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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

  #451 (permalink)
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Big Mike View Post
Tip


Al Brooks will be giving a new in-depth webinar plus Q&A session June 29th at 4:30PM, you can find more info here:

https://futures.io/feedback-announcements/11072-big-mike-trading-2-year-anniversary-prizes-webinars.html




Mike

Do we need to sign up for this? Thanks

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  #452 (permalink)
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dfris2003 View Post
Do we need to sign up for this? Thanks

Yes, details will be posted in the link I gave when appropriate.

Mike

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  #453 (permalink)
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Al Brooks reference material needed


I'm making snail-like progress through Reading Price Charts Bar By Bar as most people do.

One thing that I figure would really help is a comprehensive reference for all the patterns, set-ups and terminology he uses. Something that provides the full details rather than just the glossary in the book. Maybe this does exist already but I've gone over his forum at Brooks Price Action - Home and I've gone through this thread and others here on futures.io (formerly BMT) but I haven't found what I want.

The articles and videos are all good, but if you're reading the book and he's just mentioned "Three Pushes Up" or "Failed Final Flag" for the first time (or again if you just ignored it first time) without any explanation, then it would be pretty useful to be able to look it up. Of course I use the book's index but often it refers you to a page where the explanation is really skimpy or confusing.

At the moment I feel like I have to swallow the book whole before it'll make any sense.

I know I'll get there but I also feel in danger losing a lot of the info that he pumps out like a fireman putting out a blaze - i.e. having a better reference to fall back on would be reassuring.

I guess if there isn't one, it would be easy enough to start a wikipedia style reference with an entry for each pattern, describing it verbally and showing an example on a chart.

I just figured, I can't be the only one thinking this way - so how come it hasn't been done already - or have I got the wrong end of the Al Brooks stick?

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  #454 (permalink)
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Try these, they may help you.

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Book Discussion: Reading Price Charts Bar by Bar by Al Brooks-brooks-setups1-1-.pdf   Book Discussion: Reading Price Charts Bar by Bar by Al Brooks-brooks-setups2-1-.pdf  
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  #455 (permalink)
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Surly View Post
I am prefacing this post with my opinion that Al Brooks is THE MAN! I've learned so much from that guy - his trading room is a fantastic value (whoa, does that make me a shill?) and his book is the bomb. In short, I bow low to Al Brooks.

That said, I'd like to discuss something that is a newer realization for me. Before I launch into that I want to observe that just the titles of Al's new books ALONE tell us a lot about reading price action: Trends, Trading Ranges, and Reversals. That is all there is IMO - these three landscape features of charts represent the 3 modes that the market can be in. If you can determine which of these is happening on the timeframe you're trading on - you've got pretty much all you need.

Al spends a ton of time in his book categorizing these three landscape features and their behaviors. That categorization is intense! He's got names for all kinds of market behaviors on different scales and tons of observation-based information - he's the Charles Darwin of trading! When I was in his room I watched as he kept evolving his terminology and updating the distinctions he made about the various patterns and landscape structures.

Herein lies my insight (its an insight to me - it may not be helpful to anyone else): His terminology is so complex and constantly evolving because every Trend is different from the last, every Reversal is different from the last and every Trading Range is different from the last. The market keeps evolving and generating new versions of these same landscape features every day. Yes, today's trend may look almost exactly like that trend that happened last week or last month but the reality is, its different. This is why every trade has an uncertain outcome and why every time you punch the trade button, you better do so with the mindset that you really have no idea what's going to happen and you better be ready for whatever does happen.

One possible trap that Al Brooks followers can fall into (and I know from experience) is that with all that knowledge of market behavior you've got every eventuality covered and you just need to place the current price action within the proper context of that taxonomy of market behavior. The fact is, you'll never reach a state of knowledge in which you will know what's going to happen next in the market - and every time you make a trading decision it will carry with it a degree of uncertainty.

This is why I think trading can be so hard - our knowledge exists in this static state (the very essence of a book is that its written down and static) and the right edge of the chart is this dynamic, boiling, uncertain beast. Learn everything you can about what price does, how people make decisions under uncertainty, and the factors that affect a market's reaction to the left side of the latest price bar! But just remember that to trade successfully you need to do the thing that aligns with whatever the highest likelihood is at the time and its never anything more than a sophisticated guess. Use all that price action knowledge but just remember that that next price bar is going to reflect a different market than every price bar that's ever come before.

Surly

Hi Surly, I too have joined Al's trading room, in the beginning of May. I have found it a truly eye-opening experience, and it has really helped my trading. At first it is very overwhelming, with all the information he gives out, but with time it starts to become easier to understand. It just amazes me the insight Al has of what the market is doing and why, and when you can start to predict that behavior with greater certainty it is a great step forward to trading successfully. That is what I find is the best part of his trading room.

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Mickey Caine View Post
Try these, they may help you.

They do help. Nice one.

I also figured what I could do is put all the docs I have to do with Al Brooks into a directory on my machine and set the google local search engine to search through the lot on any search term I'm looking at.

Your docs will definitely go in there.*

By the way, you're only supposed to blow the bloody doors off!



* Just a quick note: it doesn't search the text embedded in the images - which is about 50% of the useful text. Rats.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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I have been in Al's daily webinar for about 7 weeks now, about 3 days a week. I must say that Al is a fantastic and very humble teacher, he does this because he loves trading and teaching others, not for money. It is not just about price action, he teaches market profile from a yearly time frame to the latest tick, and what other traders are thinking, and what they are probably going to do, especially institutional traders, everything is put into context. Like many great teachers he teaches you to think for your self. ( I am to the point now that I can sometimes predict what he is going to say before he says it). His book is a hard read but that is only part of the equation IMHO, you also need find your own trading style and lots of screen time. There are some really good traders in the room and we all trade differently. Also Al thinks Sim trading is a waste of time, except for learning how to use the trading platform.

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Tip


Registrations are now open for the Al Brooks Price Action webinar:

Trading Webinars, Trading Videos - Big Mike Trading Forum

About Al Brooks:
  • Professional trader for over 20 years
  • Regular Technical Analysis contributor to Futures Magazine
  • BS in Mathematics
  • Focuses on price action trading with trendlines, prior highs/lows, breakouts and failed breakouts
  • Published "Reading Price Charts Bar by Bar" in May 2009, now a top seller
  • Has written three new books on trading, to be released very soon

Website:
Brooks Price Action - Home

Prizes:
(10) Autographed copies of your choice of any of Al's books (he has three new ones coming out soon).




Please note - room capacity is limited to 500 people, and we are expecting MORE THAN 500 people to attempt to be in the webinar, so register soon and also don't be late joining the webinar. Registrations are required, but room availability is based on first come, first served.

As always, the webinar will be recorded.

Mike

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

Need help?
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4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
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  #459 (permalink)
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Thanks

That was really good. It was also different than prior. He focused on one area and went deeper, that showed how he thinks. It also shows how there's no shortcuts to doing the homework, studying his book and very slowly learning what he has to offer.

Studying his book definitely has helped my trading. And, I know of services charging $10,000 to get to the level of what he is sharing. They call that their advanced class, probably the 3rd in their series of hand-holding seminars they offer. So he's doing a great service and sure is a rare one to not exploit his info...good guy. OTOH it's not that the educational services are not educating. I just don't do anything at any one else's pace or payments or whatever, I've tried the hand-holding thing, school doesn't work on me.

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Tip


The recording for today's Al Brooks webinar has been posted:

Webinar: Al Brooks on Trading Price Action, plus Q&A




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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