Futures I Trade Show & Brooks Book

[szubaark 10]

I took this Open trade. My reason was it was a Double top Bear Flag, 2nd attempt to close gap,and we were below EMA..why did this FAIL?

Entry was 5th Bar (9:55 Eastern candle)

 

took -3 Stop ouch

 

sorry it was 10am the Entry Bar (L2)

[BlowFish 10]

I took this Open trade. My reason was it was a Double top Bear Flag, 2nd attempt to close gap,and we were below EMA..why did this FAIL?

Entry was 5th Bar (9:55 Eastern candle)

 

took -3 Stop ouch

 

The favourite chant when things don't work is 'barbed wire'. Aproaching from a different angle I don't really see a DT depending on how you define DT. I would like to see some sort of upward momentum (even if only for a couple of bars straight) before looking for DT's.

 

I didn't really look at EMA's too closely as I don't use them but they will be 'unstable' right after the open. I did get the impression that the main ema trade are again with momentum on the first cross. Again no momentum.

 

All of these things boil down to lack of momentum, this might be easier for some to see than barbed wire.

[DynamicFx 10]

I took this Open trade. My reason was it was a Double top Bear Flag, 2nd attempt to close gap,and we were below EMA..why did this FAIL?

Entry was 5th Bar (9:55 Eastern candle)

 

took -3 Stop ouch

 

I'm not sure I'm reading your chart correctly, but I'll comment anyway.

 

If you shorted at the top of that bar with the arrow, then for me it was a strong bullish bar, that looked as though it was attempting to close the gap. He also mentions that you should only short bars that are with trend. If the reversal bar at the top had of been bearish, it would have been a better setup.

 

I think the second L2 I've marked, after the trendline break and pullback, was a better short entry, as it was also a DT short.

 

Having said that, I never took anything in the first two hours, as the bars were too wide and overlapping too much.

Edited July 30, 2009 by DynamicFx

[BlowFish 10]

 

If you shorted at the top of that bar with the arrow, .....

 

I presumed it would be at the bottom of that bar.... where it broke the low of the previous bar. I might be wrong but that seems to be the notation that everyone is using.

[szubaark 10]

yes bottom of the bar with the arrow. the chart i posted is end of day

[DynamicFx 10]

I presumed it would be at the bottom of that bar.... where it broke the low of the previous bar. I might be wrong but that seems to be the notation that everyone is using.

 

Fair enough.

 

I've attached another reasoning, which includes pre-market data. There's two trendline overshoots and a possible wedge. The bar that reversed the overshoots was also diverging. So you'd be expecting at least two waves up, and price to stall at the beginning of the wedge.

 

I'm not too sure on these, but the pre-market data could also be showing a failed final flag, which also suggests a deeper correction.

[thetatrader1520887476 10]

A little abstract from the market. I must admit I got killed today after breaking alot of rules but still way up on the week. I had my mother here telling me how to be a parent and I had both kids 3&4, today should have just throw the $250 in the pot and said I fold lol.

 

Back to the abstract. I was out with some friends tonight "lot of drinks" and some thing came up that I had thought about before but did not wright about. Two weeks ago my bother in law's boat was broke and he was hooking it up to the the truck and taking to the "Boat guy" So I said whats wrong with it, He said won't start. I said let me have a look at it "all motors are the same need air spark and fuel.all markets are the same need buyers and sellers" Had no spark did not even have a crank, going to be easy. I ask got a test light? "rsi, cci, sto.ect." before he answered I had traced the wires to the started and found the blow fuse and had pulled the wires apart and jumped them and said give it a go. Verm. started right up. that was it. Well tonight Bill "brother in law" was bragging "After many drinks" how much money I saved him ext. ext.

 

I didn't see it that way I justed looked for the simplest solution, I had no tools so I was looking for the simple. the key is most thing are simple the dig problems are less likely. But we are always looking for the big problem, or the complex. It's just not the case, things happen over and over because they have too. once in a while it will be the big thing but thats what stops are for, and it is a 50/50 you will be on the right side any way.

happens over in over in life. And we almost always say it can't be that easy. I mean I, we can all think of problems over the last month that we thought might be complicated and they are easy at least to the person with the right frame of mind.

