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A practical guide to profiting from institutional trading trends
The key to being a successful trader is finding a system that works and sticking with it. Author Al Brooks has done just that. By simplifying his trading system and trading only 5-minute price charts he's found a way to capture profits regardless of market direction or economic climate. His first book, Reading Price Charts Bar by Bar, offered an informative examination of his system, but it didn't allow him to get into the real nuts and bolts of the approach. Now, with this new series of books, Brooks takes you step by step through the entire process.
By breaking down his trading system into its simplest pieces: institutional piggybacking or trend trading (the topic of this particular book in the series), trading ranges, and transitions or reversals, this three book series offers access to Brooks' successful methodology. Price Action Trends Bar by Bar describes in detail what individual bars and combinations of bars can tell a trader about what institutions are doing. This is critical because the key to making money in trading is to piggyback institutions and you cannot do that unless you understand what the charts are telling you about their behavior. This book will allow you to see what type of trend is unfolding, so can use techniques that are specific to that type of trend to place the right trades.
- Discusses how to profit from institutional trading trends using technical analysis
- Outlines a detailed and original trading approach developed over the author's successful career as an independent trader
- Other books in the series include Price Action Trading Ranges Bar by Bar and Price Action Reversals Bar by Bar
If you're looking to make the most of your time in today's markets the trading insights found in Price Action Trends Bar by Bar will help you achieve this goal.
- Sales Rank: #91730 in eBooks
- Published on: 2011-11-09
- Released on: 2011-11-09
- Format: Kindle eBook
From the Inside Flap
The key to being a successful trader is finding a system that works and sticking with it. Author Al Brooks, a technical analysis contributor to Futures magazine and an independent trader for twenty-five years, has done just that. Over the course of his career, he's found a way to capture consistent profits regardless of market direction or economic climate. And now, with his new three-book series—which focuses on how to use price action to trade the markets—Brooks takes you step by step through the entire process.
In order to put his methodology in perspective, Brooks examines an essential array of price action basics and trends in this initial book; moves on to provide important insights on trading ranges, order management, and the mathematics of trading in the next book, Trading Price Action TRADING RANGES; and then discusses trend reversals, day trading, daily charts, options, and the best setups for all time frames in the third, and final, book of this series, Trading Price Action REVERSALS.
Written with the serious trader in mind, Trading Price Action TRENDS skillfully addresses how understanding price action and effectively reading price charts, bar by bar, can help you follow unfolding patterns, which are all initiated by institutions, helping you to profitably piggyback onto their trades by setting up early entries with tight stops. Engaging and informative, this reliable guide:
- Discusses how to trade trends, trading ranges, breakouts, and reversals
- Examines the basic tools of trend lines and trend channels, which can be used to highlight the existence of trends and trading ranges
- Provides a detailed description of the significance of each type of candle, as well as the mathematics that traders need to know when placing trades
- And much more
Throughout the book, Brooks focuses primarily on 5 minute candle charts—all of which are created with TradeStation—to illustrate basic principles, but also discusses daily and weekly charts. And since he trades more than just E-mini S&P 500 futures, Brooks also details how price action can be used as the basis for trading stocks, forex, Treasury Note futures, and options. Foryour convenience, a companion website, which canbe found at wiley.com/go/tradingtrends, contains all of the charts provided in the book.
Trading is a rewarding endeavor, but it's hard work and requires relentless discipline. To succeed, you have to stick to your rules and avoid emotion—and you have to patiently wait to take only the best trades. Trading Price Action TRENDS is your first step in achieving this goal. With this guide, and the other two books in the series, you'll discover how to develop the patience and discipline to follow a sound system, and reap potentially huge financial rewards in the process.
From the Back Cover
Praise for Trading Price Action Trends
"Al Brooks has written a book every day trader should read. On all levels, he has kept trading simple, straightforward, and approachable. By teaching traders that there are no rules, just guidelines, he has allowed basic common sense to once again rule how real traders should approach the market. This is a must-read for any trader that wants to learn his own path to success."
—Noble DraKoln, founder, SpeculatorAcademy.com, and author of Trade Like a Pro and Winning the Trading Game
"A great trader once told me that success was a function of focused energy. This mantra is proven by Al Brooks, who left a thriving ophthalmology practice to become a day trader. Al's intense focus on daily price action has made him a successful trader. A born educator, Al also is generous with his time, providing detailed explanations on how he views daily price action and how other traders can implement his ideas with similar focus and dedication.?? Al's book is no quick read, but an in depth roadmap on how he trades today's volatile markets, complete with detailed strategies, real-life examples, and hard knocks advice."
