You know what's really funny about Al Brooks. He actually thinks that traders at Goldman Sachs and Morgan Stanley trade just like him. They all trade off the 5-min chart exactly the way he does.
PA is at best a secondary observable effect of intentionally disguised institutional activity. Fixed that for you/him.
I remember him specifically mentioning GS and MS either in his book or in one of his articles or seminars. If I can find where it is, I will post it here.
Sure, I understand that and infact I concur that trading on PA alone is not ideal but for all the garbage sold as 'Trading Books' its one of the few in recent times that had any interesting observations.
could someone give the link to the chatroom? I couldn't find it via search and I must've missed it flipping through the pages..
You can get to the chatroom from the brookspriceaction.com page. They are starting up a "Live with AL" webinar for $99 a month. Sixty dollars for December.
Partly as a result of this thread, I ordered the book from Amazon in mid-November. I returned it the day after I received it. Admittedly, I only read the first 50 pages or so and leafed through the remainder very quickly, but I found it was not for me. Every bar can potentially be a setup bar? And there are so many interpretations and variations that I personally found it a bit too discretionary and open-ended for my taste. It's always useful to look at how others go about it, but I think I'll stick to my own knitting. Evidently, others got much more out of the book than I did.