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Book Discussion: Reading Price Charts Bar by Bar by Al Brooks
Started:September 12th, 2009 (12:01 PM) by cunparis Views / Replies:116,499 / 527
Last Reply:June 5th, 2013 (08:41 PM) Attachments:118

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Book Discussion: Reading Price Charts Bar by Bar by Al Brooks

Old September 19th, 2009, 02:46 PM   #31 (permalink)
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ES 5 minute chart

Hey Cunparis,

I thought you might like to see what your previous chart looked like with the dots on it. Scalper paradise.

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Last edited by Jeff Castille; September 19th, 2009 at 09:09 PM.
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Old September 19th, 2009, 03:44 PM   #32 (permalink)
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I have the book.. got it early this week... slow read.... Let's talk this book up amongst ourselves and share our findings...

Here's what I'm doing. I started with Best Trades. Then I went to my favorite setup about pullback in trend. Then I read the part about day trading. Then I read the chapter on the opening. 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.

In my case I already have a couple setups that I'm trading so I'm looking to learn about his setups because they could give me an earlier entry and they could help me with my exits which is my weakest part.

I hope that helps.

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Old September 19th, 2009, 04:30 PM   #33 (permalink)
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READING PRICE CHARTS BAR BY BAR

1) Price will either breakout of the high, low or both of the previous bar

or

2) Price will not breakout of the previous bar.

That is all there is to know. You can not reduce it any further. Anything else complicates the issue.

You either decide to:

1) Wait and do not enter a trade

2) Trade a breakout

3) Trade a reversal.

Those are your ONLY 3 options.

TRADING IS SIMPLE. DO NOT COMPLICATE IT. DO NOT BE FOOLED.

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Old September 19th, 2009, 04:57 PM   #34 (permalink)
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And again EMA Gap, with DT, W, iii
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Old September 19th, 2009, 06:19 PM   #35 (permalink)
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Reading Price Charts Bar by Bar: The Technical Analysis of Price Action for the Serious Trader - By Al Brooks

http://books.google.com/books?id=GrDQYq-ChpUC&pg=PP1&dq=al+brooks+price+action&ei=LVP_Sb67EpPMNZn8xNkD#v=onepage&q=&f=false

It's not the complete book but people can read the pages that have been posted.

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Old September 19th, 2009, 06:24 PM   #36 (permalink)
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Jeff, are the dots painting at the close of the bar?

Cheers

Adam

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Old September 19th, 2009, 07:22 PM   #37 (permalink)
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Reading Price Charts Bar by Bar: The Technical Analysis of Price Action for the Serious Trader - By Al Brooks

http://books.google.com/books?id=GrDQYq-ChpUC&pg=PP1&dq=al+brooks+price+action&ei=LVP_Sb67EpPMNZn8xNkD#v=onepage&q=&f=false

It's not the complete book but people can read the pages that have been posted.

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Read the above and see if you can spot the flaw. It sounds good at first glance. But this is one of the reasons 95% of traders lose.

If you don't want to end up like the herd, then do not follow the herd.

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Old September 19th, 2009, 07:34 PM   #38 (permalink)
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SO YOU DO NOT THINK I AM ALWAYS NEGATIVE

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The author says a few things that are TRUE:

EVERYTHING IS RELATIVE, ...

EACH TICK CHANGES THE PRICE ACTION OF EVERY TIME FRAME CHART...

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Old September 19th, 2009, 07:38 PM   #39 (permalink)
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THIS MAY HELP YOU SEPARATE THE WHEAT FROM THE CHAFF WHEN READING ABOUT TRADING:


Critical Thinking Skills





Paul, Binker, Jensen, and Kreklau (1990) have developed a list of 35 dimensions of critical thought:

  • "A. Affective Strategies

    • S-1 thinking independently

      S-2 developing insight into egocentricity or sociocentricity

      S-3 exercising fairmindedness

      S-4 exploring thoughts underlying feelings and feelings underlying thoughts

      S-5 developing intellectual humility and suspending judgment

      S-6 developing intellectual courage

      S-7 developing intellectual good faith or integrity

      S-8 developing intellectual perseverance

      S-9 developing confidence in reason

    B. Cognitive Strategies--Macro-Abilities

    • S-10 refining generalizations and avoiding oversimplifications

      S-11 comparing analogous situations: transferring insights to new contexts

      S-12 developing one's perspective: creating or exploring beliefs, arguments, or theories

      S-13 clarifying issues, conclusions, or beliefs

      S-14 clarifying and analyzing the meanings of words or phrases

      S-15 developing criteria for evaluation: clarifying values and standards

      S-16 evaluating the credibility of sources of information

      S-17 questioning deeply: raising and pursuing root or significant questions

      S-18 analyzing or evaluating arguments, interpretations, beliefs, or theories

      S-19 generating or assessing solutions

      S-20 analyzing or evaluating actions or policies

      S-21 reading critically: clarifying or critiquing texts

      S-22 listening critically: the art of silent dialogue

      S-23 making interdisciplinary connections

      S-24 practicing Socratic discussion: clarifying and questioning beliefs, theories, or perspectives

      S-25 reasoning dialogically: comparing perspectives, interpretations, or theories

      S-26 reasoning dialectically: evaluating perspectives, interpretations, or theories
    C. Cognitive Strategies--Micro-Skills

    • S-27 comparing and contrasting ideals with actual practice

      S-28 thinking precisely about thinking: using critical vocabulary

      S-29 noting significant similarities and differences

      S-30 examining or evaluating assumptions

      S-31 distinguishing relevant from irrelevant facts

      S-32 making plausible inferences, predictions, or interpretations

      S-33 evaluating evidence and alleged facts

      S-34 recognizing contradictions

      S-35 exploring implications and consequences" (p. 56)



"Critical thinking is important, because it enables one to analyze, evaluate, explain, and restructure our thinking, decreasing thereby the risk of adopting, acting on, or thinking with, a false belief. However, even with knowledge of the methods of logical inquiry and reasoning, mistakes can happen due to a thinker's inability to apply the methods or because of character traits such as egocentrism. Critical thinking includes identification of prejudice, bias, propaganda, self-deception, distortion, misinformation, etc. "

Critical thinking - Wikipedia, the free encyclopedia

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Old September 19th, 2009, 09:06 PM   #40 (permalink)
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Jeff, are the dots painting at the close of the bar?

Cheers

Adam

This question should be addressed to zeller.......I did not do the programming.

The setting on the indicator is set to false.

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