Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

brownsfan019

Futures I Trade Show & Brooks Book

Recommended Posts

I've not read his book. But I did see another presentation by him a few weeks back. It was really interesting. He describes himself as a minimalist: Trading from a 15 inch laptop, 5-minute candles and no indicators other than trendlines (if I remember correctly).

 

If I dig it up I'll upload the video. I'm also looking forward to watching his latest presentation later this week.

Share this post


Link to post
Share on other sites

Take a peek under the video directory for an Al Brooks presentation (.mov format) from a few months back. This was from another Futures I Trade Show. I'll post a link when I have the latest video available.

Edited by swansjr

Share this post


Link to post
Share on other sites
The Futures I-Trade Show is currently going on and a presenter there is Al Brooks. I think there might have been a discussion about his ideas on here.

 

While clicking around, I found that he has a book for sale now as well. I have it on order to take a look at it.

 

These online events are very convenient and could offer some ideas.

 

I have his book and is reading it the second time now. There is some valuable information in it, but the book is reading very difficult. He is talking about patterns early in the book which he only explains in later parts of the book. He also explains many things without showing a chart or picture for more clarification, so it is a bit difficult at times to really folllow what he is saying. When you read the book the 2nd time, things make a little more sense and I still think this is a pretty good book.

 

I get the impression that he really is a trader unlike so many other people writing books and knows what he talk about, but is maybe not that great a teacher or explaining concepts. On the other hand, I could be just a bit slow and take a little bit longer to grasp things, which is probably the more likely explanation.

Share this post


Link to post
Share on other sites

Hello Swan,

I registered for the I show and watched the Al Books new presentation called A Month of Great Trades.

Hopefully you are registered at the show too and can upload the new video on the thread that has the other Brooks video. I don't have the recording software myself to do it. If you need the I show link I can get it for you.

Thanks

Roger

Here is I Show link https://presentations.inxpo.com/Shows/Summit/05-09/Website/index.html

Share this post


Link to post
Share on other sites
Hello Swan,

I registered for the I show and watched the Al Books new presentation called A Month of Great Trades.

Hopefully you are registered at the show too and can upload the new video on the thread that has the other Brooks video. I don't have the recording software myself to do it. If you need the I show link I can get it for you.

Thanks

Roger

Here is I Show link https://presentations.inxpo.com/Shows/Summit/05-09/Website/index.html

 

Yes, I was registered and did record it. I have yet to watch it. The video (.mov file) is uploaded and you can find it here under the video folder.

Share this post


Link to post
Share on other sites

Al Brooks is a pure Price Action Trader. and the Book Is All about Price Action.

 

The I -trade show will be archived till Aug.

 

I have the book and would agree that it is hard to read. But the information in the book is priceless. Trading is hard and it will take hard work to become profitable at it. maybe when some others get the book we could start a discussion going over the book and Price action.

Share this post


Link to post
Share on other sites

The first 50 pages of the book are available from Wiley @ http://media.wiley.com/product_data/excerpt/52/04704439/0470443952.pdf

 

I think you could find the hole book online if you search for it. But I would just buy the book from amazon ($47) and read the first 50 pages while you wait to get it. I would think you are going to have the read the book at least 3 times any way.

Share this post


Link to post
Share on other sites

Thanks to the swan man from IL for recording and hosting the Al Brooks seminar in Quicktime MOV.

 

Attached are the ~5x reduced and converted versions to SWF or Flash video. The sizes are about 20 and 26 MB. Use something like the free SWF Opener to play if you don't have a player.

 

BF, these SWF are now hosted on TL and are basically slide shows with audio, which may be as good or better than a PDF.

 

SWF Opener setup

Al_Brooks_Trading _Best_Price_Action.swf

Al_Brooks_A_Month_of_Great_Trades.swf

Edited by thrunner

Share this post


Link to post
Share on other sites

Thanks, these are keepers I think so a reduction in size is welcome (I also dislike quicktime almost as much as I dislike itunes!)

 

What I find particularly interesting is some of the types of action that he fades...micro trend line breaks (fading channel line climaxes is already in my repertoire) I have noticed the phenomenon but not considered trading it, certainly warrants further exploration. Outside bars that have no follow through (followed by a small inside bar near their close) interesting too though I am more apprehensive of that one.

