Yes...no argument. I know how he defines stuff and what he's teaches. I just don't agree with many of his definitions and some of them have been "corrected" from one book to the next book. Simply, even he himself knows some stuff were defined incorrectly via the fact he has corrected them. I know a few traders that uses his stuff successfully (I've seen proof) and others that has shown it doesn't work (I've seen proof) and others that just don't understand it (never getting a chance to use it)...that has never been my discussion in this thread and not sure why you're rehashing that stuff to me. Al has expanded his stuff a lot since his first releases and you're going to see new material from him over the next few years. Just don't pretend its new ideas just because its in a new book because no matter what name we give it...its already been discussed and used long before we became traders. P.S. I already knew guys before Al that called themselves "price action traders" while using indicators because the indicators they used...they don't consider them to be indicators OR the indicator on their charts was there for illustration purposes only and not for trade decisions. Ok...whatever.
He states repeatedly in his books he doesn't, other than viewing the 20 ma's of those frames on his 5 as they serve as S and R. Those are the only indicators he has on his charts. MA's. He states that using other time frames distracts his concentration. I stated earlier to you that I prefer to do that. That is my preference, not his...in case you misunderstood me. Regarding your first sentence, you mean the ones who aren't shorting the top, because that's going on, too. It's called scaling. He states that most HFT firms are using mathematical models, not candle charts, and couldn't care less about candles. Maybe you should read the newer books, because you are contradicting a great deal he speaks about. Not flaming you, but telling you what I've taken (and am still taking away) from his latest books and series. As far as why he would share his knowledge, he's indicated he's getting old, and maybe he just wants to share his knowledge (many will tell you he was pressured into it by his followers after his first book.) He's indicated as much. I've paid 300 for everything I've gotten from Brooks. I paid 200 I think for just one or two dvd's from Pristine, and 2000 for one class, before I realized they wanted much, much more for far less than I've learned from Brooks. And regarding people with less than good intent: Look up Greg Capra's old partner Velez. Do a search here at ET. Go to those guys and watch how fast you're forking over tens of thousands...mostly for setups and candlestick patterns. And like I said, you wont see the day to day shit patterns that are tradable, only the very best, the ones you might see once in a week...looking at a dozen different time frames.
I was under the impression price action trading uses support and resistance, and Brooks views MA's as support and resistance.
He actually clarifies in his vids what the traditional definitions are, and then what he chooses to call them regarding his method. I don't consider his ideas new. I've always seen the patterns...just didn't know they were tradable...and like I said, only was taught prior what the perfect setups look like, and as long as you've been in the game, you might agree that means almost never.
I posted earlier about how I would recommend Al any time. I feel I need to elaborate. Al Brooks is someone who has a feel for the market that can only be gained through decades of trading. He loves trading. It's in his DNA. This is a guy you need to learn from if you too love trading, that I can say with utter conviction after having followed his stuff for over 5 years now and having been in his live room for well over a year. If he was full of crap I would have seen it very quickly as I've bought many courses and been in many live trading rooms over the years. But - any sane person after spending a decent amount of time with him as I have will recognize not only brilliance but also the deepest of honesty and sincerity - either that or he is the best actor since Shakespeare. He admits he's not the best teacher in the world, and I must agree! Oftentimes I've commented to myself that he could do things better and I could have done better, quicker, if he was a better teacher. But, he is a born natural trader, not a born natural teacher, and to that end I would add that if you want to be a trading apprentice learning under the very best that there is, then I can only recommend spending the next 4 years under his apprenticeship - or until he decides to stop teaching that is! Yes there are many ways to trade the market, and you have to find your own way because you should not follow anyone long term and trading is VERY personal. But Al is a good start and he will help provide you with a good foundation for you to find your own way thereafter.
You can use support/resistance in price action but price action isn't dependent upon s/r. Most of the price action traders I ever met uses Bid/Ask screens...no charts and no s/r info. Simply, there's LOTS of definitions about what is a price action trader. Who knows, maybe 100 years from now and with new technologies...there will be a different definition of a "price action trader". Thus, all the definitions today will be obsolete or not applicable to current market conditions 100 years from now. Yet, their origination can't be ignored.
I can't disagree with you. To be completely honest with you, I actually don't care what it's called. I just like that it's finally helping me to understand the footprints of the activity. I believe his intent is honest, or he would charge what the others do. I will say that I learned the basics from the others (though such teachings were extremely overpriced), and 12 years of experience, but I never thought of things as being important such as the number of pushes in a pattern, or trading tops and bottom of ranges the opposite of trading trend pullbacks. That is the value of my very small investment. To me, it's just trading. I used to use the indicators (my fav was RSI, but tried most at one time or the other), but now just use the 20 and 200 ma's, and strictly for S and R (like to fade pullbacks to them in trends:eek:, then add the remainder of my risk if the BO occurs). I do like to use higher time frames to validate smaller frame entries that I then view as early entry opportunities, and Al does say that is OK, though he feels that it is a distraction ( I would do it anyway, and in fact, do!). Appreciate your thoughts wrb (does that stand for Wide Range Bar?). My favorite bar is an outside bar...but only in the proper context!
I agree. I too think Al has a sincere interest to help others. Some he has helped and others he was not able to help. That's not odd considering at the end of the day...if its not automated...two different traders using the exact same trade method on the exact same trading instrument will have different trade results. Why? Learning a trade method and learning how to trade are different. We all can learn the same method but we will apply it differently due to other variables being using with that trade method. A trade method is a component of a trading plan. Therefore, if each of us have different components in your trading plan working with the exact same trade method...we will have different trade results. To learn how to trade...we're on our own and its our sole responsibility and not that of someone that teaches a trade method.
Brooks has no idea where to direct his students to place stops, other than below what you think is a swing high or low. That's why he uses a wide stop and scales in. Non-veteran traders or non-wealthy traders cannot do that and survive, even attrition from HFT and algorithms has surely culled many veteran traders since the HFT revolution began (Brooks says HFT has no effect on price beyond 1 to 2 ticks and provides liquidity). The 5-minute bars provide no meaningful areas of support and resistance in real-time, only in retrospective analysis, it's dangerous and irresponsible to pitch retrospective analysis and sell dreams to the naive and new traders.