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Brooks style ES analysis/trading journal

  #21 (permalink)
 TalB 
Pittsburgh, PA
 
Experience: Beginner
Platform: Ninjatrader
Trading: ES
Posts: 103 since May 2013
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Too much going on this morning. Wont be able to trade. Be back tomorrow.

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  #22 (permalink)
 TalB 
Pittsburgh, PA
 
Experience: Beginner
Platform: Ninjatrader
Trading: ES
Posts: 103 since May 2013
Thanks Given: 22
Thanks Received: 46


caacapital View Post
how long did it take you to learn his method?

It took me several months to read through Al Brooks' 3 Trading Price Action books. I also watched his video course (which he is currently revising) and subscribed for a handful of months to his daily trading room. This was helpful to see how he thinks about price action as it is happening. I have been studying and practicing it for about 3 years now. This process would have gone much faster, but I do have work and family that I give most of my time to. I'm trying to be patient, let my experience build, keep learning and working and let things come when they come.

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  #23 (permalink)
 TalB 
Pittsburgh, PA
 
Experience: Beginner
Platform: Ninjatrader
Trading: ES
Posts: 103 since May 2013
Thanks Given: 22
Thanks Received: 46


Context:
Daily: Still in TTR just under 50 and 20 day EMA's. Y had failed BO above high of prior 2 days and rev down. Past 3 days have been a PB in a bull channel but TTR lowers prob of downside BO.

60 min: Y, early in the day, completed 2nd push up from Friday's wedge bottom and then rev back down. We will see if downside BO attempt occurs or if we go for a 3rd push up first.

5 min: Y was in a bear channel all day. Al usually says that there may be some FT selling, but likely to have at least a 1-2 hour PB (SW to up) starting by the 2nd hour. Prior channel swing highs are targets.

ON: Market rev back up. Looks to open around middle of Y's range, which is in the middle of a TTR on the daily chart. I expect a TR open again.

Bars:

1 Open in middle of Y's range. Big bull doji bar 1. Early TR PA.

2 Bear inside bar. Looks like LOM open, BB, SA.

3 Failed BO attempt below bar 1. Scalpers made profit buying 1 point below bar 1. Formed rev bar but with bear body. Prob SA.

4 Bear FT selling. Looking to try to close gap below, but not a nice, clean move. This is not a bar I like to STC.

5 Bull rev attempt but big tail. Prob SA. May get sellers below for another push down. I am not selling due to week push so far.

6 L1 BO attempt failed at EMA. Small wedge with bars 1 and 4 or 3 and 4.

7 Bull bar for attempted rev above wedge bottom but found sellers at open as might be expected with this PA and created selling tail on top. Scalpers making money all morning buying below and selling above for scalps.

8 Bull FT. But tail and poss DT with bar 1.

9 Bull BO, but tail. 3 big bull bars. Poss change in character of market. Tails make me suspicious though. Poss BTC, but I am waiting and may buy PB.

10 Strong bear rev bar for failed BO above bar 1. Prob BB given strong 7-9, but may get deep PB. I also don't like that we are in the middle of Y's range. Location is not good. I am hesitant to buy.

11 Doji inside bar. Note that the high went just above bar 9 BO bar's close and then reversed. That was disappointed bar 9 BTC bulls deciding to exit given the chance. (Note: This is something Al often describes. I am sure there are a million other reasons that selling occurred there, but that may be one of them.) Not a good sign for more up.

12 Another bear bar but did not close below prior bar. I am not buying above the poss H1 signal bar.

13 Bear FT, close on low. But right around middle and open of day. May get some buyers around this area. Also just above 5 and 60 min EMA's.

14 Doji in middle of day in middle of Y's range = balance. Still in bull channel so bulls have advantage but I am not taking swing trades here.

15 H1 entry bar. Small bull bar. We will see what FT looks like.

17 3 CC bull bars, but may have sellers not far above, around 9 high.

Got to go. No trades taken today. Only scalps were available and I am not taking those at this time. Maybe in future on these TR opens. No chart to post today because not much more to tell. Be back next week.

