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Book Discussion: Reading Price Charts Bar by Bar by Al Brooks
I have a couple of questions about H1 and H2 in a bull trend.
Image 1
1. Can a red bar be a signal bar in a bull trend? For example, is B47 a signal bar for a long entry?
2. Regardless of the color, if the entry is not triggered on the next bar, how many bars can we wait for? For example, if bar 47 is a signal bar, does entry bar have to be the next bar or can we wait for a couple of bars, in this case, entry would be bar 49.
Image 2
1. Can bar 45 be considered a signal bar? It formed a double-double bottom with bars 42, 43 and 44.
2. Can bar 50 be considered a signal bar? Double bottom with bar 49?
3. If the answer is no, is there a H2 on this chart at all?
Your comments will be greatly appreciated.
Can you help answer these questions from other members on NexusFi?
Pic 1: Bar 48 is an inside bar, you should long at the break of bar 49. Usually in a bull trend, bear bar cannot be a signal bar unless it's a small pin stalling in support line.
Pic 2: You can enter at bar 45(I will do that) and scalp a little(the first target would be former high--bar 40)....... Bar 53 is the H2, bar 51 is the H1. I will enter at bar 53 coz bar 52 forms a double bottom with bar 42-45, nice support. One more thing, if you draw a trendline starting from bar 33-37, you'll see bar 52 is on the trendline (or a little bit fake breakout).
I am reading chapter 3 on Trends and have finished chapter 1 on Price Action of the book. Up to chapter 3, i am still not sure what are High 2, High 3 or High 4 bars. Same for Low 2, Low 3 and Low 4 bars.
If the current bar is a High or Low 2, 3 or 4, which previous bar(s) is it being compared to?
It was just over 3 years ago that I made mention of reading a book by Al Brooks that started several traders down the path of reading price action without indicators. At that time I thought Reading Price Action Bar by Bar was the best book on the market for raw price action. I have since found another book, that is in my opinion the greatest book that I have ever read on trading price action.
Big Mike mentioned to me after that time something about me not posting as much. I suggested to Mike that when I felt I had something of real value to share I would post. Well, it has been a long time. However, the book Forex Price Action Scalping by Bob Volman is the best trading book I have ever read. My schedule is very busy these days and since I know there will be those that say I am pushing/plugging/promoting/employed by the author etc., I am not.
Although the book is titled Forex, it is raw price action at it's finest and the principles can be used in any market.
I only want to share that if you are interested in trading price action, this book is a very simple read (compared to my last recommendation). It makes sense on the first read but you will on need to get rid of your indicators to make profitable trading within your reach.
Here is a short list of books I've read and recommend. I am not a big reader of books in print, I tend to prefer on-line methods... but nonetheless, these are great reads and contain a lot of information that helped me.
Just a follow-up. I spoke with Bob Volman and was unfortunately unable to convince him to do a webinar on futures.io (formerly BMT). I still welcome a new thread be created to discuss his methodologies.
I am learning how to trade, one time I saw the video clip of Al brooks futures.io (formerly BMT) webinar in youtube, after that, I bought Al Brooks Trading Price Action series and read it.
I finished reading the 3 books series but only absorb some of them, I planned to re-read it in December, before that, I will start read another book.
May I know this book - Reading Price Charts Bar by Bar, should I buy it if I already have the Trading price action series? As I remember Al Brooks had mentioned in introduction that the new series is a extension of his old book, however if any subject which didn't cover in new book, I will buy one copy and read it.
I wouldn't bother buying the first book. The 3 new books cover what's in the first book. Al produced a new course, it's called Brooks Trading Course. If some things are still unclear, I think this course will help you. It has lots of examples and structured very well. I wish this course was available a year ago when I was reading his new books, it would have helped me a lot!