 

All in all an interesting take on PA.

 

As the book has large parts that are commentary on charts I do hope it's edited so that charts and comments are on he same (or facing) pages where ever possible. That would be my biggest criticism of the draft, though he should probably have presented 2H 2L right after trend bars and range/doji's imho.

Share this post


Link to post
Share on other sites

Surprised there has not been more interest in this stuff. Here are some quick notes I made to test my understanding of some of his concepts. They may (or may not) be helpful.

 

Trend.

 

Bars making new highs/lows closing with good seperation from the open.

 

Trading Range - Brooks uses the term Doji for simplicity.

 

Brooks Term for absense of trend - Doji, Inside Bars, narrow bars etc. even outside bar can be consolidation if it opens and closes near the same level. Rember he analyses bar by bar so a single bar can be a range (or trend). Context plays a part too.

 

Barbed Wire

 

3 or more sideways range bars.

 

H1 H2, L1 L2

 

Occur in congestion or correction within a trend. H1 is first isolated high in a -ve correction in a bull trend. It marks the end of the first leg. H2 is the second isolated Hi and marks the end of the second leg.

 

H1 H2, L1 L2 variation

 

As above but with a higher close rather than an isolated high. It is the two legged nature of the correction that is important. A Lower time frame will likely isolate the legs more clearly.

 

Some principles.

 

If a market makes 2 attempts to do smething and fails it tends to do the opposite.

 

'Close enough' is good enough. If a patern resembles a good pattern it will likely behave like that pattern.

 

Traps - if you don't apreciate that the exact opposite can happen you will be trapped in and out of trades. Akin to 'in poker if you don't know who the mark is, its you'

 

Patterns.

 

Best Entries are 2nd ones and failed break outs. Very best probablly the 2h in an established trend. (if momentum is strong and or the trend is new you will probabbly only get a 1 legged correction).

 

First one or two bar trend line break often resume trend (i.e. fade and enter with old trend). My observation is you will often get an equidistant (size of channel) correction and then resumption. This is similar to Parsons 'split'

 

Counter trend trade - a trend line break and test (similar to trader Vic). Or failure at (preferably a poke through) channel line (climax) follwed by a test. Must see some strength in new direction. Best are after 3 pushes (so 2 pushes and a test).

 

Treat any 3 pushes as a wedge. (my interpretation needs to be at the end of a trend with lessening momentup/shortening of swing)

Share this post


Link to post
Share on other sites

Thought I'd have a crack at application of Al's take on PA

 

First green ^ was a scalp (as counter trend and a doji) however after three pushes down and a poke I though it worthwhile (also a longer term horizontal S line there that I would have looked at trading anyway)

 

First red is with trend, micro channel break and end of two leg correction it is also a LH.

 

Last trade shown is again a 2 leg correction and a LH it is also at a bear trendline (not shown) through previous two highs. got a partial (+5 points) but took the stop to BE+1 too soon. Funnily enough I was thinking hmm trap. I think Al would have probably entered short again but to be honest I thought the bears where starting to look tired so did not.

5aa70edab8da4_FDAX06-0926_05_2009(5Min).thumb.png.711ce29ce36a552994f6313195266b99.png

Share this post


Link to post
Share on other sites

Nice job blowfish. Looks like you are starting to get into the meat of his method. I have just downloaded the video that swan posted and will begin viewing it. I think if a person learns to trade his way they could be very profitable. Well we know he is but it's learning to do what he does that is hard for many. I gotta knuckle down and learn it. I hope others will continue to post here to keep us updated with their experiences.

Roger

Share this post


Link to post
Share on other sites

I think if you have a reasonable grasp of 'traditional' price action it won't take too long to get up to speed with the basics of his approach. There are a lot subtleties there too mind. I particularly like some of the 'failure patterns' (for want of a better term), stuff that I am sure most people who have studied price action recognise he presents strategies to capitalise on.

Share this post


Link to post
Share on other sites
Thanks to the swan man from IL for recording and hosting the Al Brooks seminar in Quicktime MOV.

