Spent a number of hours today analysing opening setups and reading Al Brooks.
I've gotta say in terms of futures trading, Al Brooks Reversals book is hands down the best I've read. Specifically reading about trading the open (about 100 pages), amazing. Much of his work confirms exactly what I've discovered through studying price action, and much has opened my eyes to even more.
As has been stated before, it's quite a heavy read, but as my understanding grows it becomes much easier to understand. I have highlighted and underlined so much and made plenty of notes. I will be referring to this many many times. An absolute gem.
View attachment 57918
His two other books are Trends and Trading Ranges, but in terms of what I am doing with the FTSE, I think Reversals will be far and away the most beneficial. If I could choose one book it for futures trading education it would be this one.
agree Pav I have book his book Reading Price Charts Bar by Bar and have read it 5 times... I use a lot of his ideas in my trading. good Al Brooks preso on YouTube http://www.youtube.com/watch?v=AXuTMFne6Yg
Reversals resonated with me so well I went straight back to the beginning to get "Trends". I haven't regretted that either. There's just so much to absorb. The info on trend lines and trends really made me rethink what I was doing. Love reading his descriptions of a day's price action, but for me its still about developing a few high probability setups and learning to stay out the rest of the time.
Gee 5 times. That's great. Looks like another big book. I might have to order that one too.
Hi guys, I'm back after a little tour of you great country. I'll hang around for a couple of weeks before i go back to work again. For full disclosure I'm back to sim, having cleaned out all my funds for property investment, except for enough left to get the data of course....I still want to keep my skills fresh with screen time so I'll practice whenever i can.
Will post some DAX charts today...
Hi Canoz,
(sorry off topic question here)
Where have you been purchasing property out of interest?
Brisbane.....within 10 Kms of the CBD.
I might have even seen you wandering about Can
FTSE trended decently last night. I watched it for a bit early but checked it this morning and saw the run up. The sell-in-may crew are so far treading water...
I got caught in the churn on the dax...
Is that a trade opportunity Michael? As in an spread type Arb trade?
Is that a trade opportunity Michael?
No, it's a risk to be managed.
Issues;
1. Gapping through stops can turn a profitable trade into a losing trade.
2. Gapping can lead to bad fills/slippage for short trades.
If long, $ get added to your account.
If short, $ get deducted from your account.
Thought I'd post up an interesting chart snapshot to illustrate one of the differences between trading the Australia 200 Cash CFD and the SPI.
At 4pm, there is an adjustment made to the value of the CFD to account for stocks going ex-dividend. i.e. there's a gap. Mostly this gap is non-existent or trivial. Occasionally, it is substantial. Today, WBC and NAB went ex-dividend, producing a 15 point gap.
I know the instrument I trade very well. I like it. Gaps are rare and big dividend gaps are completely foreseeable.If this happens often why dont you trade a cfd that follows the spi instead of the cash market?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?