Price Action Traders

[piezoe]

Quote from Tonkadad:

Are you talking about Jack's most recent post or about Al Brooks' book?

That made me smile! I was referring to Brooks' book, but my comment is, of course, equally applicable to anything Jack writes.

Wouldn't it be nice if John Wiley would hire Nodoji to translate Al Brooks' book into English, do new larger, well-annotated graphs in color on high quality polished paper, and clean-up the lithography so that it no longer looks like it was run off on a mimeograph machine with too much fluid? Then you would have something well worth reading. Sadly, I don't think that will happen.

 

[Gabfly1]

Quote from piezoe:

The fact that it is unreadable has nothing whatsoever to do with the material, which is quite simple. Think of it as an introductory text in PA written in jibberish.

There is simply no excuse for publishing that kind of poorly written, poorly edited, and poorly printed crap. I blame Brooks and his publisher, John Wiley, equally.

That's the thing. As I noted earlier, I only read the first 100 pages or so of his book and quickly skimmed through the rest before returning it to Amazon. Therefore, I can't speak definitively about the entirety of its content. However, of what I did see, it was essentially generic, discretionary (subjective) TA. Not that I have anything against the most basic premises of TA since I use them myself. However, any value to be added by a third party would be in enhanced objectivity and away from the generic and overstated. I fail to see what Brooks brought to the table that guys like Murphy, Pring or Elder had not already done to death. I know each of those three other guys also dealt with indicators, which fascinated me to no end as a newcomer in the '90s, but I believe they covered the PA basics more coherently than Brooks did. And so, the question is, what does the author offer other than "me too."

P.S. Perhaps I'm just not dynamic enough, but the idea that every single price bar can potentially be a setup or signal bar is a bit over the top for me. OCDTA?

 

[MrPowerBallad]

In case you guys/gals haven't come across this yet, here is some of Al's own commentary on his book from his website:

<i>"I make very little off of the book so please do not feel compelled to buy it."

"I apologize for the typos in the book. I am not a good proof reader and was surprised that Wiley's editor was not stronger. If the book goes to a second edition, I will try hard to fix everything as well as add new material."</i>

In other words, he sympathizes with you

 

[bearmountain]

Quote from Gabfly1:

And so, the question is, what does the author offer other than "me too."

P.S. Perhaps I'm just not dynamic enough, but the idea that every single price bar can potentially be a setup or signal bar is a bit over the top for me. OCDTA?

well, I think that is the promise for me of al brooks work, what if that is indeed true. what if someone has gone that deep into PA to find meaning in very single bar. I am from the old school that market price is mostly random, unpredictable, with small islands of predictibility.

I got good laugh from your earlier comment that brooks book was too much character building for you, I agree, I am engaged in that very exercise, adversity builds character... some of your other comments are also true for me, one that his signals come on a turn of a dime, I also like to see a buildup towards a signal. I also find brooks work very subjective.

but, I would urgre you to get his book again and mine for that hidden nugget....character building is good for the soul....

 

[bearmountain]

Quote from piezoe:



Wouldn't it be nice if John Wiley would hire Nodoji to translate Al Brooks' book into English, do new larger, well-annotated graphs in color... Sadly, I don't think that will happen.

I would second that, PA queen Nodoji is great with words.

Your wish for larger graphs has come true, you will find on wileys website, larger graphs, they are as big as your monitor.

 

[NoDoji]

Quote from Gabfly1:

P.S. Perhaps I'm just not dynamic enough, but the idea that every single price bar can potentially be a setup or signal bar is a bit over the top for me. OCDTA?

I never took away from the book the concept that every bar could be a trade signal bar. What I got from the book is that every price bar in your time frame has meaning and a single bar in relation to the surrounding bars as well as S/R levels either invites a high probability trade or requires further action before a high probability setup occurs.

 

[osho67]

I get so tired seating at the computer for the whole day so though I have tried - day trading is not for me. I want to swing trade for a longer period - say few days to 1-2 weeks using price action. Can this be done and are there resources to read for this approach?

Nodoji had started a thread on illusive price action but I cant find that thread. Help on both items much appreciated.
Thanks

 

[NoDoji]

Quote from osho67:

I get so tired seating at the computer for the whole day so though I have tried - day trading is not for me. I want to swing trade for a longer period - say few days to 1-2 weeks using price action. Can this be done and are there resources to read for this approach?

Nodoji had started a thread on illusive price action but I cant find that thread. Help on both items much appreciated.
Thanks

I don't have a price action thread.

For swing trading, read Alan Farley's "The Master Swing Trader". If you read a little bit of Al Brooks' first, Farley will seem like a much easier read.

 

[Gabfly1]

Quote from NoDoji:

I never took away from the book the concept that every bar could be a trade signal bar. What I got from the book is that every price bar in your time frame has meaning and a single bar in relation to the surrounding bars as well as S/R levels either invites a high probability trade or requires further action before a high probability setup occurs.

What you say makes sense, except for the part about every single bar necessarily having meaning. I think that's a bit melodramatic, but maybe that's just me.

As I noted earlier, I returned Brooks's book. Therefore, I cannot refer to it. But did he not specifically write in the first part of the book that any bar can potentially be a setup bar? Perhaps my memory is no longer what it once was, but I'm almost certain that I read something to that effect in the first 100 or so pages. Please correct me if I'm wrong.

 

[Joman]

True - he says that every bar could be a setup bar, but he distinguishes a setup bar from a signal bar and a signal bar from an entry bar.

Subtle nuance, but this what it is all about ...