i felt it was an area of resistance.However, it blasted right through it.the pullback came back below the trend line, and that was an entry.The next pb was also an entry.
*******My belief is, when the moving avgs first cross, the 1st and 2nd pullback(if there is one) are trades to look for.The 1st and 2nd pbs, were in that resistance area that i marked with a horizontal line.Silly me, i too k the 3rd, and it failed.The mas are both sma, 21 and 50
The following 2 users say Thank You to bobarian for this post:
I caught Al Brooks webinar yeasterday and it was pretty good. Too many markets though, and he really didnt get into too much about his tradng method specifically, I guess because of all the information contained in his books. After all, 500,000 words...a 5 inch thick book?
I have gone through most of the pertinant (TO MY MIND) information in his first book. To use Als approach, you really want to have to learn how to trade with price action. Its great information, but it's hard to get too.
But, i have to say, he has helped me most (at least his book has) Its the only resourse I know of where Price Action has been quantified ( at least, the way the Al sees it)
There are many others that echo the same approach to trading, I see elements of Price Action in an afternoon with Big Mike, Price action trading.com, and of course, brooks price action trading websight and articles. All traders are using some form of price action to trade. He knows price action.
I like the approach because, in his own words, he can trade successfully using only a EMA20 on a 5 minute.
He bashes the media and how he refuses to pay attention to news. I like how Al is uninterested in other methods of trading. Other traders want to share their method with Al so that he will reciprocate. In fact, traders often get upset with him because he dosnt care how other people trade. He trades the way he trades, it works for him, and he dosnt care how anyone else does it, and prefers not to discuse it with them.
IN OTHER WORDS, AT A TRADERS CONVENTION, AL ISNT THE ONE EVERONE WANTS TO GET TO GET THEIR PICTURE TAKEN WITH.
The following 4 users say Thank You to VinceVirgil for this post:
I listened to his earlier webinar today, and while some of it i get, there is much more to it.I would like to get a better understanding of trading, so, will continue on the same path with the 1 min, but try to see the bigger picture a little better.As far as im concerned , the only person on the news worth listening to is Santelli, maybe because hes a former trader, and he doesnt bs.I never have the news on, but i read the headlines early, to see if anything happened in europe.
***********Following some of the traders here, and a few other traders in the past, is really the biggest influence i have.Im not new to trading, and i have seen nisons candlestick work, and various trend/support and resistance stuff.I finally ditched the 4 range for good, and , i hope to settle in now and proceed forward.Yhis is my third time around trading.The previous 2 times, i just stopped, because i wasnt making money.Thankfully, i never blew through too much money, but , nevertheless, im putting im many more hours a week, to try to get to the next step.Ive been simming since January2011, after trading live that year.I put on the breaks, and finally decided to give myself a fighting chance, and not allow myself to trade live, until the sim was good enough.************Anyway, my family is going on a long weekend ski trip, so , i wont be here friday.Hopefully, we have a blast, because im feeling a little burnt out, and in need of a recharge.If you have any examples, or info, on some of the trades you are taking, related to some of the stuff you learned from Al, please dont hesitate to pass it on .Have a good one!
Al's methods are quite advanced. Not for the beginner, and his teaching methodology is... well... lets just say he is a trader, not a teacher! I personally accept and understand that, but I know others who simply can't get through his books.
You might try his first two webinars on futures.io (formerly BMT). They cover a lot more of his methodology, whereas this last webinar assumes you already know it.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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The following 3 users say Thank You to Big Mike for this post:
thanks Mike, i have been doing that.I figure, if i watch them a bunch of times, and also the youtube recaps he does, ill start to get more of what hes doing.Just listening to his use of candlesticks was a nice refresher...Seeing a doji, at resistance for instance.Today was a funky morning session on the cl, just very rangy.There were trades however, just not trend trades(after the oil report, the uptrend started, also, a bigtime double bottom on the 60 minute)...thanks again!!