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brownsfan019

Futures I Trade Show & Brooks Book

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Today's action was strength in disguise.

 

What was the disguise? Once the gap filled, the market roared higher - Internals were bullish and a trend day with the market closing on its highs unfolded. NO REASON TO SHORT. Add to positions and hold trailing stops below Swing Lows. Exit at close.

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Guest Maletor

Ok, tell me where you got long after 12PM

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Ok, tell me where you got long after 12PM

 

Quick scalp off the EMA at 2:10 EST and then opportunity opened at 3:30 we were at the bottom of the channel we had been trending in and also making a another touch down with the EMA.

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Hi guys, took 3 trades today,,, all good i did 2 contracts, let the 2nd one ride,

If did 1 contract,, made 3 points 150$.... however 2nd contract made a bit more total would've been $375... i was done at that point..

 

 

There was simply a visual trade considered at 11:20 short,, however i do agree with Maletor now that it was not an L2,, instead was a good H2. A tick before there were longs trapped, but didn't seem eager to exit.

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If you noticed price never closed below 20ma throughout the day, if one wanted to force trades, they coul've been guying pullback off the 1 or 3 min chart for 2 or 3 tick profits. Good luck all ,, see you guys tomorrow morning.

07_13_09.thumb.JPG.6a0f1d96573beded8004abe135bb8ff1.JPG

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6 trades Total

3 winners 2 Even 1 loser Total +1.50

 

I coudnt call this strong trend from open because of the Selloff at Open..that threw me off and I kept lookign for Shorts and took the 3rd Short L2 for a Open High test also Prior Flag around Open high showed me this could be Failed Final Flag, but they just Ran it Parabolic. that was my only Loss for day -1.50

A lot of people were confused with todays action as was i.

we had a total of 6 Push Ups..amazing,usually we get 2-3 then 2 leg pullback..this Parabolic upmove sucked.

Like Melator said most of the Long signals after 12 (the move was done) were in BW.

MYSETUP.thumb.JPG.4a0a8b58f0403258447a88c06da6d773.JPG

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I also noticed our candle setups are different sometimes. Some will show Doji inside candle as 10 am candle (Eastern) and im showing small red candle with lower low. So each Data Provider will Print differant candles sometimes.

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Ok, tell me where you got long after 12PM

 

If you are asking me, here is what I saw yesterday.

 

My short entry was at 878.50 at 9:47 looking to hold to Gap Fill 4 pts lower.

 

The first time I "thought" of going Long was at AFTER an Inside Bar formed and signalled an alert to me which was the first Green Candle since the breakdown. This was on a 2097 Tick Chart. I watched T&S and on the pullback to 872.00 considered pulling the trigger long with a 5 tick stop becaase the RR was so tempting. But I waited for confirmation on the Minor TL break which happened on the 5M chart at 10:15 with the Long entry at 873.50 on a Stop Limit.

 

The first possible place to Add a contract(s) was at a breakthrough of the PVP at 878.50 at 10:38 EST.

 

The next add point was 883.00 at 11:30.

 

The next add point was 889.00 at 12:45.

 

The next add point was 892.00 at 14:58

 

The target was the 50% retracement at 896.75 which has been on my charts since last Friday with the High at July 1st and the Low at July 8th.

 

Obviously, after the market filled the gap the internals confirmed the move and trend day up which was in agreement with the Meridith Whitney news release suggesting the financials had a 15% pop coming which fueled this move.

 

Good trading.

 

 

PS. I forgot to add that I also had the 873.50-875 fib retracement zone on my charts which i wanted to see if the market bounced from ... which of course it did. This was drawn from the Overnight High pre market to the Low on Friday and "suggested" to me that if the gap filled ... then the market could find support there near Friday's Settlement.

 

Also - this was a classic Drive Test Trend Day in MP Parlance.

Edited by bakrob99

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Here is today's chart guys... I know it was tough day but there were opportunities.

 

You have the trend channel overshoot marked but the low of the day was also a setup for a H4 that ended a large two leg correction.

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7/14

 

Not a good day.

Total 14 trades 4W/8l/2BE

Overtraded as i had a bad start took a Hit for -2 right at Open. Had a lot of Failed +3 Tick setups. Got frustrated at end of day and started forcing a few trades. Again today, the Major move of the day started with H1 with no frikin second chance to get Long. Right at Low we just started going higher 11 Green candles in a Row with no LL to get in.

so -6 Pts for day

MYSETUP.thumb.JPG.285170128a34cb59c22cefeaab334ac7.JPG

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I took this M2S Short (2nd attempt to break above EMA) After a Strong downmove off the High expecting a 2nd Leg Down. ALso Double Top Bear Flag, sucker went up for -2.25 Stop on me. It started coiling up for hours after that.