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  #24 (permalink)
 TalB 
Pittsburgh, PA
 
Experience: Beginner
Platform: Ninjatrader
Trading: ES
Posts: 103 since May 2013
Thanks Given: 22
Thanks Received: 46

Context:
Daily: Market coiled pretty tightly here. After big up move since November, this has been a big PB within the larger uptrend. After 2 prior strong pushes up, this 2 month PB could be the final flag and find sellers above for test down to the bottom of the flag (2318).

60 min: Had 3 pushes up last week. Should have broken down. But looks to be breaking up ON. Opening just below prior highs=good location for the bears. But bulls have the momentum. Should get at least a couple pushes.

Strong ON volume.

Bars:

1 Bear doji after big gap up=confusion. Who has the bigger advantage, momentum bulls or sell high bears?

2 Rev bar but bear body. Sellers have been coming in but buyers are buying them up. We will see who has more volume to move.

3 Small bull doji inside bar. Not seeing much conviction either side yet. Waiting.

4 Bear doji, sellers made money scalping above 3, buyers made money scalping below 3. LOM continues for now.

5 Bear ioi but still LOM

6 Bull reversal found sellers, tail. Might get FT to test open.

7 Bull FT but close at open. Still below bar 1.

8 Big 2 bar rev. DT with bar 1. May have sellers below, but big bars in TTR (selling low in TTR) lowers prob. Because of the big gap, we are more likely to get a nice sized move at some point. Just not sure which direction yet.

9 Bull rev bar for failed L2. Wedge with 2 and 5. May have buyers above to start the swing, but now buying high in TTR. I will wait for BO.

10 Bad entry bar for buy above 9. May have sellers below for failed wedge bottom.

(Note: High volume building up in small area. OTF is playing. Creates potential for larger moves.)

11 Wedge with 1 and 7. Market is in "BO mode". With failed pushes either way. Likely BO soon.

12 Another bull reversal. Price is coiling tightly.

13 Bear outside bar in middle of TTR. Not high prob signal bar. (Often get small inside bar afterward for better signal bar for ioi.)

15 DB 5, but doji bar. Just above RTH only EMA. May go down to touch EMA.

16 DB with 2. OK signal bar and swing buy above but failures all morning. Room to EMA below. I am waiting for now.

19 Price rejecting off mid, but doji in middle of TTR. May have BB at 1 low and EMA.

21 Bear outside bar in middle of TTR. Still no BO yet. Prob BB.

22 Bear BO but close right at EMA. I am not yet convinced bears are in control.

23 Closed gap below 1 from bear BO. Small bull inside bar. Not great FT. Behaving like bear leg in a TR.

24 Doji rev bar off of EMA. May have SA for another attempt down after strong bar 22.

25 Micro DB, more bad FT. Poss wedge bottom with 9 and 16.

26 Bull entry bar for poss wedge bottom but tail=not strong. Market still in bear channel until break prior lower highs.

Got to take break for now. May be able to check in later.

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  #25 (permalink)
 TalB 
Pittsburgh, PA
 
Experience: Beginner
Platform: Ninjatrader
Trading: ES
Posts: 103 since May 2013
Thanks Given: 22
Thanks Received: 46

Daily: Attempted upside BO of bear channel yesterday just stalled with 2 sided trading just below prior lower high. Looks more like a continuation of the TR than a strong BO. I expect more selling around or above prior highs if there is further upward progress.

60 min: After big gap up, the market stalled just below the prior lower high (and weekly R2 if you like pivots) showing confusion and more TR PA. We are far above the 60 min RTH EMA. I expect price to pull back here or soon. Always be on the lookout for what Al calls the "pain trade" where price does the opposite of what you expect, causing a lot of traders to get caught in the wrong direction which triggers their stops and causes a big trend move.

