Al Brooks - Trading Price Action Trends

Quote from NoDoji:

I found this thread to be quite excellent and posted some price action tactics here and others did as well:

http://www.elitetrader.com/vb/showthread.php?s=&threadid=220303&perpage=10&pagenumber=2



I think maybe you don't understand what price action is. It's not a specific "thing" someone invented that can stop working. Al Brooks did not invent price action; he simply provided an intensive study of it in book format.

Funny how this works, so did I, then I found out the vast majority of the posters in that thread who had a clue were all trained by CrazyA, that's how I got to meet him.

Joe
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Brooks does not provide mechanical scalping entry/exit signals, which theoretically could lead to liquidity issues, especially in low volume stocks.

Instead he gives an overview of price action based discretionary trading, which can be a good framework for a trader to construct her/his personal "golden signals".

That's why many are disappointed with his books, because there is no step by step instruction showing where the treasure is buried.

Just guidelines, which can be a great insight and lead to trader's progress, but require a lot of hard work before one can distill what's written in the book into the usable "golden signal".
 
Quote from NoDoji:


With-trend entries on pullbacks

With-trend entries on breakouts

With-trend entries on successful tests of trend line S/R or moving average S/R

Trading from one range/channel extreme to the other

Counter-trend scalping during channeling trends

Bear trap/bull trap setups
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This is all standard trend trading , what is different from the trend is your friend and al brooks method?


We have seen it all before .......trend trading rehashed,renamed,re-packaged and re confusing simple trend trading .
 
This thread makes me thing of the classic Jack Hershey circle jerks. A few people proclaiming something is great, and the vast majority looking at it and just scratching their head.

From my experience, I got about 1/2-way through his first book and it was quite simply a disaster. I would not waste any more time reading anything he writes, and wish I could get the time back that I already spent.
 
Quote from newtoet:

This thread makes me thing of the classic Jack Hershey circle jerks. A few people proclaiming something is great, and the vast majority looking at it and just scratching their head.

From my experience, I got about 1/2-way through his first book and it was quite simply a disaster. I would not waste any more time reading anything he writes, and wish I could get the time back that I already spent.
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To be honest I am finding the book a bit long winded and repetitive. :eek:
 
Quote from oilfxpro:

This is all standard trend trading , what is different from the trend is your friend and al brooks method?


We have seen it all before .......trend trading rehashed,renamed,re-packaged and re confusing simple trend trading .
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No difference, yes.

Wisdom is eternal. :D

And Brooks himself states in the beginning of "Bar by Bar" that he relies upon classic TA as it's described in Edwards & Magee with the only nuance of paying more attention to individual bars.
 
Quote from cornixforex:

No difference, yes.

Wisdom is eternal. :D

And Brooks himself states in the beginning of "Bar by Bar" that he relies upon classic TA as it's described in Edwards & Magee with the only nuance of paying more attention to individual bars.
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Wisdom could be a simple lwma cross of 2/10/20 on 5 minute charts could be as effective.
 
Quote from oilfxpro:

Wisdom could be a simple lwma cross of 2/10/20 on 5 minute charts could be as effective.
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Using 3 fancy tweaked MA's instead of common price action is a bit redundant in my view. :)

Whatever works for you, though.
 
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