, so you need to make sure you have some substantiation that your plan/strategy is sound.

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  #243 (permalink)
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Today 11/23 ES M5 chart.
Based on my understanding, bar 10 is H1 and bar 12 is H2. Bar 16 makes H2 fail.

Am I correct? btw, is there any indicator can point out H1/H2/L1/L2, etc?

thnx a lot!

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  #244 (permalink)
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Now I apply terratec's LehHLiii, actually bar 8 is H1, and bar 12 is H2?

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Free Al Brooks Webinar 12/8

Futures magazine is hosting a free "virtual trade show" (webinars) and Al Brooks will be speaking on December 8th at 4pm (CT). Click below for details.

Futures I-Trade

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  #246 (permalink)
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Well, I didn't read it but I think Bar 11 is L1 and Bar 16 is L2 which is what you are looking for, i.e. coming down off a high.

I suspect that Bar 10 being still an inside bar relative to 8 can't make a H2. But once Bar 8's low was taken out, then the next HH makes a H2, i.e. Bar 12. In other words, it tried going lower, didn't get anywhere, so now it's making a HH and should go up. It didn't. Then Bar 16 was a L2 and a downwards correction gradually got under way. The fact that the H2 failed makes the L2 Bar 16 more likely to succeed because the market didn't have enough steam to keep going up, so it went down.

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Brooks Trading Room

I encourage everyone to visit Al Brooks website, Brooks Price Action - IntegraMOD Default, and fill out the survey for starting a live trading room with Al Brooks himself running it. The more people interested in it the lower the cost to everyone. I think this would be a huge value for those wanting to learn and get better at trading price action.

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  #248 (permalink)
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A trade I made today.....

Hello Al Brooks fans,

I wanted to share a trade i made today and get your feedback. The trade was a Microtrend failed breakout. It went like this, AIG made a leg down and then broke the trendline and made another leg down and tested the EMA. I got long at 31.00 the trade immediately went my way and sold half at 31.30. I raised my stop on the other half to 31.10. The stop didn't get hit and AIG went to about 31.85. I raised my stop on the remaining shares to 31.55(not sure why, other than I didn't want to give it back) and it got hit. I traded 200 shares for about 80 buck profit. It's great that i made money from the trade, but was this an AL Brooks set-up? Take a look at the pictures and feedback is appreciated. The cycle of learning.

Thanks

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Book Discussion: Reading Price Charts Bar by Bar by Al Brooks-aig-12_1_2009-5-min-.jpg   Book Discussion: Reading Price Charts Bar by Bar by Al Brooks-aig-12_1_2009-5-min-2.jpg  
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  #249 (permalink)
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I have only read publicly available excerpts of Brooks but that surely is a microtrend breakout.

Furthermore, on daily charts that is a pattern that has about 80% win probability. Goes like this:

strong trend move for about 10-20 bars with good upside slope (can be defined in many ways but basically a strong move with few or no wiggling pullbacks). If this happens after a long term cup and handle, it's even more reliable.

Then a pullback which can take the shape of a simple downmove with LH's and LL's, or a pennant that goes sideways, or bullish wedge, bearish wedge etc., i.e. a consolidation after the move. Then when whatever consolidation pattern you have gives a trigger, you have 80% probability of successful trade once the previous Run High has been broken. This is better for bull than bear moves in stocks since the big thing there is whether or not funds etc. are buying into something to hold for a while. Stocks are always a little different that way.

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  #250 (permalink)
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Thanks for your response.

I'm going to try and post Al Brooks set-up trades here for discussion. I saw a lot of opportunities(set-ups) today, but wasn't confortable taking the trades and kicking myself after it was gone. I guess that's the mental part. SEE IT AND REACT.

Thanks again,
GS

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