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  #26 (permalink)
 TalB 
Pittsburgh, PA
 
Experience: Beginner
Platform: Ninjatrader
Trading: ES
Posts: 103 since May 2013
Thanks Given: 22
Thanks Received: 46

ON: We will gap up again, opening right at another prior lower high from 3/21. I expect more and more sellers to come in as we reach prior highs.

Reports: 10:00 EST CB Consumer Confidence

Bars:

1 Strong bull trend bar. May have buyers above to test 3/15 lower high at 2387.75.

2 FT bull trend bar. There were buyers above 1 right at the bar close. I BTC bar 2 for test up to 3/15 lower high above. Risk of TR open, though. We will see.

3 3 CC bull bars. Prob BB.

4 Bear rev bar, but prob BB.

5 Small bear doji. H1 buy above for 2nd leg up. Not good signal bar. I am still holding into the 10:00 report.

6 Bull inside bar. Better signal bar for H1 buy above.

7 H1 triggered but entry bar closed at bar 4 high, not above, so not as strong an entry bar as one would like.

8 Strong FT buying. Hit my 4 point PT. Just under 3/15 lower high. May be a buy vacuum up to resistance here. Prob at least one more push up. Too early to sell.

9 Strong bear bar just under resistance. Prob BB for at least one more push up or DT.

11 Doji. H1 above but just under resistance. Likely at least test bar 8 close wear BTC bulls may exit if disappointed.

12 FT selling, testing BO above bar 4. Gap above bar 4 still open for now.

13 Tested right to bar 4 high. BO PB buy above but 4 out of last 5 bars bear bars. I often observe that price will test down to areas like the 4 low as well where bears initially started to enter and scale in above. Then they buy back at BE at their original entry.

14 Small bull inside bar. May have SA around 8 close, HOD, or 2387.75 res above.

15 BO PB to H1 buy above bar 6. Weak but persistent selling since bar 9. If bulls don't turn it around soon, they may give up. Support below around 5 low and EMA.

17 Wedge with bars 11 and 13, but room down to EMA.

Got to go.

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  #27 (permalink)
 TalB 
Pittsburgh, PA
 
Experience: Beginner
Platform: Ninjatrader
Trading: ES
Posts: 103 since May 2013
Thanks Given: 22
Thanks Received: 46

Daily: Now we are high in the range of the last couple months. Yesterday poked above a prior lower high and found sellers causing price to close below that prior high. This formed a tail on top of the bar, indicating rejection/weakness. We are now at a good location for the bears. The bulls have momentum up but may be getting exhausted. The ATH is not far above so sellers may wait for price to get there first before coming in full force. This is a pretty good spot to start selling, though.

60 min: Price has formed a parabolic wedge up to resistance. This may be a buy vacuum up to the top of the TR of the past couple months. Price is far above the 60 min EMA and at resistance of prior highs. I expect a pullback here or soon.

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  #28 (permalink)
 TalB 
Pittsburgh, PA
 
Experience: Beginner
Platform: Ninjatrader
Trading: ES
Posts: 103 since May 2013
Thanks Given: 22
Thanks Received: 46

ON: Stayed in TTR within Y's weak bull channel. Opening right around Y's close. Expecting TR open.

Bars:

1 Bull trend bar, but high right at Mar 15 prior high.

2 Small bear inside bar. Poss DT with Y's bar 75, may test open below, but may have buyers not far below for LOM. Support below at Y's channel low and ON low of 2382.25.

3 Buyers came in at bar 1 low and open creating tail on bar 3. Still TR open and LOM. Waiting for any BO.

4 Bull inside bar for H1 buy above. Micro DB with 3. May have sellers not too far above given location and PA so far.

5 Poss DT with 1, but TTR. Not great prob here other than fading edges since still LOM.

6 TTR continues. Prob BB. May have sellers not far above.

7 DT with bar 1 but TTR so prob buyers not far below.

8 BO attempt is weak so far. Close below bar 1 high.

9 Buying still weak but getting persistent, forming tight bull channel from bar 4 low. Still below Y's high. Prob BB.

10 DT with Y's high, but may need 2nd entry after bull micro channel up form bar 4.

11 Small doji ioi, May get another push up but may have sellers not far above.

12 Bull entry bar for buy above ioi, but may get sellers around Y's high for wedge top and DT with Y.

13 Poss DT and wedge top, but bull doji signal bar.

14 Small inside bar, bear rev bar at Y's high, poss wedge top. If price doesn't pull back here or soon, we may get a grinding, small PB bull trend.

