[BlowFish]

A re-entry that I skipped. Last bar on the chart triggered but would rather enter on a 2 legged correction nearer the triple tops.

[BlowFish]

Entry a few moments later (1 min chart to time it again) Finding it hard to annotate post and trade in 'real time' with fast charts.

[rigel]

Blowfish,
Looks like you are getting the hang of Al Brooks style of trading,
How is the volume on the ladder on the Dax,
Do you enter on stop orders like Al.
thought you had problems with slippage before on this market.

[BlowFish]

Actually this is the hardest thing I find. My normal inclination is to enter on limit and wait for price to come to me, of course that puts you counter trend with regards to the last tick. On the plus side you get a much closer stop. In the interest of 'doing it properly' I have been using stops to enter (or market orders if the immediate price action seems to warrant it). So far the worse slippage is a tick or two. I do often dial down to 1 minute to get a closer trigger.

This is one of those age old dilemmas the longer you wait the more confirmation you get (by price moving in your direction) but the more risk you must assume (as price is further from natural S/R).

[rigel]

Tick or two slippage on Dax would be 1pt ~25euro,
thought you encountered much more slippage than that.

Has the volume on the ladder improved, previously it was around 20-40 each side

[BlowFish]

In fast markets you can. A few days back there was an 80 point run up in seconds. Funnily enough the price retraced a 1/3 and locked into a narrow range for ages. Whilst markets with this sort of character can give you slippage chances are you will get a couple of points of slippage and find yourself 10 points in profit by the time you get your order confirmation back. In other words they can be pretty good for this style of scalping.

Taking the spike a few days back (I wasn't in for it) as an example you might have had 10 points slippage but would have found yourself 50 points up in seconds. Of course if you faded that on a limit order (I have in the past) you would be feeling pretty sick. I think Brooks talks about this somewhere, he says something along the lines of he actually likes slippage as it tells him he's on the right side of the market as people are trapped in or out. Not that you get much slippage on the S&P but he does trade a few stocks too.

[forrestang]

I am reading the first 50 pages in the book and I'm feeling like a retard.

I will have the book shortly, and I am hoping it's not such a tough read.

Al is an interesting guy, when he speaks about his trades they all seem logical. He definetely seems like the recluse he describes himself as. Like you can just imagine this guy in a dungeon with a laptop trading.

[daedalus]

This is awesome. I just stumbled onto the Al Brooks stuff yesterday and have been re-watching his seminar many times. And whadaya know... the main man at TL mr BlowFish is already in here with a thread on the subject.

Fantastic! Keep it up... i'm really trying to focus on this kind of minimalistic approach and I love to see examples of these types of setups (i'm a visual learner). Hopefully I can post up some trade examples and get some feedback.