Evidently, others are smarter than you are......
Just kidding with you Thundy.
BAR BY BAR -- Al Brooks
- Thread starter Swan Noir
- Start date
Evidently, others are smarter than you are......
Just kidding with you Thundy.
That's entirely possible. However, I just find my own way of doing things more simple and accommodating. Even so, I'm always looking to improve. Just that I didn't see it happening with this book. But as I said, I didn't read the whole book, and perhaps I shouldn't judge a book by its first 50 pages and a skim through the remainder.Quote from Optionpro007:
Evidently, others are smarter than you are......
Agree,, my experience was similar to yours. I couldn't read the damn thing. I still get nauseous when I think about it. probably a good idea to unsubscribe from this thread huh...lol
Eventially you have to find your own way...the sooner the better.
But Brooks basic premesies includes breakouts, reversal, and other general chart patters like Double Bottom/Top, and he trades exclusively off 5-min bars...again everyone is different...
As you read all or any of the trading books just keep an open mind ... there might something new in each book.
good luck!
I've already found my own way, such as it is. However, that's not to keep me from looking at ways to improve upon it. I just don't like the premise that any bar can be a setup bar. I prefer more focus. When everything is possible, you pinpoint very little. I prefer a narrower perspective. Perhaps I just get overwhelmed too easily.
Actually Al does have some bars that are not setup bars. He calls them doji bars. He doesn't much like them. But everthing else goes. Or not. Or maybe. He doesn't know. I like his setup in his book where he says to sometimes trade the failure of a failed setup. That about covers his philosophy. Everything can be traded. Even failures of failed setups. LOL.
No wonder he wants to start a hedge fund. He is driving himself nuts by overcomplicating his trading. And with 5-min bars. I didn't think that was possible. But then again, he is a doctor. Highly scientific to the core. And to think he wanted to simplify his trading with using only the 5-min chart and a 20 ema. Not going to happen. His next book will be over 800 pages.
What i s the focus of the hendge fund will be, day trading S&P or other plays as well?Quote from GiantDog:
No wonder he wants to start a hedge fund. He is driving himself nuts by overcomplicating his trading. And with 5-min bars. I didn't think that was possible. But then again, he is a doctor. Highly scientific to the core. And to think he wanted to simplify his trading with using only the 5-min chart and a 20 ema. Not going to happen. His next book will be over 800 pages.
If you are trading/scalping price action and watching every bar form, which Brooks seems to do, then every bar becomes a potential set-up bar.
I have questioned why identical set-ups were played differently. I'm now assuming that the way the bars formed has something to do with his decisions.
He claims to trade the 5 minute chart but makes reference to the 3 and 1 minute charts.
I pick up the book every so often, open it at random and read a couple pages. Any more than that and my mind goes numb.
If he writes another book hopefully he finds a wordsmith.
There have been a few things in Al's book that have made me money on a continuing basis and, I think, have lowered my risk at the same time. I like this book SO MUCH that I feel indebted to Al for writing it even though most of it is irrelevant to my trading. The parts that are relevant are GOLD to me!
That said I will repeat what I wrote on this thread months ago: I HOPE AL WRITES HIS NEXT BOOK IN ENGLISH.
which parts? save us all some time please..