Forgot to mention one thing: Entries for me are far not always bar by bar signals. Quite often good entries are simple breakouts on micro-timeframes, which fit well in the bigger context (like today, when daily and hourly picture suggested rally all day and every dip or even new high simply bought made money).
One more thing: all said above is related to trading the Euro. ES in my view, can be quite well traded bar by bar using 5-min chart alone. Not sure about stocks, never seriously traded them.
You realize, of course, that neither you nor Xspurt are describing the Al Brooks way? That's been my whole point all along. I am well aware of the fact that price action can be profitable way of trading, but Al Brooks misses several critical elements (despite writing hundreds of pages) in his "ramblings".
Of course we describe our approach (more exactly our individual variations of approach, since my approach is derived from Xspurt's tactics but differs in some elements). And yes, probably it is more optimal than Brooks's methodology. Probably not. Because as I said, ES can be traded pretty well by using 5-min chart alone. Any other market likely too. I believe watching just one TF can be developed to intuitive stage so that a trader could trade off it alone very well. It's just.... Not my style maybe. I like to see the whole picture.
What critical elements does he miss? I've yet to find anything detrimental to my trading that wasn't covered quite thoroughly by Brooks.
I agree, cornixforex. Trading, at least for me, is about context. Al Brooks seems to be lacking any concept of context. If one is going to focus only on one time frame, I'd at least have a look at the tape -- but that's just me. Regardless, if one is focusing only on chart patterns, and especially if one is limiting oneself to a single time frame, there's no need for complicated books. Those who are able, figure it out on their own anyway. There's a reason why Al Brooks' work hasn't spawned thousands of millionaires. Therefore I think it's disingenuous of people like NoDoji to sell the idea that his books is all one needs. I understand that she's trying to be helpful, but it will end in misery for many. Learning the set-ups are easy, but being able to read price sufficiently to filter out enough losers is the real key to success. That's not something one learns in a book, and, in my experience, not something that can be taught.
I can recommend a retake of the pro Bunny girl cross , or a new course on "hot to correctly using moving averages by Dr Brooks" Maybe some prick (a dick)should promote "using mas correctly by Dr Brookes" and then get AustinP to market these courses.He should even open up threads on trading high probability mas by Dr Brookes The buyers should ten be locked up in the cuckoo's nest. http://www.youtube.com/watch?v=2WSyJgydTsA Then AustinP can apply for job for acting as Murphy , the incumbant who does not like doing tradingwork in life , but selling courses.
I don't think it's Brooks's fault that his works didn't spawn thousands of millionaires. People easily wreck even mechanical systems, not to speak about investing enough time into deliberate practice of discretional approach. And I think that is wonderful, because achievement is relative term. If some goal didn't demand much, it wouldn't be worth to be The Goal. P. S. One more word in Brooks defense. Context to a certain degree can be seen using just one timeframe, if watch at least couple of days back chart of this timeframe. And Brooks recommends just that. P. P. S. I prefer to be aware of news and fundamental factors, though, because macro picture is not that of negligible importance even for a scalper. One better be aware of news at very least to know when to be careful of vicious moves.
He fails to describe price action better than those that have tried before him. Edwards & Magee's book is still valid, but everyone seem to miss that fact. For candle patterns, I'd say that Steve Nison does a better job, but I don't give it much credit or use it myself. All that is ultimately meaningless. The people who are meant to trade price action only needs to sit down and observe. Trading isn't really about bars, it's about trading levels and/or momentum. Most seem to forget that there are underlying processes that forms those, arbitrarily chosen, bars.
Thank you, but I believe Brooks also was right, when he wrote: "Mah should continue to become better and better at the cello and by doing so he will make far more money than if he also started playing the flute." Moral is one better stick to her/his own style, which is result of serious practice, peferably as long as few years at least. There are simply no shortcuts.