 

Attached are the ~5x reduced and converted versions to SWF or Flash video. The sizes are about 20 and 26 MB. Use something like the free SWF Opener to play if you don't have a player.

 

BF, these SWF are now hosted on TL and are basically slide shows with audio, which may be as good or better than a PDF.

 

SWF Opener setup

 

Downloaded the two files and the SWF opener,

installed the latter, but unable to open the files to view, normally when you install any program, it should be in the program folder, and if the exe. file does not appear on the desktop, you can drag it from the program folder.

However nothing doing here,

Apparently it does not like the browser I am running which is Opera.

Any suggestions.

Share this post


Link to post
Share on other sites

I use media player classic (a basic lightweight media player) with the K-Lite codec pack (codecs for just about everything you might want to play). Doesn't answer your question but is an alternative way to view them.

Share this post


Link to post
Share on other sites
I use media player classic (a basic lightweight media player) with the K-Lite codec pack (codecs for just about everything you might want to play). Doesn't answer your question but is an alternative way to view them.

 

Presume you are referring to Windows media player , is it then just a matter of downloading a free K-lite codec pack off the internet .

 

Anyway transferred the file and SWF to my another computer which I use strictly for charting where there is still windows internet explorer and it is o.k

 

Looks like on the other Opera's java script block was causing the problem.

 

However will try your codec pack and see if the viewing is better.

 

Al Brooks certainly comes through as a competent trader, have not gone through both of them as yet, probably will do it tomorrow, gorgeous day outside to be sitting in front of a computer:))

Am also going through the 50page PDF , lot of price action is consistent with Wyckoff although Al does not use vol, but he does use terms like climax etc and think in his book there is a section with vol.

 

Like you have ordered his book, would certainly be useful not only for my trading but for the learning curve of my family members.

Share this post


Link to post
Share on other sites

Actually Media Player Classic (aka "MPC") is different from Windows Media Player (aka "WMP"). It is far superior to WMP, and it is free, open source, and as BlowFish said, it doesn't require much space on your hard drive. To clarify, WMP is a Microsoft product, and MPC is not. I alternate between MPC and VLC for video playing, and with these two along with the proper codecs (K-lite codec packs are good), you can play just about anything.

 

MPC: SourceForge.net: guliverkli

VLC: VLC media player - Open Source Multimedia Framework and Player

Share this post


Link to post
Share on other sites

stanlyd

 

Great stuff, there is a lot going for Al Brooks analysis, guess we should have a thread "Trading Al Brooks Way",

 

think if one has an understanding of wyckoff, it is relatively easier to understand his terms and to visualise what part volume could be playing, although Al himself does not focus on that. But looking at the content of his book on internet, there is a mention of vol I believe. could be wrong.

 

Anyway in Wyckoff forum they have shown that vol. only is relevant when prices approach certain support/resistance zone, trendlines etc.

 

IMO combination Al brooks bar by bar price action and Wyckoff price/vol (EFFORTv/s RESULT) should be beneficial to all traders. and ofcourse to cap it all, add Taylors method and then the focus can only be on the expected trend , and the trading rules for a particular day.

 

BTW the articles do not have charts, do you have them, if so would it possible to upload them here. However have ordered his book, so presume all this stuff would be there.