15 iii, micro DT with 14 just below Y's high. OK to short, but I don't like to take this short since tight bull channel and narrow range. May not get big move. I prefer to wait for the BO one way or another.

16 Still in tight bull channel. Looking like may be small PB bull trend. May find sellers above Y's high, though.

17 BO above Y's high, but tail. Let's see what FT looks like.

Got to go. No trades taken today.

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  #29 (permalink)
 TalB 
Pittsburgh, PA
 
Experience: Beginner
Platform: Ninjatrader
Trading: ES
Posts: 103 since May 2013
Thanks Given: 22
Thanks Received: 46

Daily: Parabolic move up again found rejection at the March 15 lower high just below the ATH. After 9 bar micro channel, probably BB for at least a micro DT on the daily chart before a reversal down.

60 min: Wedge top and micro DT at resistance. Pulling back to 60 min EMA but has not reached it yet. Likely will go through EMA but find buyers there for retest up.

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  #30 (permalink)
 TalB 
Pittsburgh, PA
 
Experience: Beginner
Platform: Ninjatrader
Trading: ES
Posts: 103 since May 2013
Thanks Given: 22
Thanks Received: 46


ON: Light volume. Went SW in TTR in area of Y's decline into the close. Looks to open inside Y's range. Likely to open with more TR PA.

Bars

1 Large bear trend bar. May have sellers below for test below Y's low and the 60 min EMA, But may have buyers around there.

2 Bull doji inside bar. Prob SA but I am not trading above or below yet.

(Note: Bar 1 high went right up to Y's bar 55 low/BO point. Downside MM target from Y's bar 51 high to bar 55 low is 2379.50)

3 Micro DB with 1, possible opening reversal but targets below. Prob SA around EMA or open.

4 Bull entry bar but tail and just below EMA. Bulls need a little more to take control. May have sellers around here, open or bar 1 high.

5 L2 sell signal below, but TTR and following 3 bull bars decreases prob.

6 Doji entry bar for L2 short below bar 5. Not good for bears. Bulls need to do more to gain control as well.

7 Bull scalpers made money buying the 5 low. May still get sellers around open or 1 high. Would form wedge with 2 and 4.

8 Wedge with 2 and 4, L3 at EMA, but tail and large outside bar in TTR lowers prob.

9 Bull BO attempt but weak close and tail. Weak rally looks like bull leg in TR.

10 Another bear rev bar at EMA. BO PB from Y's BO below bar 55 low. High in today's range. Not very confident given PA so far but I took the short given the context.

11 Not good entry bar with big tail but at least bear body.

12 Strong bear FT , but now low in TR so may get some buyers.

13 DB with bar 3 but prob SA after 3 bear bars. Likely pull back to bar 10 low to test that short entry.

14 Bull entry bar for DB above 13 but doji. It is also a HL MTR.

15 Bear inside bar just below EMA, may have sellers below. I want to see price push through the bar 12 close. If price rejects there and pushes up, that could indicate bar 12 STC bears giving up.

16 Nice bear FT. Hit my 4 point target from short below bar 10. Close just above 60 min 20 period EMA. May get some buyers here or around MM target 2379.50 below.

17 Minimum FT of bear body is ok for bears. Could get more down to fill gaps below. Next downside targets would be Monday's high or close.

18 Bull rev bar, but prob SA for at least one more push down.

19 Bull entry bar for rev above 18 but tail. One more push down still likely unless bulls get big push up here.

20 Bear signal bar for L1 short. But right at 60 EMA, may limit downside.

Got to go.

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Last Updated on July 18, 2017


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