Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Book Discussion: Reading Price Charts Bar by Bar by Al Brooks
In a recent survey about webinars, a lot of members expressed interest in learning more about the elusive "price action" that many traders talk about and refer to.
It is my intent with this thread to try and document price action from my point …
Ron - agree completely - it's not entry level at all. But let me go further and say that you might find out, after you are experienced, that you don't want to trade like Al Brooks - watching all 80+ 5 minutes candles all day while your skin turns pale and your hair white and your eyes bleary. I say, pack all the indicators in your chart that will make you consistent money. You might later find that the indicators helped or didn't help at all, or that they actually distracted you. Or you might find that the real key was position sizing and exit management rather than a perfect Al Brooks' entry!
And then scroll down to middle of page where it says Al Brooks, and put in your email address on the right and hit sign up.
The webinar will take place on Monday, June 21st at 5:00PM Eastern Time (New York time). Al will be going over in detail his method of using price action to trade, and there will also be a Q&A session at the end of the webinar.
Al makes a statement that if someone makes 2 points a day and trades 25 contracts he would make 500,000 a year.
Well I have never traded the MiniE SP has he trades. So what would this roughly be in the forex market? 2 points is how many pips in the forex. say the eur/usd?
He also talks about a .60 cent scalp. What would this equal in forex pips as well.
In thinking that its .10 per pip so two points would be roughly 200 pips at a dollar each?
And the scalp would be rougly 6 pips per scalp?
Platform: NinjaTrader (It's a love/hate relationship)
Trading: CL, TF, 6E
Posts: 169 since May 2010
Thanks Given: 60
Thanks Received: 314
It depends on what you use as a basis for comparison. If you want to use % of daily range as the basis, then about 20 pips... if just plain 'ol $$$, then 10 pips = $100. Or you could use margin required.
In my mind, 2 ES pts is 10 EU pips... but you're at a 1pip disadvantage with forex due to spread.
Platform: NinjaTrader (It's a love/hate relationship)
Trading: CL, TF, 6E
Posts: 169 since May 2010
Thanks Given: 60
Thanks Received: 314
Beautiful day today for Brooks price action traders. Two-legged pullbacks to the EMA all day long. Just buy the H2's. (see chapter 15 - "Best Trades: Pullbacks in a Strong Trend").
Large gap + breakout of yesterday's trend channel + above EMA = buy,buy, buy.
Just another reminder to register for the webinar that Al will be presenting next Monday, June 21st, at 5:00 PM Eastern Time. The webinar will be discussing how to trade using price action, and Al will be reviewing a lot of setups and examples. There will be a Q&A session at the end of the webinar as well, not to be missed!
You can register right here by entering your email address into this widget:
Spread the word to your friends. The webinar is free for any futures.io (formerly BMT) member.
Being totally new to trading, Iv been learning to trade since Jan 2010. Fortunate for me, the person who showed me to trade, was a price action only person. Well he didn't get to show me to much before he moved off. Anyway i picked up this book by al brooke, and have just ate it up.
Im on my second read through, and all of a sudden the market seems a bit tamer. its almost like you can see the price action exactly like al talks about. I'm still doing just .10 cent trades on fxcm, using the fx trading station.
The only problem i run into, is that i can see the market and see the trends but i get stuck at the bottom of those trends when it ranges. lol but practice makes perfect.
Im so excited about Monday for the webinar with brooks.
Iv got a few problems left, with those wedges, and final flags, not quite sure what those are. makes sense in the book but live they are hard to see for me.
Also i cant trade during the day, so im stuck with the forex at night, it seems that the eur/usd is well balanced and seems to follows al;s book pretty good. Iv also noticed that the Eur/JPY between the hours of 7-9pm est also is a good time to grab 20 plus pips.