Edited by monad

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • Bitcoin Cash (BCH) Breaches More Resistance Zones, As Bulls Gain More Grounds Key Resistance Levels: $275, $300, $350 Key Support Levels: $200, $160, $120 BCH/USD Price Long-term Trend: Bullish Bitcoin Cash has maintained its bullish run as the resistance at $240 and $260 were broken. Unfortunately, BCH reached a high of $280 but was resisted. The bears pulled back to the low of $260. The market is holding above $260 support. On the upside, if the bulls sustain price above $260 and the $280 resistance is broken, BCH is likely to reach a high of $350. On the other hand, where the bulls fail to overcome the current resistance, price will fall to the low above $260. BCH/USD – Daily Chart Daily Chart Indicators Reading: Bitcoin cash is above 80% range of the daily stochastic. This means that BCH is in the overbought region of the market. It also means that sellers may emerge at the $280 overbought region. The downward move has already began. Although, the extend of the downward move is unclear. The 26-day EMA is acting as resistance to the coin BCH/USD Medium-term Trend: Bullish On the 4-Hour chart, BCH is in an uptrend. BCH is making a series of higher highs and higher lows. BCH has reached a high of $280. The price is retracing from a high of $280 to a low of $260. BCH/USD – 4 Hour Chart 4-hour Chart Indicators Reading BCH has risen to level 54 of the daily Relative Strength Index period 14. BCH is above the centerline 50 which means that it is in an uptrend zone. The moving averages are sloping upward indicating the uptrend. General Outlook for Bitcoin Cash (BCH) Bitcoin Cash has moved closer to the uptrend zone as the market reaches a high of $280.The bulls are yet to break above the current resistance after being resisted twice. The price is currently consolidating above $260 to resume an upward move. Source: https://learn2.trade   
    • GBPJPY Recovers Momentum Beyond The Level At 134.00 GBPJPY Price Analysis – April 8 The British pound got some momentum and pushed the GBPJPY cross to fresh session highs, above the level of 134.70. The claim that UK Prime Minister Boris Johnson has been reported to be in a stable state, although he continued in ICU, appeared to be the only variable that contributed considerable strength to the pound. Key Levels Resistance Levels: 147.95, 138.68, 134.72 Support Levels: 130.49, 127.54, 122.75 GBPJPY Long term Trend: Ranging In the broader context, ongoing development implies that market behavior at a level of 122.75 (low) is simply a horizontal consolidation trend which has been concluded at 147.95 level. Bigger downward trend from level 195.86 (high) and that from level 251.09 (high) may continue. The 122.75 level break may approach the 195.86 to 122.75 forecast of 61.8 percent from the next level of 147.95 to 102.76. The trend would in any way stay bearish as long as the level of resistance stays at 147.95. GBPJPY Short term Trend: Ranging GBPJPY stays in the corrective increase from the level of 123.99 and the trend remains intact. Another increase may be observed, but the upside would be constrained by a retraction of 61.8 percent from 144.95 to 123.99 at 136.92 levels to restart downward movement. On the downside, a break of 129.85 minor support levels can alter the downside bias for a low level of 123.94 retests. The sustained break of the level at 137.00 may, nevertheless, improve the chances of trend reversal and shift emphasis to the level of resistance 144.95. Instrument: GBPJPY Order: Sell Entry price: 134.72 Stop: 135.00 Target: 133.39 Source: https://learn2.trade 
    • Date : 9th April 2020. FX Update – April 9 – 4 Key Events Today.Narrow ranges have been prevailing in currency markets ahead of some big event risk items on today’s calendar.Asian and European stock markets, and US index futures, have retained buoyancy amid hopes that the peak global coronavirus infection rate may be approaching, which could mark the end of “phase 1” of the pandemic, with “phase 2” being how to exit from lockdowns while there is, as yet, no vaccine or cure.EURUSD has posted a 40-pip range so far, with a two-day low at 1.0840 marking the downside limit. USDJPY has been idling in a 26-pip range, with 109.06 marking the upside cap. Cable has settled in the mid-to-upper 1.2300s, below yesterday’s one-week high at 1.2421. UK Prime Minister Boris Johnson remains in intensive care for what is now a fourth day. Official updates, as of yesterday, reported that he was responding well to treatment, but after downplaying his condition ahead of him being admitted to hospital and then an ICU, there is a degree of uncertainty about the accuracy of this. AUDUSD has edged out a 24-day high at 0.6246, buoyed by the current optimism in stock and commodity markets. USDCAD has posted a range of 1.4000-14054, holding within yesterday’s range. Ahead today, attention will be on:   The recommencement of the EU finance ministers’ meeting, at 15:00 GMT after yesterday’s meeting failed to find an accord on a region-wide fiscal plan to offset the impact of virus-containment measures. The OPEC+ group of oil producing nations will also begin its teleconference meeting, from 14:00 GMT.Markets are looking for an agreement to slash crude output by 10 mln barrels a day. There is significant