You ain't kiddin'! I read more than the recommended daily allowance of 3 pages one night and my head exploded: http://bodyodd.msnbc.msn.com/archive/2010/02/17/2204845.aspx (spd, that chart analysis is too funny! Did we go to trading school together??)
LOL if by trading school you mean losing money in the market then slowly learn how to make it back in the market THEN YES! I still havent read this Al Brooks guy. I know of him and his "Bar by Bar" methodology. I came up with my own bar by bar strategy by looking over tooooooooooons of charts bar by bar and taking lots of notes. IncreaseBangNow, bro I suggest you take a little breather from your newly started live trading career. You love this shit and want to make your livelihood, I get that, but your understanding of how price moves is not ready yet. Do what I did. Get your intraday data for every futures contract you could ever want to trade daily. Then at night pull one up, cover the screen so you cant see shit, then scroll to the beginning. Arrow right through the day...BAR BY SINGLE BAR and try to guess what the next one will be. Before you arrow over to the next bar look at what happened. Was the next bar up or down? What were the characteristics of the bar before it? Was it a little bar or a big bar? Was it red or green? Did it close near highs or lows? In the middle? Doji, spinning top? What was the volume of that bar? Where is price in relation to a 20period moving average? Is the overall trend higher or lower? Do this over and over and over and over and over again...for all markets. See how they trade. Then go back on the sim and see how these characteristics happen in real time in relation to other markets. Im no trader all-star yet, but Ive turned the corner and Im profitable most days, and my down days dont wipe out multiple up days like they did in the past. Take my advice for what its worth, im sure I still have lots to learn, but life is good for me right now. BANG.
That explains it. We both learned to trade by hitting the bars, one bar after another. Actually, I have done this, and continue to do this, every single day.
Go with what works. I cant express the elation I felt the first time I traded live and actually had a reason for being in the trade. It also takes the sting out of the losers.
Hey IncNow Real quick I thought I would show why I wouldnt have immediately sold that rally even though its last bar would have me looking to get short patience grasshopper.
I trade more like Rennick, but do whatever makes sense for you. http://www.elitetrader.com/vb/showthread.php?s=&threadid=99143 I have an special indicator that predicts the future like a crystal ball, but it does not work 100% and sometimes I can only see the future darkly and need to clear my mind to analyze what I am seeing. However, I like trading this way, and then I go to the bars on Friday night.