I am very interested in learning more about the teachings of Al Brooks. In just the past two weeks, the Brooks-inspired postings I have been able to gather on ET have helped me immensely. I have been trying to learn more about the concepts he teaches but I haven't had much success. In another forum, Big Mike's, there was a discussion about Al Brooks H1 and H2 concepts, but I haven't had any luck in finding an explanation of it online. Thank you for your help.
The first time in an upswing that there is a bar that has a low below the low of the prior bar, that bar is labeled L1 (Low 1). Examples are Bars 5 and 41 in âFirst shift.â The next occurrence is an L2, such as Bars 7, 28 and 45. Bar 38 is an H1 and Bar 15 is an H2. source: http://www.futuresmag.com/2008/04/15/five-minutes-to-fame-in-the-emini I'm sure you can find other examples if you get a little creative with google.
Why don't you buy his books? They are not expensive and will cover much more than anything or any article posted in trading forums. There are no shortcuts in trading.
You can find a lot of examples. But the basic concept is that assuming there is an Uptrend. In this Uptrend, there is a retracement and bars keep going down. The first bar whose high exceeds the previous bar is H1. If after this you have bars which again keep going down in the retracement, the bar whose high now exceeds the previous bar's high will now be H2. Basically, you have to look for attempts to reverse the retracement and a push towards move in the direction of original trend.
Shots, these are very basic concepts, but well worth investigating in depth and at length on whatever instrument(s) you want to trade.
Thank you, I am going to see if my library can get his book "price charts bar by bar" through inter-library loan, although I understand, based on the many comments I have read, that it is very hard to read. I hope to find comments about the book in this forum, and elsewhere on the web, from those who already have a decent grasp on it, and can translate it. I am most interested in your postings because it is your postings that have given me the breakthrough I have been waiting for. For the first time in two years of trading, I finally have a bit of a clue what I am doing. Prior to that, I didn't. I was just guessing, and hoping I know what I was doing, and I lost thousands. In the past two weeks, things have changed. However, you have over 8000 postings on ET, and it is a very time consuming process going through each one looking for relevant Al Brook teachings, or style of trading. Most of what I have learned thus far from you has come from the thread "a simple price action plan". Would you happen to be able to guide me toward other posts or threads of yours that might be relevant?
I see. Well apparently I already know, and have been applying, H1 and H2 in my trading. This is what I learned about from reading "a simple price action approach". There was no mention of labels H1 and H2 in the thread, though. I picked up on H1/H2 over at Big Mike's, (in an Al Brook's discussion) and since it wasn't explained what these letters/numbers were, I have been trying to find out. Thanks!
NoDoji (and a few others): http://www.elitetrader.com/vb/showthread.php?s=&threadid=220303&perpage=40&pagenumber=1 It's the only thread you need.