The transition to Futures trading

[pavilion103]

Some study of Al Brooks tonight. I love how they provide the charts.

 

[5oclock]

Hi PAV, how are you going with Als stuff?

 

[pavilion103]

Hi PAV, how are you going with Als stuff?

Very slowly lol....

I LOVE his stuff. It really resonates with me. But I read it very slowly and like to write up notes on the charts like above.

I find his materials require a lot of concentration and reflection. It isn't a light read. But it is well worth it. Definitely one of the best best IMO.

 

[5oclock]

PAV, thats exactly how i find it to, glad you found the charts on the website,its good to print them (as you are doing) , i got his earlier book a while ago and found that good also--much the same as the 3 volume set but not as much detail,which is good till you find what areas you need to learn up on , then go back to the more detailed books. Have you looked at any of the stuff on you tube and on the Brooks price action website?? Lots of free stuff there and its good too..also Big Mike has some good vids (on you tube --where else) of Als.

 

[pavilion103]

PAV, thats exactly how i find it to, glad you found the charts on the website,its good to print them (as you are doing) , i got his earlier book a while ago and found that good also--much the same as the 3 volume set but not as much detail,which is good till you find what areas you need to learn up on , then go back to the more detailed books. Have you looked at any of the stuff on you tube and on the Brooks price action website?? Lots of free stuff there and its good too..also Big Mike has some good vids (on you tube --where else) of Als.

I haven't looked at his other stuff yet. I'm keen to slowly make my way through as much as possible. I've been spending more time recently analysing charts and looking at live price action. The amount of reading and study I've done has declined since my first few years learning about trading (when I smashed out 30 or so books in no time).

The two that I am putting all my focus on when I find time are
1) Todd Krueger - his weekly videos
2) Al Brooks - the 3 part book series (starting with reversals).

I feel that most of my methodology is established, but these guys can help me get better at reading price action. Al Brooks is brilliant and when I eventualy get through all 3 books I will be a very good trader.

 

[5oclock]

PAV, i found i was getting too bogged down in detail and was spending lots of time on it all.Sure you need the detail in the final washup, but just me i guess,i made much more progress when i looked at the books in more general context and just zoomed back in on which areas i needed more work.Its all good though,i cannot believe how much better i am at reading price now than this time last year,and its not about copying some one else, like you said they are just helping us to get better at reading the price action ourselves.

 

[Newt]

Started on "Reversals" but realised pretty quick owed to myself to start at the beginning. Agree with the remarks that it resonates and makes good sense. You HAVE to stop and really think about what he's saying. Can happily spend a few hours at a time lapping this up.

I wouldn't have a bar of it (no pun intended) if he wasn't so open about low and high probability patterns. Really comes through as a beacon for someone who has always followed medium to long term trends, but noted more and more tantalising clues in the short term price action, even just in shares.

Love the implications for continued learning in futures and pleased his basic principles are similar to what I'd nutted out to date myself to a large extent. Know for sure I now know enough to be dangerous

 

[Newt]

Any punters on tonight's FTSE action?
Bit of a gap up at the open that hasn't reversed to any extent.

I would expect more movement up following through from last week, on likely small (Easter'ish) volume. Would sit on my hands with current ranging until a break > 6645 or < 6620.

I've spent a bit of time wondering if I would have fallen for the stalled reversal 35mins after the open. The 2nd 5min bar wasn't strong. Looked even worse on 2min. Would like to think I would have stayed out or managed to BE.

 

[Lone Wolf]

Any punters on tonight's FTSE action?
Bit of a gap up at the open that hasn't reversed to any extent.

I would expect more movement up following through from last week, on likely small (Easter'ish) volume. Would sit on my hands with current ranging until a break > 6645 or < 6620.

I've spent a bit of time wondering if I would have fallen for the stalled reversal 35mins after the open. The 2nd 5min bar wasn't strong. Looked even worse on 2min. Would like to think I would have stayed out or managed to BE.

I managed to sneak in a long for 10 points. Another failed long for -1 point at the recent high. Now I'm trying to get a short to stick from 6634.5. It's not going anywhere though.

Edit: Out for break even. You know to get out of your short when you start saying "Down, go down" out loud.

 

[Lone Wolf]

I've spent a bit of time wondering if I would have fallen for the stalled reversal 35mins after the open. The 2nd 5min bar wasn't strong. Looked even worse on 2min. Would like to think I would have stayed out or managed to BE.

