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I am currently finishing off the final edits on what I believe is the best book interpreting financial markets. It should be published in a few months, probably 7 years after I started writing it.
It reviews about 30 Trading Masters approaches over the last 120 years, It is about understanding cause and effect, and buyers and sellers behaviors. It has many new indicators triangulating time and price with measurements of the forces of supply & demand.
You cant stop people from believing what they want to believe ! Lucky for me, I'm not looking for any likes on my post. Just sharing my honest opinion without any other agenda. If you want to believe Al Brooks can trade while commenting live on ES price action all day (despite he himself suggesting that you need to sit in a dark windowless room with no TV, to have complete focus) and make consistent money trading, but still needing to spend gruesome endless hours writing trading magnum opus, and painstakingly producing and reproducing trading courses, videos etc than go ahead, I'm no one to stop you
You are totally and utterly missing the point about the markets being random under the context in which it was stated. The outcome of any trade can only yield one of two results. 1. The trade is a winner. 2. The trade is a loser.
We do not know within any setup where the next winning trade will show up and where the next losing trade will show up. There is no way to know. Once the trade has been put on, we know that this is a unique moment and we do not have any control except to manage the trade.
In other words, every trade has a random effect working on it.
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- Trade what you see. Invest in what you believe -
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After stating that I agreed with the original poster RE: Al Brooks (and now to some extent your summary of him), I guess this post was aimed at somebody else?
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- Trade what you see. Invest in what you believe -
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There are some classics, but the ones I found most helpful were some newer ones: Chart Patterns After the Buy[/B], by Bulkowski and his Encyclopedia of Chart Patterns[/B]. I especially like these books because they give the % that the pattern is successful and how much profit you can make when it is successful. Very helpful to pick out the good patterns from the mediocre ones.
According to me chart is nothing but representation of numbers in visual form. I don't see how past patterns can predict future patter. It don't make sense to me. Maybe veteran chartists can chime in but I use chart only to see what the hek happened during a given trading timeframe (usually day) and match it with my indicators and find out how close I was being right or wrong. Its like rewind the tape (trading day) and find out events of the day.
Exactly, chart patterns assumes that price are going left to right, and 5 minutes yesterday will be the same 5 minutes tomorrow, when in reality market prices are going only up and down.
