I've signed up with Al Brook's Price Action course

themickey said:
I have rather strong emotions regarding Brook's style.
I'll tell why....
I use no indicators, no lines, no charting software on my HDD any longer, I use freely available data on internet, I don't plot anything on any charts, charts are a minor part of how I trade- I basically only glance at them quickly.
I watch the market through the day ONLY because I'm at home with nothing better to do.
I could travel and trade no problem. So what I'm trying to say, trading need not be time consuming.
I support myself and my wife who doesn't work paid employment, plus save money, plus donate rather decent amounts of $ to my grown kids.
I live a good lifestyle and drive a gas guzzling vehicle.
REALLY some people over complicate how they do things.
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Nice. Are you swing trading, daytrading, long term investing only?

There's more than one way to skin a cat.
  • Some have discovered complicated ways to make money trading...but are looking for more simplicity.
  • Some have discovered simple ways...and aren't looking for anything else.
  • Some have discovered simple ways...but are looking for greater returns, via complication or not.
  • Some have discovered simple ways...but are looking to automate it; making things more complicated.
  • Some have discovered simple and/or complicated ways...but continue researching because they simply enjoy the thrill of the hunt.

Many years ago, a wise old man once told me, "If you like it, I love it."
 
Laissez Faire said:
The main takeaway in my own studies is that quite often when I check these statistics the actual odds/favoured outcome are different from my 'hunch'. What looks very bearish might in fact be bullish. Or even worse - it might be closer to a 50/50 proposition.
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Same for me. Whenever I have a hunch, I then manually backtest the idea and usually realise I was off by either this and that much. However, if I was to ever throw percentages around, I would make sure to be able to back them up with cold hard stats. That is not to say Al's 30 year hunches are not correct. I have not tested the probability of a trend line break myself. I do, however, see trend lines and ranges "fail break" more often than not.
 
userque said:
Nice. Are you swing trading, daytrading, long term investing only?.....
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Probably an opportunistic stock trader would be best description. I like to catch new surprises.
I don't fall in love with a stock, although some are real beauties.
Grab what's running hot, bail when it turns cold.
Sometimes it will be a day trade but this is infrequent, maybe once every month or so, depends because they are surprises and come out of nowhere and highly speculative. If volume and price goes through the roof on the day I often bail out fast to lock it in, as invariably the next day sees a plunge.
But I'm not an investor, I place buys atm about 5-6 a week and mostly hold until it it hits a trailing stop under the price.
Currently am sitting on 43 positions, avrg trade size $10k.
 
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Personally, I enjoy Al's material very much and get great value out of it. Also, I suspect most people who strongly recommend him did the work required to get that great value out of it.

At the end of the day, as a trader, one needs to properly manage its own risk. Are you going to get a good R investing time and/or money into learning about Al's work?

This is a trade in itself; Trading money and/or time in exchange for knowledge and possibly money!
Is that trade going to pay off you ask????
No one can predict the outcome of a single trade.
 
Want to see Al’s probabilities? Look at 100 bull channels similar in slope to the one below. Al say 70% of BO attempt top or bottom will fail and price will Start heading back into the channel within 5 bars or so.
 
volpri said:
Want to see Al’s probabilities? Look at 100 bull channels similar in slope to the one below. Al say 70% of BO attempt top or bottom will fail and price will Start heading back into the channel within 5 bars or so.
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Really who cares what Mr. Guru God Al Brooks says, sheesh.
There are no hard and fast rules in trading.
Give it up this guru worshipping.
 
Want to see Al’s probabilities? Look at 100 bull channels similar in slope to the one below. Al says 70% of BO attempt top or bottom will fail and price will Start heading back into the channel within 5 bars or so.

How many attempts to BO top? Uh...at least 6 (actually more) how many fail?...um 6 out of 6

How many attempts to Bo out of bottom? At least 4. How many fail? Um 4 out of four.

What percentage is that in both cases?

Now look at 100 channels with a similar slope. DO Some counting. You might figure out his probabilities. Simple math, nothing complicated. Simple observation. Just open the eyes.

Now that was easy was it not?
EE570DEA-79ED-4926-AE56-99C2D6E9B32D.jpeg
 
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themickey said:
I have rather strong emotions regarding Brook's style.
I'll tell why....
I use no indicators, no lines, no charting software on my HDD any longer, I use freely available data on internet, I don't plot anything on any charts, charts are a minor part of how I trade- I basically only glance at them quickly.
I watch the market through the day ONLY because I'm at home with nothing better to do.
I could travel and trade no problem. So what I'm trying to say, trading need not be time consuming.
I support myself and my wife who doesn't work paid employment, plus save money, plus donate rather decent amounts of $ to my grown kids.
I live a good lifestyle and drive a gas guzzling vehicle.
REALLY some people over complicate how they do things.
More...
ROFL....Bet you won’t pay that forward will you? Talk is easy. Show some trading.
 
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