Futures I Trade Show & Brooks Book

ACS · #**241** 07-02-2009, 04:23 PM

Beautiful L1 off the first strong bear bar at 902.25. Had my scalper's profit in 45 seconds and than sat on my hands the rest of the day. There were some other patterns like the bear flag at 11:15 but I now avoid anything that even looks like barb wire any where on the chart and at any time of the day. Enjoy the holiday all!

szubaark · #**242** 07-02-2009, 06:52 PM

Trend from open day due to gap. This is easy money strong Trend from open type day. Unfortently, we dont get many like this. Most days are Brutal Ranges with Viscious Barbwire in between. Where even good setups are faked out so you wont get your Scalpers Profit right away.

I did 3 trades today, All Shorts, All Winners
Note: My last Short was a little too early, where i should have waited for that Double Top bear Flag ACS mentioned around 11:15. But i was going with strong trend so it doesnt really matter where u Enter. Only took -1.25 Heat on it anyways.

mbfromla · #**243** 07-03-2009, 03:32 AM

Originally Posted by Fedeo

Hi mbfromla,
could please explain me your reasons behind the long entry at around 7:15 of your chart? i am asking you this as from a mental point of view yesterday after the big red candle covering all the previous move up my mind switched to 'short' and I got trapped with that for a while (that's probably also my issue to easily adapt to market conditions)...

Thanks

Fedeo

I'll try to answer to your question at the best of my ability:
1. Market gapped up, that itself indicates strenghth
2. The big red bar did not go below the open.
3. If thebar after the inside bar went down, i would be shorting, however it held the level, and had 2 green inside bars, that usually indicates a reversal.
Hope it helps.

mbfromla · #**244** 07-03-2009, 04:12 AM

Hi guys, this is a chart from Thursday, not much action, but that's what i see so far.

During that chop, it was possible to force trades if you looked at 1 or 3 min charts, but it was evident that there is no volatility or volume.

any input will be apreciated. We have not yet decided on a permanent chat room, our choice was Yahoo, but for some reason they temporary don't allow creation of new rooms. On Monday we will gather in a main chat room here Pure PR and decide on farther actions.

forrestang · #**245** 07-03-2009, 11:07 AM

Originally Posted by szubaark

Note: My last Short was a little too early, where i should have waited for that Double Top bear Flag ACS mentioned around 11:15. But i was going with strong trend so it doesnt really matter where u Enter. Only took -1.25 Heat on it anyways.

Not to brag, but when we were trading I did mention that we would have another leg up right before you entered you short there

Just had to mention it as I am usually wrong.....

Forrest

forrestang · #**246** 07-03-2009, 11:56 AM

It's awesome to see everybody pretty much picking out the same trades real-time and seeing similar market structure.

Good trading Szubaark!

ACS · #**247** 07-03-2009, 07:31 PM

New article by AB in the latest Futures magazine about trading price action in T-Notes and how it differs from the ES.

DynamicFx · #**248** 07-04-2009, 04:25 PM

Can I please just ask a quick question.

Is Al Brooks' book applicable to trading forex? Can his 5m chart techniques also be applied to 60m forex charts for example? Does he mention forex at all?

Thanks.

sw9 · #**249** 07-04-2009, 06:50 PM

Originally Posted by DynamicFx

Can I please just ask a quick question.

Is Al Brooks' book applicable to trading forex? Can his 5m chart techniques also be applied to 60m forex charts for example? Does he mention forex at all?

Thanks.

Welcome to Reality,

Yes, the Price action only approuch works on all markets and all time frames.

Why? because all markets are based on Price action.

Anyhing past this point is optional and will add complexity and illusion.

Steve

ACS · #**250** 07-04-2009, 08:13 PM

Originally Posted by DynamicFx

Can I please just ask a quick question.

Is Al Brooks' book applicable to trading forex? Can his 5m chart techniques also be applied to 60m forex charts for example? Does he mention forex at all?

Thanks.

He says it works on all markets and timeframes. I don't recall any Forex charts in the book but on page 257 he writes: "Currency Futures and the Forex, and Treasury Bond and Note Futures can handle huge volume but give fewer entries than the Eminis on most days." Hope this helps.