scepticism among oil analysts that even a cut of this magnitude would be sufficient to offset the level of recent demand destruction. In the US, the weekly jobless claims report will once again take top billing (it’s expected to once again paint a dismal picture), along with ongoing deliberations in the US Congress on fiscal relief measures. Finally, FED Chair Powell is scheduled on a conference call from the Brookings Institution in Washington DC. Note that trading will thin into the long weekend and tomorrow’s Good Friday holiday.Always trade with strict risk management. Your capital is the single most important aspect of your trading business.Please note that times displayed based on local time zone and are from time of writing this report.Click HERE to access the full HotForex Economic calendar.Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!Click HERE to READ more Market news. Stuart Cowell Head Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Date : 8th April 2020. April 8 – Europe and EUR update.Sentiment collapsed further in European session on the news that EU finance ministers failed to reach deal and also on the announcement from German institutes, which they estimated nearly 10% contraction in Q2, the sharpest decline since records began in 1970. This topped the concerns of pandemic and related shutdown of the economy.EU leaders will meet again tomorrow. Discussions on how to finance a European wide response package to the pandemic have not yet found a compromise. Demands for Eurobonds clashing with the red lines against mutualising debt in countries such as Germany, which would make the introduction of new financing measures a lengthy affair even if officials were to agree to such a step. The southern European states (especially Italy) are keen to have debt mutualisation (“coronabonds”) as part of the package. The most likely outcome is a use of ESM funds to finance immediate aid measures, coupled with funds from the EU budget and the EIB investment bank to finance economic measures not just through the immediate crisis, but to kick start the recovery once lock downs have been lifted.Last but not least for European economy, is the fact that ECB lowers collateral standards, to keep credit flowing. The central bank announced that it will temporarily lower standards for the collateral that banks can use to access ECB funds. The move is aimed at keeping credit flowing through the crisis and will also allow Greek debt to be used. Furthermore the haircut applied to collateral, which will allow banks to borrow more money against the same amount of collateral. As a result the ECB will take on more risk onto its own balance sheet, but the hope is that by strengthening banks’ access to funds the central bank can boost lending to households and businesses. For Greece it will also give the government more room to finance its measures to get the economy through the pandemic. The central bank stressed that the “measures are temporary for the duration of the pandemic crisis” and will be reassessed later in the year.Hence as risk-on has turned today into a risk-off, the EUR weakens so far today on USD strength. It will be very important for the long term stability of the bloc that there will be a clear signal of solidarity at tomorrow’s juncture.EURUSD concurrently declined by almost 0.5% in making a low at 1.0829, resuming the bearish outlook in the daily picture for the asset. Yesterday’s rally spread concerns whether the EURUSD possible trend revernsal however today’s swing lower again along with the decline for 7th consecutive day below 20- and 50-day SMA suggest that yesterday’s rally was just a correction.In the 1-hour chart, EURUSD is moving within a tight downchannel since 1.0925 peak, with lower ups and downs seen since then. Hence in the near term any recovery within the channel could be interpret as a correction prior a pullback. Intraday momentum indicators are mixed with RSI at neutral zone posting lower lows since yesterday, while MACD lines have been zeroed suggesting that bulls have lost the control today. Additionally, the mark of a hummingbird by Bollinger bands pattern, which indicates a bearish signal in the daily chart, could signal further weakness in the near term.In order the near term picture to turn to positive again, the hourly RSI needs to sustain a move above 50, while we need to see a swing outside the channel and above the confluence of the latest up fractal and the 20-hour EMA, at 1.0892. Meanwhile, in the medium term outlook, the asset is facing a strong Resistance area at 1.0950-1.0965 (50% Fib. retracement from 1.1146 downleg and 50-day SMA). A decisive breakout above this area could imply to the continuation of a recovery for the asset.Always trade with strict risk management. Your capital is the single most important aspect of your trading business.Please note that times displayed based on local time zone and are from time of writing this report.Click HERE to access the full HotForex Economic calendar.Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Successful trader is a myth. Everything depends on time and circumstance, also the behavior and approach used by the trader. Right time trade and right judgments can make all difference in winning and losing. 
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.