I love to hear stories about the 1929 from the old timers. You must be nostalgic about the "roaring twenties" before the dust bowl hit!
It's the Pattern, Stupid!
- Thread starter schizo
- Start date
Being able to read the charts then saved me from having to jump out of a window!
My many years of stats are based on a 5-min chart with a 1-min cross-reference for entries and a 6-8 hour lookback window of which to draw trend lines when applicable (continuous thru the overnight session into RTH because I trade futures; if I traded stocks I'd look at the previous day). Therefore, what other traders use is irrelevant to me. Hopefully, they've done their own statistical analyses based on their foundation/framework for trading.
I would never place a stop loss above/below a break of a tend line. That makes no sense to me based on my personal trading plan. I don't find a trend line reliable in any way for stop placement. I may look to enter based on price reaction to trend lines, but placing a stop loss above/below that line doesn't seem like a high odds method of exiting a trade.
I've never heard an Al Brooks sales pitch. Does he actually "pitch" trading? I wouldn't wish trading on anyone!
I simply read and studied his first book thoroughly (it took me the better part of a year to get through 3/4 of it). The book opened my eyes to so many valuable concepts that the book's real value to me is the equivalent of a degree from Yale or Harvard.
Brooks pitches his method of trading as he teaches it. He implies what he is prepping students with is all they need other than practice to take on the what he considers some of the best competition in the world, ES trading algorithms.
Are you sure you didn't learn more from your time with the generous men, not Brooks, who shared concrete and intimate trading experiences like Bighog? From what I read of your early posts it seems like Brooks was the basic theory and you got more concrete lessons from other men that deserve great thanks for their intimate generosity.
BigHog valiantly attempted to talk sense into me for the better part of a year and finally recommended Brooks book to me. So I slogged my way through Brooks and spent about 8-10 hours a day re-inventing the wheel that BigHog had handed me in the first place.
AustinP provided some input via a video he posted one day, and RN provided an amazing key via the answer to a simple question I once asked him.
The core trading setups I use are based on a 5-min chart and on Brooks' price action concepts.
The great men that helped/tried to help me all confirmed almost identical concepts.
After all that, I honed those concepts into some fine tools.
I don't have to compete with the big powerful players in the market because I'm riding along with them.
Exactly!!
But more importantly, how did you get those fish to pose for that picture?
And congratulations on passing 10,000 posts!
O Dear, that is frightening! :eek:
What about reframing as several 10,000 hours of screen time?
And oh by the way, I have heard you mentioned several times over the years regarding the "AustinP provided some input via a video he posted one day, and RN provided an amazing key via the answer to a simple question I once asked him."
Can you share what was mentioned by austinp and RN?
Thanks.
RN asked me to look at three charts (three different bar intervals, or "time frames" as we all commonly say) of a particular stock he was trading way back then. And I believe his words were something along the lines of "Tell me that ain't tradeable?"
austinp posted a video from one of his webinars back in spring of 2010 about the "point of control".
So now I use multiple charts to locate "lines in the sand" (points of control) off which I base my trades.