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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

  #481 (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, I don't.

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  #482 (permalink)
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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....

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jones

Hi @Jones

re stops - when you can't move your stop because the market's come back? Do you just exit or do you sit and wait?

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  #483 (permalink)
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Adamus View Post
Hi @Jones

re stops - when you can't move your stop because the market's come back? Do you just exit or do you sit and wait?

Hi Adamus,

when I just entered the trade I want to give it room to work so if the market moves against me I only sit and wait. If the trade went a few ticks in my favour or it is already break even I sometimes cut the trade and go flat when I think the stop will be hit. It depends. But Iīm often to early and the trend runs much further. Thatīs the game... .

Jones

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  #484 (permalink)
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Jones View Post
Hi Adamus,

when I just entered the trade I want to give it room to work so if the market moves against me I only sit and wait. If the trade went a few ticks in my favour or it is already break even I sometimes cut the trade and go flat when I think the stop will be hit. It depends. But Iīm often to early and the trend runs much further. Thatīs the game... .

Jones


You remind me of a similar problem I once had.
A price action has formed, but the trend has not weakened yet.
To counter this, you may refer to a higher timeframe chart to see whether the trend is strong there or not.
Or you can draw fibonacci extensions of previous prices to see whether the price has completed the fibonacci cycle.

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  #485 (permalink)
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Nasdin94 View Post
Or you can draw fibonacci extensions of previous prices to see whether the price has completed the fibonacci cycle.

What do you use as criteria that the "fibonacci cycle" (haven't heard of that in trading) is complete, and on what timeframe? What extension do you use for a completed move?
Also, in your sig is, "If price action are indications of price reacting/weakening to a level(Fibonacci), Why not just trade Fibonacci?" You're right, obviously one should if that's the case. But I (and I presume they) don't (exclusively) because people aren't convinced that price reacts or weakens to Fib levels, or at least not on a predictable enough level.
Would you mind sharing what levels you use for retracement/extension? Sorry that this is OT, but it came up here, so...

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  #486 (permalink)
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Great book


cunparis View Post
In the Holy Grail thread Garry recommended this book:

"Reading Price Charts Bar by Bar: The Technical Analysis of Price Action for the Serious Trader (Wiley Trading)"

Amazon.com: Reading Price Charts Bar by Bar: The Technical Analysis of Price Action for the Serious Trader (Wiley Trading) (9780470443958): Al Brooks: Books

After reading the description and the reviews, I decided it was exactly what I was looking for. Well I got it this week and I must say it's way more than I was looking for. The author trades ES on 5min chart with 20 EMA as his only indicator. And he does exactly what he says, he introduces some concepts and then goes by by bar through the chart looking at the bars. I have not seen a better book on trading without indicators.

He starts out with a story that's familiar to many of us, I know BigMike & I have taken the same path: He learned all the indicators and then spent years writing indicators and strategies to use them. He finally concluded that it doesn't work and that one has to learn to trade the price action! If only I had found his book 2 years ago! But seriously I think everyone needs to start down that path (indicators & strategies) so that they can fully understand what's going on and the limitations of the indicator approach.

Two weeks ago I started trading currencies "naked" (without any indicators). Last week I added CL. So far it has been two profitable weeks for me. I'm never going back to indicators!

I read the first chapter and to be honest, it's quite a lot to take in. I followed his examples but I found myself just reading trying to finish the chapter. After I finished I realized that one needs to spend a lot of time really understanding the material and then try to apply it to your own charts. I think it could easily take over 100 hours to learn the information in this book and if you want to master it then I think thousands.

That's a big commitment so I plan to go little by little. And that gave me the idea of starting a thread about it so that people reading the book can ask questions of each other and post examples. I always find the best exercise is to learn a new concept and then find examples from my real charts. This way I know if it really works or if the examples in the book were cherry-picked. Often it's the latter, but once in a while you find something that really works.

A slight warning, the way the book is written could be a bit better organized. The guy really jumps in head first, talking about patterns he hasn't explained (he explains them later on) so you have to be on your toes. He isn't spoonfeeding anything, this is clearly a book for advanced traders who do not use indicators.

So if you're interested, get the book and then we can get this discussion going. One more note, I do not plan on attempting to teach the material in the book (I'm totally incapable of that, it's mostly new to me). So reading the book will be mandatory. My idea for this thread is we discuss it, answer each others' questions, and most importantly try to find examples of the setups and patterns on our own charts so that we can incorporate his ideas into our trading. Learning the material in the book will be a lot of hard work. This is not a book for bedtime reading. So if you want to participate, you must commit yourself to doing the work. No one can do the work for you.

Thanks Garry for the recommendation, I think you found a gem.

Very helpful -- Frank Moore fwm1937@yahoo.com

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  #487 (permalink)
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Hello guys, im wondering if someone has read Al's new book: Trading Price Action Trends. I got the sample from ibook and considering to buy the complete one. It's very intresting and much clearer( by sp far what i read) of al's trading idears. Have someone try it yet?

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  #488 (permalink)
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Amazon link to his latest book:

Amazon.com: Trading Price Action Trends: Technical Analysis of Price Charts Bar by Bar for the Serious Trader (Wiley Trading) (9781118066515): Al Brooks: Books

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Perhaps a new thread should be started to discuss the new book and what is inside.

Mike

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  #489 (permalink)
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Big Mike View Post
Amazon link to his latest book:

Amazon.com: Trading Price Action Trends: Technical Analysis of Price Charts Bar by Bar for the Serious Trader (Wiley Trading) (9781118066515): Al Brooks: Books

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Perhaps a new thread should be started to discuss the new book and what is inside.

Mike

Sample chapter and Table of Contents available here:

Wiley: Trading Price Action Trends: Technical Analysis of Price Charts Bar by Bar for the Serious Trader

sleepy

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  #490 (permalink)
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There are a couple of reviews added yesterday on Amazon.com ( I have a google alert set for letting me know when new stuff about A.Brook is posted on the net.. I'm not a stalker...lol)

ps. I cant post links yet, use the link in the previous post and go to reviews

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