My point...Al Brooks may have a course on Forex but he does not have a course on market context. Thus, you're complaining about a course he does not offer but determined after many many years of using the trade method that you needed to learn about market context. To find your market context of your Forex trading instruments...you will most likely need to find someone else that deals specifically with market context of Forex. Simply, you're going to need using two different education resources instead of relying on Al Brooks for everything when, as you noted, does not offer services on everything... Al Brooks for the trade method and someone else for the market context for trading Forex. wrbtrader
Listen up. Brooks says context is more important than any single setup. And he goes to quite lengthy explanations of contexts. For Brooks the larger context is his “market cycle” that he so adeptly talks about. He will look at the present context (present market cycle) and at times the prior context (the prior market cycle before the present market cycle). These are the larger contexts. Then you have the immediate context which is the price patterns that are taking place within the present context mentioned above. These are things like wedges...micro wedges...flags...DT...DB.. micro and larger. Trends and micro trend...Actual PB’s...and implied PB’s ...triangles...channels and micro channels...etc So, a trader looks for the contexts; the larger (the market cycles) and the immediate (which again is the price patterns). Once he has determined that he looks for setups such as H1’s...H2’s...L1’s...L2’s ....BO’s...implied PB’s..etc. He is paying attention to setup bars and the more immediate market pressures that are within a price pattern..that in turn is within a market cycle...he then enters the market by taking a position on an entry bar. Not all setup bars are equal. That is not all H’s are equal. Some are stronger than others and have higher probability. One determines the probability of the setup and entry succeeding by looking at the pressures bar by bar that are taking place in the price patterns. He then uses the traders equation to structure his trade so it will have a positive traders equation. That is he will adjust the three variables of the trade in the traders equation (i.e...the PT ..the SL..the probability of success) to a point that he thinks will render him a successful trade with a profit. You might liken this trade structure to fine tuning. He does this BEFORE entry. Once he learns the process it is mostly done on the fly in his head without actually writing the traders equation down. Experience will teach him how to do it “on the fly”. ok to summarize: when I say you I mean any trader using brooks concepts properly. 1) First, you got the larger contexts (market cycles) you are looking at. That generally means the market cycle and previous market cycle in the TF that you are trading BUT can include a peek at the market cycles in a larger TF. So if one is trading a 5 min TF he may take a quick look at the market cycle in say 15 min or 30 or even a 1 hour time frame. This is more for orientation. The main focus should always be the cycle on the TF he is taking his trades in. 2) Next, you got the immediate or present context which are the “price patterns” within the larger context that are leading to setups. 3) you are looking for “setup” bars within the “price patterns” pay close attention to bar by bar pressures as the price making and bar formation unfolds. 4) you are then structuring a trade using the “traders equation” that will fit the size of your account and your risks tolerances. You are just pulling out a pistol and pulling the trigger just because you see an H1 signal bar by followed by an H1 entry bar. Not all H1’s are equal. Not all L2’s are equal. You have to determine ( to the best of your ability ...the strength of such single signal and entry bars by looking at the pressures in the preceding bars (within the present price pattern AND the larger market cycle) but especially in the pressures in the dynamic unfolding of the “present bar” and last 3 to 5 bars as price is being manufactured in the present bar all within TF you are trading. Dialing down to smaller TF’s (for instance 1 min or 2 min if taking trades on a 5 min TF) can often help see the pressures clearer but not using the smaller TF for entries. 5) you then take your position followed by falling down on your knees and begging the market for price to go in your direction as you have dutifully paid your dues with logical and detailed analysis prior to entry. LOL So, there I have pulled together for you the many concepts Mr. Brooks discusses (with the exception of number 5 as I don’t perceive Mr Brooks would ever beg the markets..ROFLMAO) in his books and videos and in much much more detail and in repetitive fashion piece by piece. Repetition is a didactic principle which some find boring or even confusing but which is hugely successful if one will wade through the teaching. Most people want instant oatmeal or grits. They want to eat at “fast” foods. Unfortunately, life is not so simple, nor is trading, regardless of the worn out KISS idea. However, if a trader is satisfied sitting around twiddling his thumbs as he waits for setups he may choose to make his money trading only 1 or 2 setups. Such as actual or implied PB’s, and BO’s. And get really good at it. BUT ...IF HE WANTS ACTION..He can learn the many setups in Brooks toolbox and possibly get quite proficient at trading them. IMO
yes thanks for that . his set ups form the first chapter so the rest of the book is the context. quite simply ....trading is not simple so i was quite right in saying that focusing on set ups is not very productive. the problem is when book imply 'read and you can do it.' and some people believe it. what you outlined above as context is what is called technical analysis....Brooks is just explaining it, as are many other books. and it takes a lot of time and effort to become proficient in it.
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