I was watching it. It did look like it might reverse, and it was in an area that I might expect a reversal. But I didn't take it because I refuse to go short in a strong uptrend. I was waiting for the retest. We got the retest but that's where I exited my long and I'm not good at stop and reverse trading.

I'm wondering if Pav went short on the first retest of the high.

 

[Newt]

I was watching it. It did look like it might reverse, and it was in an area that I might expect a reversal. But I didn't take it because I refuse to go short in a strong uptrend. I was waiting for the retest. We got the retest but that's where I exited my long and I'm not good at stop and reverse trading.

I'm wondering if Pav went short on the first retest of the high.

IMHO tight "V shaped" reversals in the first 1.5hrs are pretty safe. You're unlucky to get shaken out for much worse than break even on what Al Brooks would term classic strong reversals. It wasn't in a hurry to come back down this evening however, and that 2nd bar wasn't a strong entry. My brain would have been worried. Just wondering if my hand would have also stayed off the mouse button!

Good point about sticking to trades with the trend regardless LW, especially for beginners with training wheels on....

 

[pavilion103]

Some adventures for me tonight. Looking for longs.

I took a ripper on the break of the 3rd bar of the day on the 3 min chart.
Gave me 24 points profit.

The fact that I didn't take 2 cost me because I tried to re-enter and lost most of those points in various spots.
Really used open profit to try to get on with multiple contracts because I was confident of a long tonight.

Currently in one.

As it stands at 6642 I'm around BE for the night.

Very annoying because if I'd taken 2 on the opening trade I would have lifted one at 25 points like I did and just trailed the other. Wouldn't have had to take another single trade. Would be 25+35 points up = 60

Amazing how one costly moment of hesitation is and uncharacteristic given how aggressive I am on the open.


The most I can lose for the night is 10 points.
Although I'm confident with price moving higher now. Hopefully I can make 20 or 30. We'll see.

All over the place tonight!

 

[Lone Wolf]

IMHO tight "V shaped" reversals in the first 1.5hrs are pretty safe. You're unlucky to get shaken out for much worse than break even on what Al Brooks would term classic strong reversals. It wasn't in a hurry to come back down this evening however, and that 2nd bar wasn't a strong entry. My brain would have been worried. Just wondering if my hand would have also stayed off the mouse button!

Good point about sticking to trades with the trend regardless LW, especially for beginners with training wheels on....

Another point for me is risk. I like to keep my risk per trade as small as possible. If you were to take that first reversal your stop would need to be above the high which is too far away for me personally.

 

[pavilion103]

Did everything right except take 2 contracts.
Frustrating.
If I'd done that it would have been a very straightforward and profitable night.

The positive is that I am identifying these good trades on open regularly and consistently anticipating the market direction for the day.


These setups are gold. Such low risk 4.5 points and can ride it for a long time.

 

[Newt]

I just can't get home early enough to trade that first 45mins, but interesting to see your strategy for tonight.

My only attempt tonight would have been long at 20:24 on the break up in @6644.5, but stopped later for <4 pts loss. Nothing else strong enough to have a go at so far.

 

[CanOz]

I'm thinking what we've seen in Europe might have been a little relief rally / short covering. The ES hasn't really agreed with the rally which also saw oil sell off half a handle.

Thinking we might see a pullback now....

 

[pavilion103]

I agree.
It doesn't look too strong.
I'm done for the night.

Disappointing given what could/should have been.


I've repeated it over and over.
"Get a good trade near open with 2 contracts and it saves so many headaches"

 

[CanOz]

Yeah, I'm done for a few weeks. Off to Sydney tomorrow, then Brissy on the Tuesday. Tomorrow gets me my first A380 ride, so feeling like a little kid right now....1 more sleep.

Good luck guys.

 

[>Apocalypto<]

I've pulled the plug on spot fx under the daily...... too hard for me....

Coming back to easy markets like WTI and Spot Gold : haha

Don't have the funds to go back to Interactive trade CL and Gold futs so will be using IC Markets CFDs over them... will post up charts and trades. I use the Floor Trader method off trading naked... I use it with price action, mainly support and resistance with trend breaks to help confirm & filter out....

Trading a live acc 500 big ones in there atm.... all trades will be $1 a tick/point 1 hour TF entries due to spreads.

cheers,
Joe

 

[>Apocalypto<]

Yeah, I'm done for a few weeks. Off to Sydney tomorrow, then Brissy on the Tuesday. Tomorrow gets me my first A380 ride, so feeling like a little kid right now....1 more sleep.

Good luck guys.

Been in two A380s Can... very nice and lots of room...