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brownsfan019

Futures I Trade Show & Brooks Book

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In an attempt to get more aggressive in the morning, took the early morning gap/breakout bar entry. May have prematurely ejaculated the exit? BUt that's the hard part.

 

My software is giving me 1 tick late entries though so disregard that part.

AM_BREAK.jpg.e25b7d4e00bb75296cd05bc239d88061.jpg

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The best traders I know of enter with 3 tick stops.

 

I don't have a lot of experience watching the ES but isn't 3 ticks within the range of noise in that contract?

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The best traders that I know enter their trades with 3 ticks of stop and a minimum of 10 contracts..and scalp out pretty quickly. They are pure price action traders, use Elliotts, breakouts and Support and resistance levels. All on clean charts with very little in the way of indicators, MA lines, oscilllators or that sort of thing.

 

They trade on signals from 3000 volume charts and enter their trades on 233 tick charts. I've watched them trade and they are profitable on the majority and close out quickly on bad entries.

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The best traders that I know enter their trades with 3 ticks of stop and a minimum of 10 contracts..and scalp out pretty quickly. They are pure price action traders, use Elliotts, breakouts and Support and resistance levels. All on clean charts with very little in the way of indicators, MA lines, oscilllators or that sort of thing.

 

They trade on signals from 3000 volume charts and enter their trades on 233 tick charts. I've watched them trade and they are profitable on the majority and close out quickly on bad entries.

 

The best traders I know don't use an actual stop at all. When they get a signal that it isn't working out like they thought then they exit. They base that signal completely on the current PA.

 

I use a 7 tick stop and I will adjust it if the current market conditions are more/less volatile than average. However it is always in the 5-9 tick range.

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Yes, I did not say that I use 3 tick stops. I use 8 to open, and then use PURE PA for my action.

 

I take heat pretty much on most trades as my entries are so-so...this is true lately.

 

I really liked the chart above, all marked with excellent entries. I prefer the pullback entries, on the first DOJI's then enter a tick below the low of the signal (Doji poke-up bar on shorts we see)...rather than the H1 or H2 trades which I actually need help understanding.

 

I also like the trade the Double bottoms and tops, but esp the double bottoms where the second leg is that fake-out leg that fails on the SECOND ATTEMPT to go lower...esp if this is the low of the day so far. Al Brooks is right on: take two legs up on pullbacks...again, the pull-back trades in the DIRECTION OF THE TREND...I do not work counter's very well at all.

 

THANKS, MB for your trades!!!

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Wonderful entries, trader!!!!!!!!!

 

I wish I had that knack!!! I lost on a couple of bad entries and then on the last leg down within the last hour to go (12:30 PST or so), I caught that short and took her down!

 

Were you the guy who wanted to create a live forum of some sort???

 

DJ

 

 

 

 

ok guys, here is today's chart. Please be advised that this is what i see on the charts,, im sure im missing other setups and not yet perfect in reading price action. Any input will be apreciated my email is job858@yahoo.com

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one of the guys has a room in chatrooms here called Pure PA i think, i'm very busy now but will be back starting monday , we are thinking to create a room with aim or yahoo chats,,,if interested drop me an email job858@yahoo.com we are trying to get a few guys who are familiar with price action trading to help each other out and get better with time.

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This thing was going down in a Ugly, barbwire type tight channel. +6 tick scalps were impossible if following Als entries. Then 2pt Stop would come back and get you.

 

Al should mention in his book that his method of scalping should only be applied when we have Good Volatility markets. In low Volatility Market like we have now, his method of scalping will slowly bleed your account.

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Hi mbfromla,

could please explain me your reasons behind the long entry at around 7:15 of your chart? i am asking you this as from a mental point of view yesterday after the big red candle covering all the previous move up my mind switched to 'short' and I got trapped with that for a while (that's probably also my issue to easily adapt to market conditions)...

 

Thanks

 

Fedeo

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This thing was going down in a Ugly, barbwire type tight channel. +6 tick scalps were impossible if following Als entries. Then 2pt Stop would come back and get you.

 

Al should mention in his book that his method of scalping should only be applied when we have Good Volatility markets. In low Volatility Market like we have now, his method of scalping will slowly bleed your account.

 

Indeed you might want to look at my post a couple of days ago with the DAX chart.

