[mikea59]

I believe he does his analysis at the EOD, after he is done trading. But you are right, he seems to spend a lot of time doing this analysis and answering questions, I'm not sure what his motivation is, I assume he is well intended, but it just seems kind of strange.

Also, the kind of EOD analysis he does is flawed in my opinion - so heavily influenced by confirmation/hindsight bias. When he has so many different setups, and many of them are just "approximate" setups, it's so easy to point out the successful ones after the fact. I think when you are evaluating a trading system it's more helpful to concentrate on failed setups, because those are the ones that you will most likely stumble over in live trading. If you are overwhelmed by a large number of failed setups then you should walkaway from the system.

[rigel]

Yes lot of confirmation of setups take place in hindsight on the charts and it would be extremely difficult for many to latch onto this in realtime.
Despite the fact the emphasis is on 5min charts there is also mention of daily charts 60min timeframe, volume on 1min etc. so obviously Al is looking at more charts than just the 5min.

Anyway Al has been observing and trading these setups over 20yrs hence becomes a second nature to him,

IMO if you take the trouble to understand price action via both price and vol, it would make life that much easier.
Also if you thoroughly review and understand the fundamental concepts of his methodology outlined in his article "Trading Breakouts and MicroTrend lines" where he states and elaborates "Two of the most reliable entries are failed breakouts and breakout pullbacks " and then go and study the material in the book or on the EOD charts or on realtime charts, you will find that that is at the heart of all the other setups .
The other major one is TraderVic 123 reversal setups.http://www.trading-naked.com/123-reversal.htm, however these also without due consideration to vol whether climatic or not and ensuing supply/demand balance in the sidesways or flag pattern breaking the trendline would lead to many failed trades.

[rigel]

Looks like there is going to be a subscription based Audio service.

[daedalus]

Hey gents... been a huge fan of al's work for awhile. Just bought the book yesterday so its still in the mail, but based off the I-Trade Show webinar and this thread i've started mock trading this method just looking for basic H2/L2 patterns around the EMA's.

This was today's trade thus far (the only one i've had):

What I liked:

• - Strong Downtrend
• - Clearly defined L1
• - Pivot Low visible
• - Relatively Low Risk entry candle.

What I didn't like:

• - Price trading above 21ema.

How I manage all the entries, are using a quick fib retracement of the entry candle. 200% represents a 1:1 move, get to par, 300% represents my 2:1 target profit level.

Cheers!

[daedalus]

As an extension of my last post....

Todays EOD thoughts...

Entries were spotted in real time... again, all i'm focusing on is H2/L2 entries either as trend pullbacks near the EMA or at prior Support/Resistance. Par at 200%, Take Profit at 300% extensions of entry candle.



Comments? Thoughts? Suggestions? Am I off my rocker?

I just figure, rather than trying to exploit every wiggle and jiggle in the market i'd just stick to the basics of one kind of setup (L2/H2) at the simple points of the market.

[mikea59]

Originally Posted by daedalus »

I just figure, rather than trying to exploit every wiggle and jiggle in the market i'd just stick to the basics of one kind of setup (L2/H2) at the simple points of the market.

Your identification of L2's and H2's doesn't seem consistent to me. The L2 at about 9:35 for example - shouldn't the next bar be the L2 (a lower low)? Your L2 was indeed a pullback towards the EMA, but certainly did not close below the low of the prior bar.

The last L2 of the day around 14:00 is another example. It looks like it's L is the same as the prior bar, so I guess it's close to a lower low, but technically not a LL. That 14:00 bar still looked like a good short because of the prior resistance, but you can't say it's an L2, can you?

It looks to me like your L1/H1's are LL/HH's, but your L2/H2's are pointing to the bar BEFORE what I would call an L2/H2.

Anyway, you seem to have a decent grasp of at least one of Al's methods, where I am still struggling.

[daedalus]

Originally Posted by mikea59 »

Your identification of L2's and H2's doesn't seem consistent to me. The L2 at about 9:35 for example - shouldn't the next bar be the L2 (a lower low)? Your L2 was indeed a pullback towards the EMA, but certainly did not close below the low of the prior bar.

The last L2 of the day around 14:00 is another example. It looks like it's L is the same as the prior bar, so I guess it's close to a lower low, but technically not a LL. That 14:00 bar still looked like a good short because of the prior resistance, but you can't say it's an L2, can you?

It looks to me like your L1/H1's are LL/HH's, but your L2/H2's are pointing to the bar BEFORE what I would call an L2/H2.

Anyway, you seem to have a decent grasp of at least one of Al's methods, where I am still struggling.

See well thats where I disagree with a lot of the analysis thats been posted in here... A valid H2/L2 in my can't happen UNTIL A NEW HIGH OR LOW IS MADE... Isn't the entire idea of al's H2/L2 to catch the second wave of a move - that the second wave of the pullback is the wave that is the real move. Thus, in the first trade, when it made an L1, yes there was a second bar that made a lower low, but until price goes back up and puts in a new high i'm not going to start putting in sell stop orders to get short.

Is that how everyone else is interpreting this?




And I just wanted to repost this image - the first time I left out the second trade results...

[R.P.G.]

I just wanted to share and see if anyone had any more free webinar vids other than the two?

So I wanted to read Al's articles from the beginning so I scanned all 64 pages of posts for all PDF's of the articles. I downloaded them and a while later I went to the Futures website to see if there free articles by him were in full or just a sample.......And as it turns out the full articles are given. It is a different format, but all the words are there and the charts are there too, with a printable version in the top bar.

So this is every Futures magazine article Al Brooks has written from beginning to current.

Author - Futures Magazine

Here are the two webinars(Top Post)
http://www.traderslaboratory.com/for...ok-6008-2.html

CFRN Interview
http://heavensembrace.org/media/albrooks050908.mp3

And here is the support forum for Al Brooks
Brooks Price Action - Home

Please if anyone has anything else by Al Brooks I would greatly appreciate you share it.