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I am reading the first book of Brooks' series "Trading Price Action Trends". In chapter 3, Figure 3.1, he called bar 7 was a wedge bull flag because it was the third push down from the bar 6 high.
In my opinion, since there was an uptrend from bar 2 to bar 6 before the first push down, can I call this Three-push countertrend move (a wedge bull flag) as a "Three-Leg Pullback"?
I'm too lazy to pull my book out and look at that particular chart, but I think I understand what you're asking.
Brooks considers any three push pattern to be a wedge. He emphasizes that it's important not to get caught up in names or labels, as it's the behavior that's important. Remember that chart patterns are essentially a picture of the underlying crowd psychology that created them.
You may want to join his forum if you're looking for more in-depth discussion of his style and analysis. That part of his website is free.
These 3 books form the cornerstone of my trading. They require alot of effort, but the payoff is more than worthwhile.
If you consider that Al is providing you with a complete package in these books of how to trade any market on any timeframe in any market condition you might consider that there arent any many books that do the same to such a degree of detail.
They may frustrate you at times, as they did me on many occassions, but once you get to grips with his style and how he views the markets, you will see that the effort reaps dividends.
I am nowhere near finished getting to grips with Als overall approach but as you go along you will see that there are single setups that you can concentrate as you move your way through the material.
In addition you can follow Als daily market review for free on his website which covers his read of the market and explains some terminology.
If you want to fast pace your learning you can also buy archived videos from his daily webinar at the end of each month.
Not easy stuff to learn but when the penny drops you realise the effort is well worth it.
While trying to read Al Brooks' books previously and interpreting the charts in the books, for a while on live charts I found there is a need to put number on each bar just to follow his style. i have found a bar numbering indicator "BarsSinceSession" to help with the task (I can't recall the indicator is from which thread or from download section). I have made the text color selectable:
But I preferred a cleaner charts, so I had change the indicator ("BarsSinceSession2")to display only even numbers, and is displayed below the charts:
Both indicators are attached, hope that someone may find it useful.
It is my pleasure to welcome Al Brooks for a special webinar as part of our 4-year anniversary ( on nexusfi.com (formerly BMT). The webinar will be on Tuesday, June 4th @ 4:30 PM Eastern US.
Topics include:
- Screen for markets with potential …
Also giving away 10 autographed books during the webinar.