1STBUY.thumb.PNG.b4cf4eeb486cf4f4eaad232118241472.PNG

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I took this M2S Short (2nd attempt to break above EMA) After a Strong downmove off the High expecting a 2nd Leg Down. ALso Double Top Bear Flag, sucker went up for -2.25 Stop on me. It started coiling up for hours after that.

 

The M2S you traded on was an L1, I believe these work best when they are L2's. Additionally, after a strong bull rally, I would have been expecting a an attempt to put in another high and as you can see the market did so and then failed. Eventually rallying after the third leg down.

Edited by davewolfs

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Trying to figure out what to anticipate for - I guess should still stay long but maybe be on a look out for channel over shoot and exit/stop below last bar. Then look for PA for short setup after overshoot. But won't short if L1. Wait for L2 or second entry short. Who knows at this point.

 

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spy7_14_2009.jpg.c6af61e8ff48a25f9cddb69b553aa260.jpg

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I took this M2S Short (2nd attempt to break above EMA) After a Strong downmove off the High expecting a 2nd Leg Down. ALso Double Top Bear Flag, sucker went up for -2.25 Stop on me. It started coiling up for hours after that.

 

Straight from the book: beginners should not be trading when the market is in the middle of the day and in the middle of the day's range. Almost all my losing trades come from ignoring (or forgetting) that.

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To JoLee,

 

Thanks for posting the charts you have. I actually disagree with your statement that publicly posting them has no benefit for you. You do gain from the actual display of the charts and the work involved - and the responsiblity to do it. However, I can understand your frustration because not many have been contributing to the discussion (myself included).

 

The main reason why I haven't is because I DO NOT LIKE the Brooks method. First of all, I hate giving up the height of the bar of potential profit rather than fading from higher up against some S&R line. I just do not like Stop Market entries.

 

Secondly, this is definitely a scalping method, which may be useful for summer time trading - but I prefer to try to catch a larger intraday move and trade less frequently.

 

Finally, I prefer to add to a winning position and start with only 1 or 2 contracts... which is opposite to the MM suggested by Brooks.

 

That said - I have read the book (it is not a well written book by any means) and am happy I bought it and I am sure that I will refer to it from time to time in my trading future.

 

Good luck with your trading

Bakrob

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To JoLee,

 

Thanks for posting the charts you have. I actually disagree with your statement that publicly posting them has no benefit for you. You do gain from the actual display of the charts and the work involved - and the responsiblity to do it. However, I can understand your frustration because not many have been contributing to the discussion (myself included).

 

The main reason why I haven't is because I DO NOT LIKE the Brooks method. First of all, I hate giving up the height of the bar of potential profit rather than fading from higher up against some S&R line. I just do not like Stop Market entries.

 

Secondly, this is definitely a scalping method, which may be useful for summer time trading - but I prefer to try to catch a larger intraday move and trade less frequently.

 

Finally, I prefer to add to a winning position and start with only 1 or 2 contracts... which is opposite to the MM suggested by Brooks.

 

That said - I have read the book (it is not a well written book by any means) and am happy I bought it and I am sure that I will refer to it from time to time in my trading future.

 

Good luck with your trading

Bakrob

 

Can you elaborate on how this would not be useful for trading that is not in the summer time? Also, if you don't like giving up profits on the bar, why not swing your positions.

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I have just finished reading the first several chapters of the book. It has so much information! I remember in the first chapter he said one of the best ways to learn price action is to print off several charts every night and mark on them.

 

I printed off Friday's NQ session. I know there are some things I can label on the chart but right now it looks like a forgein language to me.

 

It would be awesome if a few people marked up this chart where I can see "the right answer".

 

JimmyJohn,

I have only skimmed the google book (that has many chapters missing) and have not read the whole book so others would be much more qualified to answer your question – particularily marking up a chart.

Very generally though - Your chart is ‘triangular’ and my (mostly intuitive) impression is that Al does not have a lot of trines in his ‘nature’ or methods. Is it just coincidence that is the type of chart you posted?

zdo

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To JoLee,

 

......... I actually disagree with your statement that publicly posting them has no benefit for you. ....,, Good luck with your trading

Bakrob

 

Er... I think you replied to the wrong person. I personally think Al Brook's methods are brilliant because I'm learning how to anticipate the market bar by bar and also learn what action to take. The market definitly have become more tangible to me since last year. I can see the forest and the trees.

