The back bio flap’s assertion that Brooks achieved “consistent success and profitability” through his methodology seems credible. It’s always nice when the mentor actually walks the walk. The red box shows the 20 bars we will analyze below. The dotted lines mark out the most recent swing high and low just before the box. In this example, we will look at the 15-minute chart of the popular forex futures EUR/USD . First real attempt by the market to push lower.

Brook’s comment of the FOMC day and short setup is interesting too. Now the question is can we do it real time? I’m going to be trying on Monday on ES 5 min chart. Hey guys I’m working on my perfect trading charts and I came across this example of a trade from the Brooks book. I hope others will choose just 1 or 2 patterns and then learn to trade them and share their charts. I’m going to choose mine today, then go back over the past week looking for them.

Book Description

A detailed guide to profiting from trend reversals using the technical analysis of price action The key to being a successful trader is finding a system that works and sticking with it. By simplifying his trading system and trading only 5-minute price charts he’s found a way to capture profits regardless of market direction or economic climate. His first book, Reading Price Charts Bar by Bar, offered an informative examination of his system, but it didn’t allow him to get into the real nuts and bolts of the approach. Now, with this new series of books, Brooks takes you step by step through the entire process.

Then July & August came and the range trimmed down and I was no longer profitable because I was still using setups for a 4-6 pt trade. Since then I’ve changed to trade primarily Euro & CL where I don’t have this problem. I don’t see much reason to trade ES & YM when currencies & oil move so much more.

The Price Action That Follows

Yes I picked up his book a couple of weeks ago. I agree and believe that price action is the only way to go. The material and set ups are nice, though nothing ground breaking.

Take a look at how the price action unfolded after that. The chart shows the next 20 bars, which crosses into the next trading session in this case. The examples below might be a little overwhelming. At least for those who are not familiar with price action analysis. You might want to check out some of these articles first before tackling the examples.

Series

These books provide a very detailed analysis of how markets work. Al uses these price action techniques to day trade the Emini, in his Forex trading, and with stocks and commodities. He trades the daily and 60 minute charts as well, often using options when holding positions overnight.

So now I’m back to 30 pt stop but for those trades with a big stop I do it on sim until I’m convinced and it’s profitable and I’m comfortable with risking that much. On the lower risk trades I can do that with real money without deviating from my plan. But the real problem was I was getting into bad trades because I wasn’t reading the market correctly. Things looked like a good entry when in fact market was in consolidation etc. I was trying what you said, using a 10 range bar for a 10 tick scalp . When the bar closes and I clicked enter I’d be about 2 ticks above.

Forex Price Action Scalping

I followed his examples but I found myself just reading trying to finish the chapter. After I finished I realized that one needs to spend a lot of time really understanding the material and then try to apply it to your own charts. Technical Analysis of Price Charts Bar by Bar for the Serious Trader I think it could easily take over 100 hours to learn the information in this book and if you want to master it then I think thousands. After reading the description and the reviews, I decided it was exactly what I was looking for.

So, in the attached example the 6B got into a tight range and gave a nice fakeout pop. When you get that first breakout you want to enter a sell stop 1 tick below the breakout bar. If it doesn’t reverse you don’t get executed but if it does you’ll get triggered and there will be longs trapped that are looking to get out. Okay not really but wow this book is very intense. I haven’t had as much time to read it as I would have liked but I’m slowly grinding through it.

Read

For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. All traders want to learn how to make money trading, and Al wrote these books with that thought in mind. Al’s book Reading Price Charts Bar By Bar, was a best seller for Wiley in 2009, and in 2012, Wiley published his comprehensive, 540,000 word, three volume set, which are also best sellers. Just click on any book to go to Amazon.com page. If you’re looking to make the most of your time in today’s markets the trading insights found in Price Action Trends Bar by Bar will help you achieve this goal. “Reading Price Charts Bar By Bar” is a solid technical manual presented in near-textbook fashion.

Then I went to my favorite setup about pullback in trend. Just in those chapters alone I have weeks of work to do to try and learn it. I totally agree that one should start with just one setup and master it before adding others. Learning what the market is telling you can be difficult, but with the right approach, you can achieve this goal and capture consistent The Best Etfs For 2021 By Recent Performance profits in the process. Reading Price Charts Bar by Bar has all the information you need to succeed at this endeavor and will put you in the best position possible to make the most of your time in today’s turbulent markets. As for how many bars to look back, it depends on the market, your trading horizon, and the significance of preceding price action.

is it just me or is this book really difficult to read? After 30 min I have to put it down or my head will explode. Can we agree to keep to the 5 min timeframe? I used to trade ES on tick charts and recently I started trading everything on 5min and I really like 5 minutes. Gives you time to think and analyze the price action. I read the first chapter and to be honest, it’s quite a lot to take in.

But we gotta take what we got and learn it. This book is very, very hard to read and follow, convoluted, but Technical Analysis of Price Charts Bar by Bar for the Serious Trader I do like the content and what he has to say. It should help you understand the mechanisms for price action.

Price Action Context

So I’d need an additional 11 ticks to get my 10. And during all that testing I realized that the illusion of getting one more bar was just that. The market doesn’t know I’m using a 10 range bar. It’s not going to give me a bar just cause I want it to.

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