Rafael

Hi I'm glad i found this thread regarding Al Brooks book - "Reading Price Charts Bar by Bar" I received the book a few days a go and i'm trying to read it. Upon reading the first few pages of the book i got the impression that the book is too advanced for my current stage but decided to go on anyway as i have a feeling that i can gain a lot of insight from the observations in this book. My first question is about the definition of high1,high2. i'll be gratefull if you could clarify the following point for me: The definition of the high1, high2 as written in the book is: "High 1 is a bar with a high above the prior bar in a correction in an up or sideways market. If there is then a bar with a lower High (it can occur one or several bars later) the next bar in this correction whose high is above the prior bar's high is a high 2. Third and fourth occurrences are a high 3 and 4. there are other variantions as well" Ok. i think i understand, but then on page 31 at the beginning of the page he writes (figure 1.18): "Bar 2 was a good reversal bar...... It was a high 2 long opening reversal ...." Can anyone explain why bar 2 is a high 2 ? According to my understanding, this description doesn't go well with the definition... It is really important for me to understand what the autor means by high 1,2 because he uses this term in almost every page... Also do you think these methods can be used for an hourly and daily charts ? The author mainly refer to a 5 min chart. Thanks Rafael

Hi Are there any internet based resources that explain what is a future and how it works for someone who has zero knowledge on the subject? Thanks Rafael

Hi. I'm completely new to forex and i'd like to find a suitable broker for demo trading for a few months. I would like to open a demo account of 5000$ which is the sum i have for this purpose in reality. I understand that i need a micro account for that? Also is it necessary to choose an ECN broker? Here is what I read in a certain website (attached) about the disadvantages of choosing a non-ecn broker: “ Cons: • Because they may trade against you, market makers can present a clear conflict of interest in order execution. • They may display worse bid/ask prices than what you could get from another market maker or ECN. • It is possible for market makers to manipulate currency prices to run their customers' stops or not let customers' trades reach profit objectives. Market makers may also move their currency quotes 10-15 pips away from other market rates. • A huge amount of slippage can occur when news is released. Market makers' quote display and order placing systems may also "freeze" during times of high market volatility. • Many market makers frown on scalping practices and have a tendency to put scalpers on "manual execution", which means their orders may not get filled at the prices they want. “ Full link: http://www.investopedia.com/articles/forex/06/ECNmarketmaker.asp I wonder how much of the above is correct? Finally i'd like a broker which supports metatrader as i understand it's the most popular and has programming capabilities. I'd like to hear from veteran forex traders what they find from experience that works best for new traders Thank you very much for your help Rafael