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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

  #521 (permalink)
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Thank you

I wanted to say thank you to everyone who has put so much time and effort into this thread

-Bill

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  #522 (permalink)
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terratec View Post
EMA Gap
In this case, sideways or up trend with gap below EMA

Hi could you further explain the EMA gap? I don't quite understand what you mean. Thanks.

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shots fired View Post
Hi could you further explain the EMA gap? I don't quite understand what you mean. Thanks.

From what I know, for example, if price has been in a downtrend, the ema gap bar is the
one where a price bar is above the ema and there is a gap between its low and the ema.
For uptrends, it will be a bar which is below the ema and there is a gap between its high and
the ema.

One could look for the first or second occurances of such ema gap bars.

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  #524 (permalink)
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Al's trading tips at the back of the book


Page 407, Reading Price Charts BBB
22. Trends are always forming pullbacks that look like terrible entries but
are profitable and reversals that look good but are losers. Most trend
pullbacks follow just enough of a climax to make traders wonder if
the trend has ended and trap traders out of entering on the pullback.
Also, the trend reversals are just good enough to attract and trap Countertrend
traders. If you trade Countertrend, you are gambling, and although
you will often win and have fun, the math is against you, and
you will slowly but surely go broke. Countertrend setups in strong
trends almost always fail and become great With Trend setups, especially
on the 1 minute chart.

Is that a typo?

I don't follow why he says "trend reversals are just good enough to attract and trap countertrend traders".

If a trend has reversed, the countertrend trader will profit so what's he talking about?

You can discover what your enemy fears most by observing the means he uses to frighten you.
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Adamus View Post
Is that a typo?

I don't follow why he says "trend reversals are just good enough to attract and trap countertrend traders".

If a trend has reversed, the countertrend trader will profit so what's he talking about?

He says "22. Trends are always forming pullbacks that look like terrible entries but
are profitable and reversals that look good but are losers. "

follow by "trend reversals are just good enough to attract and trap countertrend traders".

So in my opinion he meant failed reversals.

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Adamus View Post
Is that a typo?

I don't follow why he says "trend reversals are just good enough to attract and trap countertrend traders".

If a trend has reversed, the countertrend trader will profit so what's he talking about?

He could also be referring to reversal setups or bars in a strong trend and where there is no clear trendline break yet.

These reversal setups look good for a CT trade and can trap CT traders.

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Just a note that Al Brooks is back with a special webinar as part of our 16 special events in June for our 4-year anniversary:

Registration:
https://futures.io/webinars/#registernow

Thread:
https://futures.io/traders-hideout/27571-webinar-al-brooks-anticipating-next-trade.html

Also giving away 10 autographed books during the webinar.

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  #528 (permalink)
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Al Brooks Webinar

I attended the Al Brooks 4th Anniversary Webinar. I was excellent.I think it was some of the most cogent explanations of what Al is talking about and more importantly thinking about as he trades. It ain't easy but intuitively I just feel he has a very sound approach to trading. It's hard to grasp what he's getting at sometimes but this Webinar cleared up a few things for me. I have his videos and what I've done is edit them down to mostly where he is speaking with a chart on screen, That is where the best information seems to be had. I did it with the Webinar yesterday and it was one of the videos that needed the least editing. Most of what he's talking about he shows pretty darn clearly. See it if you think Al Brooks has something to say about profitable trading. Thanks Big Mike it was worth going Elite for.

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Blz17 View Post
If my memory serves me I believe Brooks says that doji bars are not good setup bars as they represent a one bar trading range and indecision. So the High bar at 9:25 would not be counted as the prior bar was a doji.

Blz

Forgive me in advance for replying to a comment that is several years old. I am only about 25% of the way through this thread.

However, I recently watched a webinar by Brooks and he does reference dojis being ignored. Additionally, he states that there are many weak signals that he ignores throughout the day. But I have yet to come across a webinar or thread where he highlights or discusses weak signals in depth.

Moreover, if memory serves, there was some discussion of automating Brooks system and he said that he wouldn't be able to trade his own system if it was automated because he uses a tremendous amount of discretion in the trades he selects.

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weak signals


Weak signals may include much two sided trading in a trend, lack of a recent breakout or a spike move to push further continued movement. A resistance or support level nearby which may restrict further continued movement, and in most recent years, testing new highs in unchartered territory. Simply the signal and entry bar taking far too long to appear and being too small, such as a doji, to represent any conviction. I am sure there are many others, but these come to mind.

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