Summoning ritual is put "Brooks" in the title of a thread, LOL! His first book is the calculus textbook of intraday price action trading.
There are many different styles of scalping. You can find definitions of these methods all over the web. There isn't "one definition". Comparing the name of a candlestick chart (which is pretty much the same thing between all traders) to the various methods people use to "scalp" (literally limitless) isn't that strong of an argument. You can even see this definition on popular sites like Investopedia: http://www.investopedia.com/articles/trading/05/scalping.asp "The third type of scalping is the closest to the traditional methods of trading. A trader enters an amount of shares on any setup or signal from his or her system, and closes the position as soon as the first exit signal is generated near the 1:1 risk/reward ratio, calculated as described earlier."
Q3D: You simply aren't ever going to make it as a trader. Give up now. You have a terrible attitude, a terrible personality, and you cannot take the blame for any of your own mistakes. You also don't even understand the things you are trying to write about. You simply don't have basic knowledge of the things you are discussing. It's time to quit, my friend.
Who do you despise the most? a) a common thief who steals $500 of your property when you are not looking. b) a conman who deceives you out of $500 by making you believe he can help you when he cant. c) Justin Beiber I despise (c) the most followed by (b). I don't like (a) but realise he is probably just doing it to feed his habit or family, he is not giving false hope. PS - I am not saying Al Brooks is a conman, i don't know nor care.
I never called him anything. I never heard of him outside of elite, im not on those kinds of mailing lists. Appears to be just another dream seller-- nothing wrong with that-- i just prefer to ONLY take advice from proven succesful folks. But others can do whatever they want. Just wanted to clarify. surf
Brooks says institutions buy the close of bull bars that close on their high ticks because those bars close on their high ticks. Context is determined by the bars prior, often prior in the days before, why else does Brooks refer to the 15 min and 60 min charts to predict 5 min patterns beforehand? I'm willing to wager I know more about price action than you do, thanks to Edwards and Magee...or Brooks I mean, put your money where your fingers are and start trading more than 1 lot on the ES, if you even do that, we'll see how long you last.
I'm very serious. The issue is that the indicators he uses...he doesn't consider them to be indicators (e.g. moving averages). In simple terms, if you don't consider an indicator to be an indicator...its not an indicator. Therefore, via his own definition...he's not using indicators even though he admits that moving averages are listed traditionally as an indicator...its long defined prior to him becoming a trader. I didn't try to corner him any more after that...it was clear to me then about how he views stuff. By the way, there was a guy here at ET that uses RSI indicator but because he studies "price action" (from Al Brooks)...he too considers himself a price action trader. Ok...whatever. Regardless, folks can change definitions any way they want to make it look "modern" or "new". At least they should acknowledge the original definition and then specifically state they are using a new definition. My next task is to convince that guy in the trade journal section over at BigMikes that AL did not discover "price action trading". Yeah, he too is a newbie. P.S. I've been trading since the late 80s. Guess whom coin the term "scalping" ? Hint: It wasn't a retail trader and there was no Emini Futures back then.
In his video series (and his new editions 1 - 3), he refers to "scalps" as trades with a 1 to 1 risk/reward ratio. He refers to 1 minute or shorter time frame scalping as "extreme scalping". 2 to 1 or higher RR is considered a swing. He prefers the 5 minute, but tracks the 20ma on the 15 and 60. He often mentions that his system is effective on any time frame, and I agree, though naturally you will have larger stops on bigger frames, thus lower size. I find his approach to be extremely cold and logical, a necessity now in the HFT world of institutions trading against each other on the smallest of time frames. He often states in his new books that if you trade with emotion, you will lose...period...because computer have no emotion and don't care. If the OP had read all three books, I don't believe he would be stating that Al is lost on the HFT factor. In fact, in his books, he indicates that you will often see the perfection he speaks of, which he believes to be the evidence the markets been primarily traded by computers. I've seen such perfection routinely, even on large frames, and will occasionally fade such areas with money stops, providing they are not being tested by news events. There are times when the 5 minute is very tradable and times when other frames might be more so, and Brooks indicates to trade the frame you are most comfortable with. He is not fixated on the 5, but simply prefers it for himself. Bigger frames give you more time to think, smaller more chances to make or lose money, but also more stress, which is his reason for the 5. I also disagree with OP that the EURUSD is more predictable than the ES. I don't think any market is any more predictable than any other.