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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

  #421 (permalink)
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Anyone have suggestions they would be willing to share?



Forums operate by having topics ("threads") that discuss similar material. Each thread is kind of like its own book. You don't want a book that is about football and then a chapter dedicated to fly fishing.

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  #422 (permalink)
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Absorbing the book the hard way

I have about 20 hours invested in reading the book. (Which means I'm in the middle of page four now.)

I understand about how he enters a trade, sets a stop loss, sets breakeven, and somewhat about when he exits. I see his distinction between scalping and swinging. Nevertheless, I am still baffled about how he identifies signal and entry bars, and what action to take after identification. I read examples in the book, and then look at live Forex feeds for hours to see if I can see the signals. Limited success.

I use the Forex because my sim account is in OANDA. I see that many forum members don't think that price action works so well on Forex, but it's what I have, and it sure seems volatile enough.

Anyhow, I decided that if I understood every term in the glossary then I should understand the text better. To that end, I started to take screen shots of the items to which I believe the terms in the glossary refer. My short term goal is to get them all done, then start from the beginning again.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


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Kind regards!!
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  #423 (permalink)
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I'll let others more familiar with Brooks help out with the id'ing. But re: FX vs. ES, there is a difference. It's not that price action doesn't work on forex, but that this system may not. Some of the principles will apply, such as trapped longs and shorts, but the setups are sure to behave differently.

Different markets, as I'm sure you've noticed, move differently. The stock indexes have a "back-and-fill" pattern, where they move, retrace or consolidate, move some more. While forex also does this to an extent, its (and commodities') moves are much more explosive. Think vertical as opposed to 45 degrees. Hence, strategies that work on one market may not work on another. Even the ES is viewed as not being as easy to trade bec. it isn't as methodical in its movements; it whipsaws more than some others.

So you may want to do a trial to NinjaTrader through Mirus or another broker if you're determined to trade as Brooks does on the ES. You can at least get 30 days of that, and also pull up past data, to give you several months to look at. And you can use the replay feature to treat it as though it's occurring in real time.

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  #424 (permalink)
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The method Al Brooks uses is highly discretionary and he is quite candid about the many years he took to become consistently profitable using it. The setups are the just the beginning. The hard part is the context within which they occur and that is where the thousands of hours of screen time pays off.

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  #425 (permalink)
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DionysusToast View Post
All

Now - he did call out 2 trades. Both trades were shorts into pullbacks from the highs and both trades were called well after he'd got in and well after price had already moved in his direction. So, as price ticked down 5 or 6 ticks off the high, he'd say - "I shorted up there and got my first target already". The second time I heard this, I had a bit of a giggle and switched it off.

Pete

Not sure if the following info is helpful or not.....but looking through the Brooks Price Action website, I saw in the FAQ where Al tries to explain why he does not call trades in "real time". He posts analysis and will mention trade setups after they have formed, but he is not a CTA (and doesn't want to be) so he seems to be cautious about crossing the line between "teaching" and "calling live trades".

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  #426 (permalink)
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Not sure if the following info is helpful or not.....but looking through the Brooks Price Action website, I saw in the FAQ where Al tries to explain why he does not call trades in "real time". He posts analysis and will mention trade setups after they have formed, but he is not a CTA (and doesn't want to be) so he seems to be cautious about crossing the line between "teaching" and "calling live trades".

That doesn't make sense. If he's not a CTA, then the NFA can't regulate him. Which is why he's not a CTA (he doesn't want the NFA to regulate him). So, if they can't regulate him, how can they say he can't call out trades? Now, people who are CTA's will always post the disclaimer re: past results are hypothetical and don't guarantee future success, etc., bec. the NFA makes them.
So, if I were to post or call out trades, the NFA would do what to me? Put me in NFA prison? If someone has some other knowledge that supports his statement, please post, but it doesn't make sense to me.

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  #427 (permalink)
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I'm not to familiar with the USA regulations but in most countries you are not allowed to give trading advice
when not being a CTA. So if you want to give trading recommendations, as giving a call to buy now intraday is,
you have to be a CTA and then you are regulated.

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Videos

Hi Mike,

Is there a way to save your videos for offline viewing?

Thanks

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  #429 (permalink)
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ehlaban View Post
I'm not to familiar with the USA regulations but in most countries you are not allowed to give trading advice
when not being a CTA. So if you want to give trading recommendations, as giving a call to buy now intraday is,
you have to be a CTA and then you are regulated.


I have seen one guy trade live. He uses Ninja and he just leaves up a screen with the chart trader switched on.

If he's out you see nothing, the moment he gets in you see his entry point, stops & targets. No need to shout 'go long now'....

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  #430 (permalink)
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DionysusToast View Post
I have seen one guy trade live. He uses Ninja and he just leaves up a screen with the chart trader switched on.

If he's out you see nothing, the moment he gets in you see his entry point, stops & targets. No need to shout 'go long now'....

There's a difference between what somebody does and the law and regulations. It also depends on the country
the person lives in.

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