Book on Price Action?

[toon]

Mack's strategies are mainly scalps, right?

For a more readable (and simpler) version of Brooks' stuff, try Price Action Trading System. "Mack" also posts a youtube video after every trading day (Mon-Thurs) explaining what would have been good trades to take under his system. The guide on his site is about $100, but you could probably pick up his methodology just by going through his hundreds of videos. https://priceactiontradingsystem.com/

 

[drm7]

Mack's strategies are mainly scalps, right?

The standard trade setup is scalp + runner. (Scalp is 1 ES point). You can adjust the ratio of scalp to runner to suit your risk tolerance. You can also decide whether to move stop to breakeven after scalp is hit. He has an article on price targets on his site which helps with runner exits. (Mainly looking for measured moves.)

 

[toon]

If I remember correctly, Mack uses tick charts. Are you using tick charts for his strategies? How is your direct experience with his strategies?

The standard trade setup is scalp + runner. (Scalp is 1 ES point). You can adjust the ratio of scalp to runner to suit your risk tolerance. You can also decide whether to move stop to breakeven after scalp is hit. He has an article on price targets on his site which helps with runner exits. (Mainly looking for measured moves.)

 

[drm7]

If I remember correctly, Mack uses tick charts. Are you using tick charts for his strategies? How is your direct experience with his strategies?

He prefers a 2000 tick chart, although in recent videos he has been comparing to 3000 volume and others. I am still going through the process of getting comfortable with the method, so no live results to report. The method looks pretty solid, but there is a lot under the surface. It takes some practice.

 

[VPhantom]

Try "The Art and Science of Technical Analysis: Market Structure, Price Action, and Trading Strategies" by Grimes Adam, not a bad book all in all (published in 1973).

Just FYI it's from 2012. It's a modern book.

 

[Tradex]

Just FYI it's from 2012. It's a modern book.

Oops, you are right, the author was born in 1973.

 

[Laissez Faire]

The best book on price action is the one you make yourself.

Print (screen dump) all your setups but make TWO charts. The first is at the time of the signal and the second after the signal. This is important because when we have the full picture, ie after the trade, the trade looks simple. But right at the time of the trade, without the subsequent right hand action, the trade normally looks anything but simple.

Best post in the thread so far - yet it didn't seem to gather any attention.

Doing this diligently - the trader will also notice how a lot of the stuff in those 'price action' books are cherry picked and doesn't always measure up in real life trading.

 

[christielowe]

Yes, of course just reading a book cannot benefit you. You should understand the principles and learn to apply them in real life.

 

[murray t turtle]

Yes, of course just reading a book cannot benefit you. You should understand the principles and learn to apply them in real life.

%%
True;
+ try a public or private library/or both.
Master Swing Trader, by A Farley/has some good charts.But you can skip about 95% of his words/LOL.

 

[Abbas Ali Khan]

so many Top rating books are available in online but i think any bookish knowledge can be useless if there is no regular practice.