Hi,
The objective of this forum is to encourage free transfer of knowledge and experience. Taking stuff offline to a private WhatsApp number is not in the spirit of the forum.
If you go offline to private conversations, there is a high likelihood that the person taking you offline has his interests in mind a lot more than yours, and that normally means you will be exposed to forking out some money. Everything you do on this forum will not cost any money for knowledge or experience.
Thanks. So it is either an Agile sort of thing (good idea but nothing under the hood) or it is a well kept secret. I’ll stick to the strategy -> plan -> lifecycle trade management. At least I can understand it.
@Alasan - Al Brooks is probably the most well known proponent author of price action. You can pick up a few of his books and/or catch his YT channel:
@Mondeoman - his books contain a number of guidelines for specific situations (ref scr shot) and he’s given an extensive number of charts explaining how to apply them.
Only issue is that there are tons of rules/guidelines with no priority or weights against each. Looks very subjective and situational but pros like Tom Hougaard swear by his work and he’s a contributing writer in investing.com atleast
It’s heavy reading and maybe someday someone can either whittle down the guidelines to high level rules (e.g. Elliott Wave Theory) or quantify it (E.g. Thomas Bulkowski on chart patterns) that’d make it easier to digest and apply (like building EAs).
Personally I’ve noted a few rules and use it in confluence with indicators and chart patterns. Noticed how certain elements overlap with conventional Technical Analysis which makes it easier to apply.
No prob mate - much of “the School” seems to come from “Stockcharts.com” (john Murphy) When I was looking I found 2 “Articles” there on “Wyckoff” - one very good, one mediocre at best - But I certainly didn’t see any of that filter down to “Our School”.
His stuff was long-term and he used/ invented some nice charts - His premise was that Accumulation / Distribution by the “Big Boys” could not be hidden from the record whatever devious methods they tried and thus a knowledgeable amateur could be aware of ongoing moves to accumulate or distribute shares prior to the Big Boys instigating a price move.
Naturally it was related to stock prices and whether it would translate to Forex is perhaps in some doubt _ I have Volman’s book (Boring as hell) and have tried using some of his principles - I have said elsewhere that I might give it a thorough trial this Autumn/Wnter as I do hold it in some regard !
[ The book does get a little less boring on second and subsequent readings ! ]
Hi @Falstaff, @darthdimsky
Thanks for the additional information. I have registered on Al Brooks website and will consume some content over the weekend.
Disclaimer on my part: I didn’t finish the book I was reading. It was a very frustrating read. I got legitimately mad at Al Brooks for his writing style.
But I gained a lot from studying the charts in the book. He’s very detail oriented and looks at each candle individually. Makes sense why most scalpers swear by price action. With enough work and practice the way they look at charts rewires their heads differently.
I’ll go back and finish it before the year end but I doubt I’ll read the two other books (on ranges and reversals) anytime soon.
I have not got that far yet. It seems like a very busy, old fashioned Wordpress style site. But they are often the best. I have some really boring but urgent work to do this week that I have been putting off, so my educational journey into price action will have to play third or fourth fiddle.
I am thinking about the kudos of meeting some Forex trader types in the pub and when discussing whether you are a fundamental or a technical trader just piping up "Oh, I just trade the price action. I’ll only do that when I know what that means in practice. It just sounds really cool and aloof.
Just found a huge thread on Price Action in the forum. Apparently from a member who’s had institutional banking experience. It looks very well organized and could be worth looking into.
As for the member himself BP’s done a brief interview with him:
credit to @Thebeezneez for uncovering the threads with his/her inquiry into PA here.
Tbh if you are trading with solid RR and a comprehensive understanding of forex you will do well. So many people focus on thinking one style prevails over the next they forget getting the basics right
It’s more like a trading method than strategy, along with folks who use indicators, Wyckoff or a pure naked approach (PA proponents also use the EMA 20).
Performance metrics for two price action traders, I believe, will not be the same. For e.g. two individuals using the same set of indicators, on the same instruments, on identical timeframes will can have varying results. Boils down how they use each of their indicators, how they interpret their charts & their strategies (maybe different entry/exit rules).
Really depends on your profile and finding out what works for you. If you want to look at pros use it, you can see Al Brooks or Tom Hougaard (he scalps indices mostly). Tom Hougaard used to live stream his trading but I believe has been a bit inactive since July (atleast going by his YT channel).
