"a catch-22..." "frustration" Was it worth it? What would be a couple of Brooks setups for beginner traders? (please use complete words, Brooks has so many abbreviations they can be obfuscating without a scorecard) Brooks Price Action Forum Index » Abbreviations https://www.brookspriceaction.com/acronyms.php Live Trading Vids - Al Brooks live trading room free sample video, Brooks Trading Course https://www.elitetrader.com/et/thre...k-thats-understood.365269/page-2#post-5568402
Brooks teaches generic TA. He did not invent his own indicator, oscillator, index, software etc. to trade. Now this leaves us with your question, "Why just Brooks, then?" Let me explain. I am not a big fan of the book trilogy. But I did read his original book "Bar by bar for the serious trader" in full. Multiple readings through this book took me several months to get a hang of it. I was demotivated in between and left it aside and kept going back to it just because a friend was constantly recommending it to me. That is the down side of this book and we have already discussed the reasons for the same in this thread. Still, this book benefitted me. Brooks acknowledges that he has not invented anything new and states that "Edwards and Magee" book teaches TA pretty well. What Brooks brought to the table is that he took the basic TA and put it on a canvas along with 'context' and 'location' where those setups have higher probability of success. He even gave reasons why those setups work in that context like "CT traders getting trapped" or "Institutions buying" etc. I agree with you that an initial reading of the early chapters may suggest that Brooks' statements sound contradictory. Let me share another point where it all looks like contradicting things, but does make sense in the end. Brooks states in his book that he does not use indicators. But then, he uses 20 ema. This has been pointed out elsewhere on ET. What I understood from Brooks is that he does not use 20 ema in the way that most traders use ema for decision making. He merely uses it to see the location of the current bar and also to observe how the current bar behaves if it encounters/touches ema. I hope, I had given you the couple of examples that you sought.
Yes, it was worth it. You probably won't like my answer: Go long on a breakout-pullback at the moving average in a strong bull trend. Be patient and look for the 2-5 reasonable swings of the day where your profit target is at least equal to your risk (scalp part and swing the rest).
CT Countertrend, against the trend of the past several bars or even of the entire day https://www.brookspriceaction.com/acronyms.php
What you talkin bout. That trade's right in my wheelhouse. Bread and Butter. Love the Pullbacks to support. Stops so tight they squeak. https://www.elitetrader.com/et/thre...200-day-ema-or-sma.345219/page-6#post-5130699 Love the Pullbacks to support. Stops so tight they squeak. You'll see a ton of em in this thread link. Post up a few of your own. All y'all traders, if you spot a setup on your chart that you like, post it up for all to enjoy. More the merrier. https://www.elitetrader.com/et/threads/charts-for-no-reason.344272/page-11#post-5389112
Brooks-ionados, being that it is Friday and all, are any FWSR's in play? You gotta love the attention to detail. SVT - Sell Vacuum test of support Learn how to trade a buy vacuum test of resistance October 30, 2015 By Al Brooks, MD https://www.brookstradingcourse.com...i-learn-how-trade-buy-vacuum-test-resistance/ Whenever a market gets close to an important support or resistance target, it is like getting close to a Black Hole. Traders learning how to trade the markets should know that it usually cannot escape the gravitational pull and it then reaches the target, or gets to within a few ticks of the target. At that point, it is like it hits a switch that turns the gravity off. The market is then free to decide whether it will break strongly above, reverse down from a double top, or go sideways for 5 – 10 bars and then decide on trend resumption up or trend reversal down. At that point, it is like it hits a switch that turns the gravity off. Here's where some simple candlestick signals can be informative, imho. e.g. "Trading an Engulfing Candle at Support & Resistance provides greater conviction." https://www.elitetrader.com/et/thre...t-right-here-baby.335635/page-10#post-5014575
From the book, 'Reading Price Charts Bar by Bar': Page 11- "Every bar is a potential setup bar". Now, fast forward to Page 17- "Remember, a signal bar is a set up bar that led to an entry. However, not all trades are worth taking, and just because a stop triggered and turned the prior bar into a signal bar, that does not make the trade worthwhile (for example, many signals in Barb Wire are best avoided). All signal bars are meaningless in the absence of price action that indicates that a reversal is likely. That answers your question.
Look, if you got value from the material and are now a profitable trader as a result of it, then that is all that matters. I would think there were more straightforward ways to go, but if you're already there, then so be it.