Al Brooks - Trading Price Action Trends

Quote from cornixforex:

I don't think it's Brooks's fault that his works didn't spawn thousands of millionaires. People easily wreck even mechanical systems, not to speak about investing enough time into deliberate practice of discretional approach.

And I think that is wonderful, because achievement is relative term. If some goal didn't demand much, it wouldn't be worth to be The Goal. :)

P. S. One more word in Brooks defense. Context to a certain degree can be seen using just one timeframe, if watch at least couple of days back chart of this timeframe. And Brooks recommends just that.

P. P. S. I prefer to be aware of news and fundamental factors, though, because macro picture is not that of negligible importance even for a scalper. One better be aware of news at very least to know when to be careful of vicious moves.
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Yes, looking left is not necessarily a stupid thing to do.

I guess my main problem with Al Brooks are his fanatic supporters. It's like a cult. I find it funny, and slightly irritating, to be lectured about "real" price action by new traders, when some have been trading this way for years.

I agree with your last point. Trading is a hard endeavor, and one should use all available resources at all times. Why limit oneself?

Regardless of what most practitioners of TA/PA think, trading isn't magic. It's just a way of visualizing data, nothing else.
 
Quote from Lornz:

Yes, looking left is not necessarily a stupid thing to do.

I guess my main problem with Al Brooks are his fanatic supporters. It's like a cult. I find it funny, and slightly irritating, to be lectured about "real" price action by new traders, when some have been trading this way for years.

I agree with your last point. Trading is a hard endeavor, and one should use all available resources at all times. Why limit oneself?

Regardless of what most practitioners of TA/PA think, trading isn't magic. It's just a way of visualizing data, nothing else.
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Yep, no magic for sure. Just hard work, sweat and tears. :)

As for fanatics, fanatism indeed can spoil any idea, even very good one, such as loving each other as one guy suggested a couple thousands years ago. :)

But if one takes time to analyze what he reads and objectively see if there something new to learn, there definitely is much useful in Brooks's books. Nothing revolutional, yes, but his descriptions are able to elucidate a few dark corners of struggling trader's mind.
 
P. P. S. I prefer to be aware of news and fundamental factors, though, because macro picture is not that of negligible importance even for a scalper. One better be aware of news at very least to know when to be careful of vicious moves.

Yeas Hugh!!!

That's why you place 6tick stop on every trade!
 
Quote from hkrahra:

P. P. S. I prefer to be aware of news and fundamental factors, though, because macro picture is not that of negligible importance even for a scalper. One better be aware of news at very least to know when to be careful of vicious moves.

Yeas Hugh!!!

That's why you place 6tick stop on every trade!
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Be aware is not = base every trading decision upon fundamental picture only. But if there's a squeeze, it's worth to hold your 6 ticks risk longs for longer. :p
 
Quote from cornixforex:

Yep, no magic for sure. Just hard work, sweat and tears. :)

As for fanatics, fanatism indeed can spoil any idea, even very good one, such as loving each other as one guy suggested a couple thousands years ago. :)

But if one takes time to analyze what he reads and objectively see if there something new to learn, there definitely is much useful in Brooks's books. Nothing revolutional, yes, but his descriptions are able to elucidate a few dark corners of struggling trader's mind.
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Haha, are you comparing Al Brooks to Jesus? That's the kind of fanaticism I'm was alluding to! :D

I'm not claiming that there's nothing to be learned from his books, just that he does a terrible job of describing concepts already explained sufficiently by others. I might be missing some details, but thankfully I make enough money to not have to care.

You seem like a decent guy; best of "luck"!

By the way, at the moment I'm knee-deep in mathematical finance. Even CDOs are easier to understand than Brooks' writing. ... :D
 
Be aware=the eggs of mine.This verbal pornography with the fundamental awareness+not always the same+6 ticks squeeze and Shiite IS PRICELESS!!!

Anyone,call an ambulance for these paper users please.
 
Quote from Lornz:

Haha, are you comparing Al Brooks to Jesus? That's the kind of fanaticism I'm was alluding to! :D

I'm not claiming that there's nothing to be learned from his books, just that he does a terrible job of describing concepts already explained sufficiently by others. I might be missing some details, but thankfully I make enough money to not have to care.

You seem like a decent guy; best of "luck"!

By the way, at the moment I'm knee-deep in mathematical finance. Even CDOs are easier to understand than Brooks' writing. ... :D
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LOL, of course I don't compare him directly. Just an analogy that stupid fanatism can wreck any idea.

As you can see from my posts, I am not Brooks's fan or anyone's fan at all. Not to sound arrogant, but guess after a certain IQ level it's impossible to be fanatic at all. :D

I agree that his language is terrible, was real hard work to read his first book (though felt a bit better, when knew native English speakers have same problems :) ).

But his point of view is original, what is interesting to me is that he seems to "explore" his concepts more or less on his own and as such, explains them from his own unique point of view.

And it's always useful to see how someone else views the same event, not excluding price action.

Reading, discussing, arguing, that all leads to evolution.
 
Quote from hkrahra:

Be aware=the eggs of mine.This verbal pornography with the fundamental awareness+not always the same+6 ticks squeeze and Shiite IS PRICELESS!!!

Anyone,call an ambulance for these paper users please.
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I have nothing against if you decide to ignore fundamentals and enter trades with 6 tick stop right into the NFP or FOMC release. :D
 
Quote from jack411:

Hey Corn,

Nice chart. Is that a 20 ema?

thanks,
Jack
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Ya. Not that I use it a lot for trading decisions, but helps somewhat to clarify some things on the chart. 9/18 EMA combo is also good.
 
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