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
I am new to the room but have had the pleasure of reading Al Brooks articles in Futures Magazine and reading his book. Anyone who tried to read the book knows that if you are having trouble falling asleep,read a chapter or
two and you will be sound asleep in no time. It took me months to finish reading it, but I have to admit that I have never spent so little money to learn so much in this business of trading. After spending thousands of dollars going from system to system and guru to guru and indicator to indicator. Well you get the point.
What I realized was that everything comes down to price. Pure and simple. It took me some time to wrap my arms around that. After learning Al's price action techniques ( still learning) , I would find myself wandering off to MP or some other tool that I studied before. But I always wound up coming back to Price Action because whatever these other indicators or tools were signaling, there was probably a Price Action set up there also.
We are always going to have losing trades, they are part of the overhead in our business. For me and my style of trading Al Brooks methods work. I like the 5 minute chart and you don't have to sit there all day and watch the monitor. Usually you have 2-3 solid trades before noon. If you make 2 pts. per trade you are doing very well.
I usually find that I am finished trading after the first 2 hours.
We have to stop looking for short cuts. The only thing that is going to make us successful traders is SCREEN TIME.
TC
Can you help answer these questions from other members on NexusFi?
I started out the same way as you are. The Ninja replay is an incredible tool. I don't focus so much on
L1 and H1 etc. I watch the price action unfold bar by bar. If I see that we had a 2 legged move down
and price has stabilized, I will look for a nice green reversal bar to get long. What I will not do is take a
bar that is red in that situation. I might do it on a pull back that trapped weak hands.
What I have learned more than anything is that you MUST be Patient. If you miss a trade no big deal,
there will always be another. Also with his style of trading you must be willing to stop and reverse
especially off the open. At least that is what I have found. I am still learning but another piece of information
I can give to you is to not spend the entire day in front of the screen. You can take a trade off the opening bar
and make a couple of points and call it a day if you like.
I think the Al brooks method is a very good summary of the multitude of price action ideas out there and the great thing he adds is the element of patience. Often missed in many other styles
there are also some threads with discussions about his trading-methods + about the book here on nexusfi.com (formerly BMT).
just search a bit for brooks.