 

well thats what the brooks style has given me "keep it simple and look at what the markets doing and telling you"

Not to give Brooks all the credit but he came along at the right time and at the right frame of mind for me. As Buffy from daCharts e-mini index futures chat community and charts always say's it all works if you learn it.

 

Sorry for the babble, hope it helps.

[DynamicFx 10]

Wedge and FFF.

 

In and out within seconds, as even on demo the tick value is too much for me. Is there any oil instrument or derivative that can be traded with a smaller dollar value per tick, that moves similar to CL.

 

Thanks.

[ACS 10]

Wedge and FFF.

 

In and out within seconds, as even on demo the tick value is too much for me. Is there any oil instrument or derivative that can be traded with a smaller dollar value per tick, that moves similar to CL.

 

Thanks.

 

Look at USO, do not trade the QM futures it is too thin.

[albrooks 10]

Hi, everyone,

 

I am considering maintaining a site and have begun working on one yesterday. I am new at this so it isn't very professional. At some point, I may have some kind of subscription service but I am not certain yet if I would be able to commit to maintaining it long term. I will not do it if I feel I cannot make the commitment.

 

Here is the link to the site:

 

brookspriceaction - Home

 

I apologize for it being in its infancy and not providing much information but I will try to learn more about maintaining a website and then try to improve on the information that is there.

 

Thanks,

Al

[ACS 10]

Hi, everyone,

 

I am considering maintaining a site and have begun working on one yesterday. I am new at this so it isn't very professional. At some point, I may have some kind of subscription service but I am not certain yet if I would be able to commit to maintaining it long term. I will not do it if I feel I cannot make the commitment.

 

Here is the link to the site:

 

brookspriceaction - Home

 

I apologize for it being in its infancy and not providing much information but I will try to learn more about maintaining a website and then try to improve on the information that is there.

 

Thanks,

Al

 

I would not expect anything that takes away from your trading or mine for that matter. The one service that would be most helpful to me would be an e-mail (or web access) after the close of your marked up chart(s) for that day with a little commentry like the first day you have posted. Also it would be great if you could post your list of corrections to the book on your site since Wiley doesn't seem to want to do so. Finally I hope any fees are commensurate with the ability of a beginning trader to afford them. Looking forward to your efforts!

[rangerdoc 13]

Finally I hope any fees are commensurate with the ability of a beginning trader to afford them. Looking forward to your efforts!

 

That's always a tough one. You get what you pay for. Unfortunately, beginning traders can't afford quality mentoring or any other real-time access to successful traders. Basically, we need someone to be charitable by making it affordable to beginners. That's asking a lot.

[ACS 10]

That's always a tough one. You get what you pay for. Unfortunately, beginning traders can't afford quality mentoring or any other real-time access to successful traders. Basically, we need someone to be charitable by making it affordable to beginners. That's asking a lot.

 

I definately agree with you which is why I'm only asking for a copy of the chart(s) that Dr. Brooks is already creating for himself. Scanning and sending a copy to an e-mail list or posting them to a website would require just a little additional time, effort, and cost on his part which he is certainly entitled to be compensated for. Mentoring is a totally different story.

[forrestang 10]

On another note, has anyone been trying to scalp the NQ?

[davewolfs 10]

Wedge and FFF.

 

In and out within seconds, as even on demo the tick value is too much for me. Is there any oil instrument or derivative that can be traded with a smaller dollar value per tick, that moves similar to CL.

 

Thanks.

 

No, your trade was appropriate and you should have re-entered. If you can't handle stops, trade another instrument.

[rangerdoc 13]

I definately agree with you which is why I'm only asking for a copy of the chart(s) that Dr. Brooks is already creating for himself. Scanning and sending a copy to an e-mail list or posting them to a website would require just a little additional time, effort, and cost on his part which he is certainly entitled to be compensated for. Mentoring is a totally different story.

 

Have you looked at his new site yet? He's posting daily reviews of ES. Wish I could be a fly looking over his shoulder for a few weeks. Trading is a very lonely journey. Watching someone else perform successfully could really help us beginners get a better feel for a particular methodology to see it it could work. As a novice, sometimes it's really difficult to know if a tactic is a mismatch & thus may never be profitable for me vs. just a lack of skill that can be improved with screen time & prep.