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Well yesterday marked my first 4 weeks of sim trading with No indicators. I've been trading 2 contracts scalping one and letting the other run. I had 14 winning days and 4 losing days and 2 days did not trade. After 151 round turns I am up $1,585.5 after com. not to bad for my first month. My worst day was trading b/w in week 2 with a $475 draw down and 22 round turns, the most round turns in the month. one other day I trade 20 round turns, and was -12.50 for the day + com.

 

Best Lessons of the month,

1 If I am looking really hard for set up, I need to just take a break.

2 Don't trade B/W (some one posted that B/W only starts after noon and around the 20.EMA) that leads me to the last lesson for the month.

3 I Don't tell the market what to do it tells me what to do.

 

Today Is my first day of my next four week cycle and a nice start 7 round turns and +$550 I am done not giving any back today.;)

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Guest Maletor

Here is a setup I saw on the ZN today that went against my simulated trade.

3 pushes, channel overshoot and L2.

The outside bar was worrisome though.

 

Any thoughts?

1246550061_4_UploadImage.thumb.png.44517941bfe3365934d1f82f24626f61.png

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Beautiful L1 off the first strong bear bar at 902.25. Had my scalper's profit in 45 seconds and than sat on my hands the rest of the day. There were some other patterns like the bear flag at 11:15 but I now avoid anything that even looks like barb wire any where on the chart and at any time of the day. Enjoy the holiday all!

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Trend from open day due to gap. This is easy money strong Trend from open type day. Unfortently, we dont get many like this. Most days are Brutal Ranges with Viscious Barbwire in between. Where even good setups are faked out so you wont get your Scalpers Profit right away.

 

I did 3 trades today, All Shorts, All Winners

Note: My last Short was a little too early, where i should have waited for that Double Top bear Flag ACS mentioned around 11:15. But i was going with strong trend so it doesnt really matter where u Enter. Only took -1.25 Heat on it anyways.

4_16.thumb.PNG.fe163b3ef05b86d53658d667a09fea50.PNG

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Hi mbfromla,

could please explain me your reasons behind the long entry at around 7:15 of your chart? i am asking you this as from a mental point of view yesterday after the big red candle covering all the previous move up my mind switched to 'short' and I got trapped with that for a while (that's probably also my issue to easily adapt to market conditions)...

 

Thanks

 

Fedeo

 

I'll try to answer to your question at the best of my ability:

1. Market gapped up, that itself indicates strenghth

2. The big red bar did not go below the open.

3. If thebar after the inside bar went down, i would be shorting, however it held the level, and had 2 green inside bars, that usually indicates a reversal.

Hope it helps.

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Hi guys, this is a chart from Thursday, not much action, but that's what i see so far.

 

During that chop, it was possible to force trades if you looked at 1 or 3 min charts, but it was evident that there is no volatility or volume.

 

any input will be apreciated. We have not yet decided on a permanent chat room, our choice was Yahoo, but for some reason they temporary don't allow creation of new rooms. On Monday we will gather in a main chat room here Pure PR and decide on farther actions.

07_02_09.thumb.JPG.f7b9085b9d2d674579d729ca0a8301de.JPG

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Note: My last Short was a little too early, where i should have waited for that Double Top bear Flag ACS mentioned around 11:15. But i was going with strong trend so it doesnt really matter where u Enter. Only took -1.25 Heat on it anyways.

 

Not to brag, but when we were trading I did mention that we would have another leg up right before you entered you short there:rofl:

 

Just had to mention it as I am usually wrong.....

 

Forrest

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Can I please just ask a quick question.

 

Is Al Brooks' book applicable to trading forex? Can his 5m chart techniques also be applied to 60m forex charts for example? Does he mention forex at all?

 

Thanks.

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Can I please just ask a quick question.

 

Is Al Brooks' book applicable to trading forex? Can his 5m chart techniques also be applied to 60m forex charts for example? Does he mention forex at all?

 

Thanks.

 

 

 

Welcome to Reality,

 

 

Yes, the Price action only approuch works on all markets and all time frames.

 

Why? because all markets are based on Price action.

 

Anyhing past this point is optional and will add complexity and illusion.

 

Steve

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Can I please just ask a quick question.

 

Is Al Brooks' book applicable to trading forex? Can his 5m chart techniques also be applied to 60m forex charts for example? Does he mention forex at all?

 

Thanks.

 

He says it works on all markets and timeframes. I don't recall any Forex charts in the book but on page 257 he writes: "Currency Futures and the Forex, and Treasury Bond and Note Futures can handle huge volume but give fewer entries than the Eminis on most days." Hope this helps.

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