 

Also my first name is Angelina ..... not - psych , LOL .

 

Good luck to you and all

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Can you elaborate on how this would not be useful for trading that is not in the summer time? Also, if you don't like giving up profits on the bar, why not swing your positions.

 

The reality is that Summer Trading markets are choppy. Fewer trends. Brooks makes it very clear that you will get killed taking breakout entries on Chop Highs or lows. THat's why he doesnt trqade dojis. And a bar is eithe a TREND BAR or a DOJI BAR according to Brooks.

 

Better for me to get into a trend and STAY IN moving stops behind Swings.

 

I prefer to look at Fib Retracements backed up by the Peak Volume Price and a 20EMA or 30WMA. Then I will use a Breakout Entry method to add to a position or even to initiate a position. I will also add to a position if a PVP change ocurs with my position.

 

I will exit at Fib Extension targets or Tick Extremes.

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To JoLee,

 

Thanks for posting the charts you have. I actually disagree with your statement that publicly posting them has no benefit for you. You do gain from the actual display of the charts and the work involved - and the responsiblity to do it. However, I can understand your frustration because not many have been contributing to the discussion (myself included).

 

The main reason why I haven't is because I DO NOT LIKE the Brooks method. First of all, I hate giving up the height of the bar of potential profit rather than fading from higher up against some S&R line. I just do not like Stop Market entries.

 

Secondly, this is definitely a scalping method, which may be useful for summer time trading - but I prefer to try to catch a larger intraday move and trade less frequently.

 

Finally, I prefer to add to a winning position and start with only 1 or 2 contracts... which is opposite to the MM suggested by Brooks.

 

That said - I have read the book (it is not a well written book by any means) and am happy I bought it and I am sure that I will refer to it from time to time in my trading future.

 

Good luck with your trading

Bakrob

 

From what i understand this was directed to me. I do and will continue to analyze charts at the end of the day, i have a folder where i store the charts and review at the end of each week. Also i will continue to share them with a select few people who do the same.

I personally don't like entries at a stop market as well, but after exploring all the other options, this has been working the best.

If someone is challenging a specific method, i would apreciate if that person would share their monthly P/L statements, or even statements in a sim account.

If any of us was making alot of money trading, belive me, we wouldn't be here.

Look at the pivot lines or S/R today. Where would you fade? When most guys in the room made 3 plus points trading price action and were done after the first 30 min.

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......

 

If any of us was making alot of money trading, belive me, we wouldn't be here.

_snip_ When most guys in the room made 3 plus points trading price action and were done after the first 30 min.

 

I hope you don't think I'm being confrontational but aren't those contradictions?

 

It's my hunch it's the same demographic (winners vs losers) as anywhere (whatever that demographic might be). Do you sincerely believe forums are only frequented by losers? I wonder what your motivation for being here is if that's the case? Personally I don't agree, having got to know a few people behind the screen names I think you might be very surprised.

 

If someone is challenging a specific method, i would apreciate if that person would share their monthly P/L statements, or even statements in a sim account.

 

my P&L or anyone elses P&L has absolutely nothing to do with the veracity of Brooks methods or any other methods. To be honest that whole notion is absurd. Again I am not trying to be confrontational but felt it needed saying.

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From what i understand this was directed to me. I do and will continue to analyze charts at the end of the day, i have a folder where i store the charts and review at the end of each week. Also i will continue to share them with a select few people who do the same.

 

I was refering to your chart where you stated that you would no longer post charts because it didn't do anything for you - and I was just commenting on that. I would welcome your future charts and posts if you care to continue. If not, that's okay too.

 

I personally don't like entries at a stop market as well, but after exploring all the other options, this has been working the best.

 

I am glad it works for you. I sometimes enter on a stop when the risk of immediate entry seems too high or I want confirmation of the trend. But I prefer to buy lower on limits (or sell higher)

 

 

If someone is challenging a specific method, i would apreciate if that person would share their monthly P/L statements, or even statements in a sim account.

 

I am not "challenging" any method. Just stating a personal preference that keeps me from trading using the Brooks method.

 

If any of us was making alot of money trading, belive me, we wouldn't be here.  Look at the pivot lines or S/R today. Where would you fade? When most guys in the room made 3 plus points trading price action and were done after the first 30 min.

 

I am not sure why you a stating this except it seems you are still o your hourney of discovery and I wish you well.

 

By the way - today was a trend day up. Stay in your position and add on pullback. Exit at close or near to it. NO SHORTS TODAY. Learn to read market internals and GAPS that open above all resistance.

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