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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

  #321 (permalink)
 R.I.P. 1960-2010 
 
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Excellent evaluation Ron,

I suggest also looking at @BigMike thread https://futures.io/elite-circle/3506-elusive-price-action-how-trade.html

Which deals mainly with price action.

& his Trading Method thread.
https://futures.io/psychology-money-management/1415-big-mikes-day-trading-method-advice.html

Andy

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  #322 (permalink)
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So my point is that none of that stuff is entry level. It is hard to learn and harder to apply one concept at a time. Take it all together (because it all describes the same thing anyway) and use it real time with money on the line. Keeping emotional control when all you have in front of you is a 5m chart and a 20 period ema.
......

Ron

Ron - agree completely - it's not entry level at all. But let me go further and say that you might find out, after you are experienced, that you don't want to trade like Al Brooks - watching all 80+ 5 minutes candles all day while your skin turns pale and your hair white and your eyes bleary. I say, pack all the indicators in your chart that will make you consistent money. You might later find that the indicators helped or didn't help at all, or that they actually distracted you. Or you might find that the real key was position sizing and exit management rather than a perfect Al Brooks' entry!

Good trading and good learning,

Huracan

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  #323 (permalink)
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I would like to let everyone know that you can now register for Al's webinar by going here:

Trading Webinar's - Big Mike Trading Forum

And then scroll down to middle of page where it says Al Brooks, and put in your email address on the right and hit sign up.

The webinar will take place on Monday, June 21st at 5:00PM Eastern Time (New York time). Al will be going over in detail his method of using price action to trade, and there will also be a Q&A session at the end of the webinar.

Mike

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Need help?
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  #324 (permalink)
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Hey Guys, I got a question about This book.

Al makes a statement that if someone makes 2 points a day and trades 25 contracts he would make 500,000 a year.

Well I have never traded the MiniE SP has he trades. So what would this roughly be in the forex market? 2 points is how many pips in the forex. say the eur/usd?

He also talks about a .60 cent scalp. What would this equal in forex pips as well.

In thinking that its .10 per pip so two points would be roughly 200 pips at a dollar each?
And the scalp would be rougly 6 pips per scalp?

Any Help would be great.
Thanks
Daryl

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  #325 (permalink)
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$520,000

Assuming 200 trading days a year.

$50/pt*2pts/cts*25cts*200 days


$50 a point, 25 contracts ($12,500 margin for day trading - 'least that's my deal) 2 points @ 4 pips/point and $12.50/pip.

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  #326 (permalink)
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dfris2003 View Post
Hey Guys, I got a question about This book.

Al makes a statement that if someone makes 2 points a day and trades 25 contracts he would make 500,000 a year.

Well I have never traded the MiniE SP has he trades. So what would this roughly be in the forex market? 2 points is how many pips in the forex. say the eur/usd?

He also talks about a .60 cent scalp. What would this equal in forex pips as well.

In thinking that its .10 per pip so two points would be roughly 200 pips at a dollar each?
And the scalp would be rougly 6 pips per scalp?

Any Help would be great.
Thanks
Daryl

It depends on what you use as a basis for comparison. If you want to use % of daily range as the basis, then about 20 pips... if just plain 'ol $$$, then 10 pips = $100. Or you could use margin required.

In my mind, 2 ES pts is 10 EU pips... but you're at a 1pip disadvantage with forex due to spread.

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  #327 (permalink)
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Slipknot511 View Post
It depends on what you use as a basis for comparison. If you want to use % of daily range as the basis, then about 20 pips... if just plain 'ol $$$, then 10 pips = $100. Or you could use margin required.

In my mind, 2 ES pts is 10 EU pips... but you're at a 1pip disadvantage with forex due to spread.


Hum... if im using a standard account of 100k forex ,with a leverage of 1:100 that would cost about 25k in leverage.

This would be more then using the emini SP. ?

The 10-20 pips a day is very doable, but man that 25 contracts at 1k each . ouch........

thanks

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  #328 (permalink)
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Beautiful day today for Brooks price action traders. Two-legged pullbacks to the EMA all day long. Just buy the H2's. (see chapter 15 - "Best Trades: Pullbacks in a Strong Trend").
Large gap + breakout of yesterday's trend channel + above EMA = buy,buy, buy.

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  #329 (permalink)
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Just another reminder to register for the webinar that Al will be presenting next Monday, June 21st, at 5:00 PM Eastern Time. The webinar will be discussing how to trade using price action, and Al will be reviewing a lot of setups and examples. There will be a Q&A session at the end of the webinar as well, not to be missed!

You can register right here by entering your email address into this widget:



Spread the word to your friends. The webinar is free for any futures.io (formerly BMT) member.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #330 (permalink)
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Being totally new to trading, Iv been learning to trade since Jan 2010. Fortunate for me, the person who showed me to trade, was a price action only person. Well he didn't get to show me to much before he moved off. Anyway i picked up this book by al brooke, and have just ate it up.

Im on my second read through, and all of a sudden the market seems a bit tamer. its almost like you can see the price action exactly like al talks about. I'm still doing just .10 cent trades on fxcm, using the fx trading station.

The only problem i run into, is that i can see the market and see the trends but i get stuck at the bottom of those trends when it ranges. lol but practice makes perfect.

Im so excited about Monday for the webinar with brooks.

Iv got a few problems left, with those wedges, and final flags, not quite sure what those are. makes sense in the book but live they are hard to see for me.

Also i cant trade during the day, so im stuck with the forex at night, it seems that the eur/usd is well balanced and seems to follows al;s book pretty good. Iv also noticed that the Eur/JPY between the hours of 7-9pm est also is a good time to grab 20 plus pips.

Anyways just wanted to share this.

happy trading
Daryl


Last edited by dfris2003; June 17th, 2010 at 08:02 AM. Reason: wrong word used
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