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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

  #471 (permalink)
Trading Apprentice
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I started reading "Reading Price Charts Bar by Bar" few months ago. After reading first 2 chapters I quit for a while. After reading a lot of good information on this forum, I have decided to start reading the book and plan on putting in serious effort into learning price action.

Thanks to many people for their contribution. It has helped me a lot.

Has anybody used this method to trade ES using 10 or 15 minute bar charts ? I understand that there will be fewer trades than on 5 minute bar charts. I will be interested in knowing about your experience using higher timeframe.

Thanks.

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  #472 (permalink)
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roger77 View Post
I started reading "Reading Price Charts Bar by Bar" few months ago. After reading first 2 chapters I quit for a while. After reading a lot of good information on this forum, I have decided to start reading the book and plan on putting in serious effort into learning price action.

Thanks to many people for their contribution. It has helped me a lot.

Has anybody used this method to trade ES using 10 or 15 minute bar charts ? I understand that there will be fewer trades than on 5 minute bar charts. I will be interested in knowing about your experience using higher timeframe.

Thanks.

Not specific to the Brooks system but my trading has evolved to using 15 min or even 60 min charts in a simple MA cross system, combined with support and resistance areas. This keeps me -- more often -- on the right side of trend and also allows for riding some of the bigger moves, the ones you miss with more scalpy methods in the shorter time frames. And there's something very satisfying about sitting back and riding a trade for days once in a while. Every system has its downside of course and the downside of using a larger time frame to trade on is that you will take some larger stop losses than on a smaller frame. OTOH, you will take fewer of the 'death of a thousand cuts' losses that are possible in scalp mode.

"The Future Ain't what it used to be"

Last edited by heywally; August 3rd, 2011 at 06:57 AM.
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  #473 (permalink)
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hi roger77,

pa works on any chart - whether on 10 or 15 or on 60 and 480' it even works on daily, weekly and monthly charts. if you read als whole book you will find some annotation that it works on any timeframe.
you can even use tick or volume charts and it works.

cheers
jones

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  #474 (permalink)
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execution

What I'm struggling with is Brooks's stop placement, specifically when to move it.

I'm clear that you place your first protective stop under the signal bar.

When can you move it up to under the entry bar? As soon as the price goes above the entry bar? Or after a close above the entry bar? Or doesn't Brooks mention that?

And then when do you move it to break-even?

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #475 (permalink)
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Adamus View Post
What I'm struggling with is Brooks's stop placement, specifically when to move it.

I'm clear that you place your first protective stop under the signal bar.

When can you move it up to under the entry bar? As soon as the price goes above the entry bar? Or after a close above the entry bar? Or doesn't Brooks mention that?

I am not an authority, but I believe it is when the entry bar closes.

And then when do you move it to break-even?

I think it is when first profit target is reached.

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  #476 (permalink)
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Adamus View Post
What I'm struggling with is Brooks's stop placement, specifically when to move it.

I'm clear that you place your first protective stop under the signal bar.

When can you move it up to under the entry bar? As soon as the price goes above the entry bar? Or after a close above the entry bar? Or doesn't Brooks mention that?

And then when do you move it to break-even?

One of the posters had made available Brooks Setups2.pdf. In that pdf one page mentions following about stops:

Initial stop = 1 tick beyond signal bar.
After entry bar closes, then 1 tick beyond entry bar.
After scalping 4 ticks, then breakeven.
Also use money management stop (about 2 pts).
When average daily range is huge, use 4 point stop and 2 pt target and trade half size.

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  #477 (permalink)
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OK, thanks. I keep forgetting I should go back to read those articles again now I've got a better level of understanding from wading through the first half of the book. I think everyone agrees his articles are much easier to digest.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #478 (permalink)
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trailing stop


Adamus View Post
What I'm struggling with is Brooks's stop placement, specifically when to move it.

I'm clear that you place your first protective stop under the signal bar.

When can you move it up to under the entry bar? As soon as the price goes above the entry bar? Or after a close above the entry bar? Or doesn't Brooks mention that?

And then when do you move it to break-even?

hi adamus,

i personally trail my stop on one tick below the low or above the high of the last bar. you can also trail the high/low of the bar before the last bar. the stornger the move develops the faster you are break even....

cheers
jones

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  #479 (permalink)
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jmjstrider View Post
I think it is when first profit target is reached.


roger77 View Post
One of the posters had made available Brooks Setups2.pdf. In that pdf one page mentions following about stops:

Initial stop = 1 tick beyond signal bar.
After entry bar closes, then 1 tick beyond entry bar.
After scalping 4 ticks, then breakeven.
Also use money management stop (about 2 pts).
When average daily range is huge, use 4 point stop and 2 pt target and trade half size.


Jones View Post
hi adamus,

i personally trail my stop on one tick below the low or above the high of the last bar. you can also trail the high/low of the bar before the last bar. the stornger the move develops the faster you are break even....

cheers
jones

Do any of you guys trade the EUR/USD?

I get the feeling I need to adapt Brooks's exit strategy to fit better in forex compared to the Emini.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #480 (permalink)
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Adamus View Post
Do any of you guys trade the EUR/USD?

I get the feeling I need to adapt Brooks's exit strategy to fit better in forex compared to the Emini.

No, not at the moment.

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