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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

  #281 (permalink)
Trade with the flow
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ZTrade101 View Post
So would the current ES chart (10:30 1/4)be an H2 EMA buy cunparis? Or should the trade take place if 1130.25 is reached?

Neither. ES is in consolidation. So I would not trade. In fact I watched ES all day looking for a short and gave up.

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  #282 (permalink)
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When The Student Is Ready The Teacher Will Appear!

I had a feelling when I first read this thread that you guys were on to something that I ahve been looking for - a simplified approach to chart reading. So after reading the thread watching Al's webinars and attempting to follow his reasoning I thought I would give it a go in the simulator in TOS. Admitedly my grasp of his concepts are still crude at best and I did second guess my self a lot as to H1 H2 L1 L2 but the first trial was a qualified success. I set up my charts for 5 min 20 EMA plus volume only and decided to just trade AAPL for the day. Net result 6W 3L batting ave 67% I took $1.74 out of AAPL over the 9 trades. My trading plan targets $1 per day with my max risk per trade increasing incrementally after each profitable day. so chalk 1 up for the Brooks method. I will continue to trade Sim until comfortable with the methodology - but at first blush this definitely has legs!

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  #283 (permalink)
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ZTrade101 View Post
So would the current ES chart (10:30 1/4)be an H2 EMA buy cunparis?

Not to be a d-bag, but it looks like you're using an SMA(20), not an EMA(20)

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  #284 (permalink)
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SMA vs EMA in strong moves


shodson View Post
Not to be a d-bag, but it looks like you're using an SMA(20), not an EMA(20)

You are right. Let me explain my reasoning for the descripency. For entry, SMA and EMA are pretty much identical in the way Al descripes the setup I was wondering about.

The reason for SMA: Allowing for larger, but better defined risk is one of my goals. Felt that with a strong move the SMA gives more time to allow a trade to develop. For the attached chart of a strong move the yellow SMA is slower to respond, than the purple EMA. Meeting my goal of a slower, but longer lasting trailing exit.

After reading BDRPPLIR's post I am inspired to reread the Best Trades chapter over and over until I get it and make trades based on a few simple setups.

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  #285 (permalink)
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great book

But, its a very hard read.Ive had it for a few weeks now and i'm just learning Als concepts.I also find myself going back and re reading sevral chapters.

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  #286 (permalink)
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redrum28 View Post
But, its a very hard read.Ive had it for a few weeks now and i'm just learning Als concepts.I also find myself going back and re reading sevral chapters.

sorry couldn't help it, but: " Wendy I'm home "

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  #287 (permalink)
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Ebook Thanks For the Link


Saroj View Post
While you are waiting for your book to arrive:
Reading price charts bar by bar (Open Library)

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

Saroj tahnks for the tip on the ebook I bought it online as I am on holiday for 2 months in Mexico away from home and therfore could not get the book delivered.

Bernard

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  #288 (permalink)
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Each Day a little more sinks in

Results so far in the sim

100107 AAPL $ 1.74 6W 3L
100108 AAPL $(3.17) 1W 8L
100111 AAPL $ 0.26 6W 8L
100112 AAPL $ 3.15 5W 1L

So for absolute GP multiply the cents by your typical position size.

Now each day I read another section of the book and reread the posts in this forum. Each time something extra clicks. Today it was his use of trendlines and pullbacks to and from the TL's.

Also I have become a little more patient waiting for a setup.

I truly hope this thread does not die out because it has to be one of the most important forum discussions that I have ever had the priviledge to be involved with. Thank you to all who have contributed so far. And please keep the thread going - price action is only holy grail we are going to find in trading.

Bernard

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  #289 (permalink)
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BDRPPLIR View Post
I truly hope this thread does not die out because it has to be one of the most important forum discussions that I have ever had the priviledge to be involved with. Thank you to all who have contributed so far. And please keep the thread going - price action is only holy grail we are going to find in trading.

Hi thanks for sharing your success. I'm not currently trading the brooks setups although I do notice an H2/L2 many times. So it's up to you guys to keep the thread going. Please post some charts with your AAPL trades I'm sure we'd all love to see them.

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  #290 (permalink)
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cunparis View Post
Hi thanks for sharing your success. I'm not currently trading the brooks setups although I do notice an H2/L2 many times. So it's up to you guys to keep the thread going. Please post some charts with your AAPL trades I'm sure we'd all love to see them.

Cunparis I would love to know why you no longer trade the brooks set ups (if you are prepared to share of course) because it was your enthusiam and drive that got this thread off to such a great start in the beginning. Do his setups no longer work for you?

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