 

Anyway, For a few months I've been using Brook's methods on the EURUSD mainly for setup and entry triggers. I find buying breakouts takes more guts due to the poor R:R. However, with the extra confirmation I have a higher win % than trying to buy at the reversal. One issue with Forex is that you are dealing with 100 ticks (10 pip) target instead of 4. It's kind of like when stocks went to decimalization & it killed the scalpers, but worse. I demo traded ES & trade EURUSD live. I find the price action of the e-mini to be much more conducive to scalping. Gonna have to stick to bread & butter trades with forex and save Brooks for the e-mini.

[Shamal 11]

Have you looked at his new site yet? He's posting daily reviews of ES. .

 

Had problems viewing the charts "analysis of 30th and 31st July",

 

ie. the charts were not downloading, although the commentary came through o.k,

 

either the server of Al's website, or some blocking on my computer.

 

Would appreciate if you could view the chart , to download and paste it here.

[BlowFish 10]

Wedge and FFF.

 

In and out within seconds, as even on demo the tick value is too much for me. Is there any oil instrument or derivative that can be traded with a smaller dollar value per tick, that moves similar to CL.

 

Thanks.

 

Maybe take a look at ETF's though don't have a clue whether they are appropriate for scalping, as long as they trade electronically and there is enough liquidity I don't see why not.

[rangerdoc 13]

Had problems viewing the charts "analysis of 30th and 31st July",

 

ie. the charts were not downloading, although the commentary came through o.k,

 

either the server of Al's website, or some blocking on my computer.

 

Would appreciate if you could view the chart , to download and paste it here.

 

Maybe a plugin. There's a small "+" in the lower right corner of the pictures in my browser. Click and they open a full-page pic. I'm not sure about copyright, so I'm not gonna attach files. But here's links directly to the full-size images:

 

July 30

July 31a

July 31b

[DynamicFx 10]

Maybe take a look at ETF's though don't have a clue whether they are appropriate for scalping, as long as they trade electronically and there is enough liquidity I don't see why not.

 

I've been trying to figure out the ETF route for a few weeks now, and I've got nowhere really. I never thought I'd say this, but learning the price patterns is not the difficult part, it's the transition over from forex to these other instruments.

 

Books and articles I've read suggest trading the SPY instead of the ES, if you're new to these instruments. However, it appears that you need a much larger account to trade the SPY, which seems to defeat the purpose of suggesting the SPY to new traders in the first place.

 

So it seems I'll just have to continue trading forex until I get past $25,000, then I can consider these other instruments.

 

Brooks says this on his site:

 

If you are just starting out, you should consider day trading the SPY or some other ETF. The FAS and FAZ are very good choices (the 3x financial and 3x inverse financial ETFs).

 

I've never heard of FAS or FAZ, but I assume they fall under the pattern day trader rule too.

 

So it looks like I'm left with the ES or YM, and can forget higher timeframes unless I stay with forex.

[BlowFish 10]

<doh> I forgot all about the rather daft (imho) pattern day traders rule.

[szubaark 10]

The $25K Rule to daytrade SPY will eliminate 90% of people who bought the book and on this forum. Back to the Eminis LOL

[mosley 10]

Hi, everyone,

 

I am considering maintaining a site and have begun working on one yesterday. I am new at this so it isn't very professional. At some point, I may have some kind of subscription service but I am not certain yet if I would be able to commit to maintaining it long term. I will not do it if I feel I cannot make the commitment.

 

Here is the link to the site:

 

brookspriceaction - Home

 

I apologize for it being in its infancy and not providing much information but I will try to learn more about maintaining a website and then try to improve on the information that is there.

 

Al,

 

Thanks for stopping by this thread from time to time, and especially thanks for setting up your new site. Although in its infancy I've already gotten a number of useful pieces of information, with my favorite areas so far the extreme scalping bar-by-bar breakdown of the first couple hours of a day, and the last couple days of July charts with some commentary. Looking forward to further developments as your time and interest permit, and thanks again.

[Shamal 11]

On the chart of 3rd August, on Al Brooks site

 

there are following abbreviations:

 

G ET

ET W

HL ?tri

G H2 ET

 

Does anybody know what these stand for.

[Gabe2004 10]

On the chart of 3rd August, on Al Brooks site

 

there are following abbreviations:

 

G ET

ET W

HL ?tri

G H2 ET

 

Does anybody know what these stand for.

 

brookspriceaction - Abbreviations