pit traders are a special animal and breed. tape readers would not have had a problem with the change to electronic mode:traders like Livermore. Charts have not changed, price action and price movements will always have the same character
Is interesting u would state this claim. have you no written book also? on this website as well? when you also help trader to learn to trade, did you ever talk on where you place trade? no! may be once I state name dbphoenix, then people will know? why u also use name Icranston? you like posts that you write. is it not sad you have to like posts you write? incranston is every time sending traffic to other site where dphoenix post. when you look at post of icranston, Frederick forsight and dbphoenix, you see so much similar. is very clear to any one who look. all talk same way. funny you talk bad of mr. brooks but you also do same. no talk of trade, no enter, no exit.
Trading bar-by-bar is not for everyone. Decisions are made very quickly and difficult for longer time frame traders to grok why anyone would subject themselves to that state of constant ambiguity. Depending on context, one can shift bias several times during the building of a single bar. The idea of stating a price of entry is a bit humorous in a 5m context for it’s more about dynamics and relative geometry. I respect AB’s work, not had the time to dig deep into myself yet but the same principals still operate. What some consider noise others have finer distinctions to transform that noise into meaningful signal. To disparage someone else’s accomplishment is more of a reflection of personal character than anything else.
there are numerous instance where Al does give entry stop placement: entry on L1, stop above the signal bar target 2 times risk. Al is not all bad, neither is Toni Hansen or Joe Ross. but all of them have different names for the same technical pattern:Al calls it L1,Hansen calls it Phoenix, Ross calls it Ross hook! There are two sides to everything and both are correct we can argue here till bull turns to bear and bear turns to bull but what matters in the end is who laughs to the bank
Can you read? This is not my text. I copied it from the site I linked. As for the placement of trades, this was from Brooks's real time trading chat room. Trading, not pontificating. And he evidently failed to make any specific calls in a real time trading chat room. If you see nothing wrong with this picture, then you should sign up and luxuriate in all the learning; I'm sure operators are standing by. I do not have more than one username. If I did, then ET's admin would be...disappointed.
His equivocation was in his real time trading chat room. If you are not going to call actual trades in a real time trading chat room then what is the point of having a real time trading chat room, apart from the reported $99 per month subscription fee?
The web site I linked reviews vendors. That is what they do. Would you rather have them just sell pompoms?
Haha. Watched 1 minute of the Al Brooks video and he said "um" so many times I couldnt take any more.
1) I agree. For $99/month I want to see the real account/real time/Dom of the the Room moderator and I want real time actionable calls with entry and stop loss, profit target and instruction on reducing risk by trailing stop. Now, if the purpose of the chat room is strictly "chat" - real time commentary for educational purposes, then I would think $29.99/month should be a fair and sufficient fee. It does seem to me that Brooks is digging far too deep into his subscriber's pockets if those reviews are an accurate representation of his chat room. 2) I dug his "Bar by Bar" book back out of a box in my basement. That alone tells me how bad my initial reaction to his text was: Like @wrbtrader I collect books. I have a "Hall of Fame" shelf I keep in my office. Those that are not HoF material go in my family library. Those I wouldn't want my kids to look at go in boxes in the basement. Anyhow, his writing is not as terrible as I remember it. He actually got off to a pretty good start. Where he begins to lose me is on page 19 with his first mention of "a High or Low2" but gives no definition. I think I put the book down at page 22 when I read this gem: Bar 3 was a swing low, a reversal up from a Low 2 short, and the second leg down of a second leg down, making it a High 4 long set up. I get "swing low" and "reversal up" and "second leg down", but at no point did he say what constitutes a "Low 2 short" or a "High 4 long." If you are not going to define your terms, and you are going to assume everyone speaks the language you speak to yourself in your own head, I have no more time to give to your thoughts, good Doctor brooks. Back in the box in the basement. 3) That brings us to his "Trading Course." The OP started this thread telling us that he succeeded with Brook's method, but it was not the books but the videos that proved to be the key to unlocking an understanding of Brooks. As I said in another post in another thread, I am nothing if not fair. So, I dropped the $349 to buy Brooks's video course. What can I say, I'm a curious cat. And as I had said earlier in the thread, I had no basis to judge Brooks's method. Now I do. I will say that my first impression, having viewed perhaps 8 or 9 videos so far, is that someone who was new to trading, with no preconceived ideas as to what trading was or is or could be, and who furthermore understood that any understanding of price action is itself worthless in the absence of a trading plan to trade that price action consistently and profitably, would likely find value in the video course. Yes, Brook's delivery is dry. But he is honest about expectations, the learning curve, and I finally understand what he means when he says "H1 ... L4 .... etc." lol I will also say this: I trade two main set-ups - one is a retracement in a trend, the other is a reversal. I do rather well, if I do say so myself, with those two set-ups, with a few additional refinements and flourishes, of course, as a result of experience and testing. He covers both of those. So right there, a perceptive student who is patient enough to wait for these set-ups could put together a trading plan, and, presumably, do quite well. Having not watched the entire course (and truthfully, my questions have been answered by what I have seen thus far, and therefore, I do not know how much more, if any, I will watch) I do not know if at any point Brooks uses what he has taught to provide some sort of trading plan for his students. If he does, then I would probably say that the course is a real bargain at $349. If not, then it still is likely worth the money. I will probably view some of the later videos to see if Brooks does anything to "put it all together." If so, I'll report back here. The big caution would be this: Brooks focuses on the bars, but he is really focused on price action and institutional behavior. This is likely lost to many of his students. He has one video in particular where he discusses how a bar may be a reversal bar, though it does not look like a reversal bar, e.g. a bar may have what he calls a "bear" close and yet be a "buy reversal bar" (though not a "bull reversal bar" <confused yet lol>. He notes that on some "time frame," there is a "bull reversal bar" present at that point. He then shows that to be the case by simply changing the bar interval. But he also cautions students not to go looking for that ideal bar interval, but to learn to recognize the reversal in real time on one's chosen bar chart, which for Brooks appears to be the 5 minute, and trade it. In short (for such a long post), Brooks likely over charges for his chat room, his book isn't worth the paper it is printed on, but his video course, for the price of just 7 ES points (how many multiples of that did I lose while learning to trade!) probably could be a worthwhile investment for a would-be trader. It is two parts: Price Action Fundamentals, which is 121 videos and is 57 hours and 32 minutes long, and How to Trade Price Action, which is 72 videos over 38 hours and 5 minutes. That is quite a bit of material for the price, and again, from what I have seen thus far, the material is of good quality. The youtube video posted above is not indicative of the quality of the videos I received with his trading course.
Well at least you are open-minded. Yes the video are very good. As far as the books all the definitions are in there for every trade signal and setup just not necessarily in the immediate spot where he is discussing them. That is he is not going to define L1 or H2 everytime he mentions them. Folks should study the entire set of books and not just read a paragraph or two that they cannot comprehend because they don’t yet know the lingo he uses and have not taken the time to understand that lingo. The books are even more rich and deep in explanations than the videos.