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I just ordered Reading Price Charts Bar by Bar. It should arrive soon. After I spend some time reading would like to join the discussion. I base my trades on pattern recognition (in my head) combined with Trend strength, the Acceleration/Deceleration Technical Indicator (bwAC) which measures acceleration and deceleration of the current driving force, both downloaded off the Ninja Trader site and a buy sell indicator I wrote based on jtRealStats also downloaded off the NinjaTrader site. I hope this is the right way to upload an image of a chart.
Hi, first welcome to futures.io (formerly BMT). I see this is your second post and I'm glad you joined and are going to be participating in this thread.
Is the BuySellVolASZ the one you wrote? I'm interested in how that works.
many of you al brooks fans said his book is difficult to understand. wonder if this link are the exact words from the book, or maybe easier to understand.
I don't have the book, not interested. don't see how his method would improve my trading.
Yes his book is certainly not easy reading. However it is one of the better content books I have read. I mean you actually have to think about each chart and it's synopsis and there are hundreds of charts.
Silvester17 - you say the book can't help you - maybe it can't - but as you declare None as your trading experience I am surprised you dismiss it so easily?
Have you already been able to determine your edge?
Right, the book is not easy to read, but I found many smart things. I'm not use it's possible to masterize all the patterns/techniques the author describes; insert few decades of PA in a book is impossible.
But like few others here wrote, on of the best trading book I've ever read.
About Silvester17, "trading experience -> None", be careful my friends. Some of the few guys who had "trading experience -> Master" where jokers/scammers, trying to sell holy grail automated systems, or playing with demo account on CL, or some strange guys like the famous TRO.
On the other side, one of my good friend, a great trader, I consider him as a real master, put "trading experience -> None", so...
I don't want to make trading more difficult than it is. I only trade breakouts and reversals. for reversals I only use volume and price, no indicators. for breakouts I need a few indicators for confirmation. that's all. oh forgot my favorite one, trading the reports. not suitable for everybody.
but don't forget, what's good for me, might not work for you. so if al brook is working for you, great. I'm happy for you.
Silvester17 - no problem - whatever works for you. sounds like you are doing the stripped down thing already!
Sam028 - I think you are right. I read Brooks in chunks of about 5 pages at a time and Wiley's layout needs some serious revision - constantly turning the page back and forth as the text relates to the previous page. Very poor.
Like a lot of other things in trading, the more you get familiar with it, the less difficult it seems. I've been at this book for a couple of weeks now and I can tell you, it's a gold mine. But you have to stick with it (just like anything else in trading, really). If you do, it will help your trading. If you have the time, give it a try.
I'm glad you like the book and it's helping you to become a better trader. but for me it's a complete waist of time. sorry. I was looking at a few of his set ups. by the time you determined it's a L2 or L5 or whatever the trade is either over or you're just too confused. I'm trying to keep it simple. what did a famous trader say: price goes either up or down.
I understand Silverster17's point. If someone is trading profitably and is happy with what they have, the brook's techniques may not be necessary. And if one is trading something other than minute charts, it may not even apply.
I kind of put the brooks book on hold because I'm focusing exclusively on CL using renko bars. If I were trading ES using 5min charts then I'd be much more interested.
I hope that the thread will continue despite the fact that I've got it on hold. Blz, please keep sharing & posting.
And if anyone else has applied the brooks ideas to CL please share.
PS: Everyone is entitled to their own opinion and no technique or setup will work for everyone. If one doesn't find the brooks book useful, I'm sure there is another thread here that is more adapted to your trading style. If not then please create one.