Double Bottom, ?measured move? did it get 100% move of a move?
https://www.elitetrader.com/et/thre...t-right-here-baby.335635/page-18#post-5309309
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Al Brooks video
- Thread starter syswizard
- Start date
https://www.elitetrader.com/et/thre...t-right-here-baby.335635/page-18#post-5309309
One can argue that his charts are from a time when algos weren't the big junk of trading, programmed to take every arbitrage out of the market so there is no more advantage to be seen, hence less liquidity, hence the market beeing out to get you fooled.. today it is far more about S/R holding or not with the moves in between just beeing noise. Not always but way more then around his courses release.
Hello syswizard,
Al Brooks offers and teaches the trading ideas, it up to the trader to make money consistently year after year with his trading ideas.
It's all just trading ideas to make money consistently and happily rather it be discretionary or automated trading systems to test for Edge of his trading ideas.
His teachings is no different then any other of the X,XXX,XXX millions of Trading Educators in the Trading Business. They all teach trading ideas to make money discretionary or manually trading. We as humans have to remember we only have so much time and capabilities. We have 2 arms and 1 brain.
Does Al Brooks trading ideas make money consistently year after year for the next X to XXX years from now? NOONE knows, only the trader studying the ideas knows and currently trading the trading ideas the past X-XX years with real money knows. To know you would have to interview XXX - X,XXX Al Brooks students for their trading performance.
It is all Math, keep it simple as possible.
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I know I am not welcome at any Al Brooks threads, and I don't wish to bother or disrupt the flow of the conversation. But your response to the poster has me itching, and so I just need to say a couple of things (and not for the first time), and then I will stop.
First, Brooks claims to be a trader but he never once posted a P&L. Okay. Let's accept that. Private guy, and all that.
Next, he has a trading chat room. But, as I understand it, he never actually calls a trade in real time to then manage in real time for the educational benefit of his subscribers. Rather, he just gives color commentary on what might happen next and what you might have done earlier. Why, then, even bother with real time? Or even a chat/"trading" room for that matter? They offer no more value (!) than his canned videos and books.
And, finally, scalping via Brooks' method? Really? That's over 2,000 pages of text in his 4 (or more) books and hundred(s) of hours of video explaining his method. And all that can be reduced to scalping in the moment? It beggars the imagination.
Done. I'm gone.
I don't blame you.....way too much detail and 1300+ acronymns ?
I thought trading was supposed to be simple....LOL.
Fred, as I've mentioned a number of times before, studying Al's work intently over a period of months is the primary influence for my transitioning from a profitable but relatively stressful and inefficient scalping methodology to a more profitable and less stressful day swing one.
There is only one P&L I have interest in and while I strongly suspect Al does quite well trading, I really don't care. It's his excellent work on price behavior that has my respect.
I don't participate in threads like these to argue with people who know little of what they are arguing about but to caution new and developing traders to do their own investigations into what might provide value to them, and not simply rely on opinions (including my own).
Learning to trade is challenging enough without bringing a closed and prejudiced mind to the table.
It can take at least 12 to 13 years after high school to become a surgeon. That includes 4 for under graduate, 4 years for medical, 5 years for residency. Now the general surgeon can reduce all that to taking out a gall bladder in the moment……it beggars the imagination..LOL
But he “the general surgeon” thinks he is gonna jump in and try his hand day-trading off a weekend course. LOL Down the drain he pours his $$$$ made from extracting gall bladders, appendixes, ingrown toenails…so on and so on……
There is a reason Brooks training is nigh 2000 pages in books and hours and hours of videos. Most traders are too lazy or too undisciplined to push through and learn the intricacies of day-trading so they flop over to a highly simplified no study no work no perseverance methodology that renders them a few pennies to brag about but ends up depleting their $$$$. So they cave into to the theory it is all random, just a gamble and nothing else.
There is an old saying: “if you can’t stand the heat then get out of the kitchen.” I think that could apply to all successful traders and wanna be traders alike, at all times now, and in the foreseeable future.
“Every man makes their own shipwreck.” BUT Brooks could be likened to the rock that breaks up the ship. He will mess with your brain.
Day-trading requires huge paradigm shifts in our thinking and learning new skills to read and trade the market. They are not and cannot be learned overnight.
If there is any where Brooks is weak in and could use some bolstering up it is in the area of psychology for the trader. Now that can be another whole set of hours…days… months…and years. ROFLMAO.
Man up as there is way more to it than a weekend trot down to the local Hilton conference room to learn of some super duper.. never fail …get rich together with me …trading educator. You leave there flying high filled with hope and enthusiasm while the educators flees straight to the bank laughing as he skips along.
There is a reason Brooks adds the emphasized word in the title of his books. I bolded and underlined it for all interested parties…LOL
"Trading Price Action Trends: Technical Analysis of Price Charts Bar by Bar for the Serious Trader" by Al Brooks
There is also a reason for Brooks making the quote below in his books:
“I am metaphorically teaching you how to play the violin. Everything you need to know to make a living at it is in these books, but it is up to you to spend the countless hours learning your trade.”
Trading cannot be likened to pouring a bottle of whiskey down a patient throat followed by hitting him on the head with the empty bottle then taking out your pocket knife, sharpening it on a whetstone while the patient is groaning then slicing him open …cutting out his appendix, followed by sewing him up with some thread and needle your wife has next to her sewing machine, then slapping a piece of duck tape over the incision.
“We may learn from others but in the end we ALL mold our own reality in the markets”
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no medical student would dispute his/her professor has conducted more successful
surgeries than not.
With Al, we simply don't know for sure if or how profitable he is.
That wouldn't be accepted in the medical community, lol.
surgeries than not.
With Al, we simply don't know for sure if or how profitable he is.
That wouldn't be accepted in the medical community, lol.
Hello speedo,
Great write up.
I agree with you, proceeding with discretionary/manually trade with Price Action rather learned from Al Brooks or any other teacher of price action will take X-XX years. It is not an over-night passive income or wealth building journey as what many in the trading industry preaches.
Regarding the those traders that want to see live trading performance before putting in the effort of study and practice. I honestly have no comment on that and gave up on that request. However, I certainly respect anyone who wants to see trading performance from their teacher or mentor, etc. I guess that makes business sense.
I am indifferent. But happy.