—Ginger Szala, Publisher and Editorial Director, Futures magazine
Over the course of his career, author Al Brooks, a technical analysis contributor to Futures magazine and an independent trader for more than twenty years, has found a way to capture consistent profits regardless of market direction or economic climate. And now, with his new three-book series—which focuses on how to use price action to trade the markets—Brooks takes you step by step through the entire process.
In order to put his methodology in perspective, Brooks examines an essential array of price action basics and trends in this initial book. Page by page, he skillfully addresses how understanding price action and effectively reading price charts, bar by bar, can help you follow unfolding trends usually initiated by institutions and allow you to profitably piggyback onto their trades by setting up early entries with tight stops. Throughout the book, Brooks focuses primarily on 5 minute candle charts—all of which are created with TradeStation—to illustrate basic principles, but also discusses daily and weekly charts. And since he trades more than just E-mini S&P 500 futures, Brooks also details how price action can be used as the basis for trading stocks, forex, Treasury Note futures, and options.
About the Author
AL BROOKS is a technical analysis contributor for Futures magazine and an independent day trader. His approach to reading price charts was developed over two decades in which he changed careers from ophthalmology to trading. Brooks graduated from The University of Chicago Pritzker School of Medicine in 1978 and received a BS in mathematics with honors from Trinity College in 1974. His website, brookspriceaction.com, outlines his trading approach and views as well as hosts a subscription-based daily trading chat room in which Brooks talks with other traders about the market.
Most helpful customer reviews
51 of 53 people found the following review helpful.
Obfuscation, Review & Errata of Trading Price Action TRENDS
By Engineering Alum
I am about 150 pages into the book so far as of 2012-03-10 and after getting used to my eyes bleeding in the first 70 pages I am finally starting to settle into his writing style. Believe me, if I knew of any other competent book on the subject of trading price action, I would not have continued to muddle through this one. If you have ever heard one of Al Brook's webinars like those posted at Big Mike Trading (google "big mike trading al brooks webinar you tube") you will see that he has managed to perfectly capture all of the boredom and monotone of his voice in print form. Fine, so he isn't a skilled orator, nor a clear wordsmith, BUT there is a lot of great information in the book that is very valuable to a trader.
Just from reading a small blurb ,on page 110, about how a very large trending bar in context of a dying trend is more likely to represent a climactic exhaustion (a buy climax)rather than another continuing leg in the current trend's direction, I have found myself capitalizing by closing trades at the close of that bar, locking in profits instead of waiting for something more and giving it all back especially when trading around economic news releases.
Pay particular attention to the introduction pages 26-33. Brooks gives you basically the entire outline of all three books right here with bullet points as to:
- characteristics that are commonly found in strong trends
- characteristics that a bull-breakout will be strong
- characteristics that a bear breakout will be strong
- characteristics of the best bull reversal bars
- characteristics of the best bear reversal bars
- characteristics common in strong bull reversals
- characteristics common in strong bear reversals
The trilogy provides more insight into these characteristics with examples.
Brook's primarily refers to 5 minute ES charts, although references 15-minute charts for confirmation of more pronounced trends on the higher timeframe, and also refers to 100-tick ES charts.
While Brook's has a mostly complete of terms he uses in his book, pages xiii-xxvii, he noticeably leaves out definitions/examples of bull flags, bear flags, and final flags. You will have to google those for yourself.
One gripe is the the explicit stated desire of the Author not to be bothered in correcting errors. Unfortunately, Wiley seems to be taking the same approach to the problem, so as I continue through the book, I will update the review with errors I have found in the book. I can incorporate other errors reported in comments to this review so that they are all in one fairly high trafficked place.
Obfuscation
Page 56 - The chart in Figure 1.1 is annotated completely wrong with respect to the narrative text found below the chart. He labels an ABC move but refers to an AB-CD. The text calls bar 2 point C (labeled as B on the chart), bar 3 as point D (which is labeled as point C on the chart.) There is no point D labeled on the chart. The author should have labeled his nonstandard points as A*, B*, C*, D* to enable the reader to keep more of his own hair.
Errata
Page 117 - Figure 6.4 the bar not numbered occurring at 7:30 on the 15-minute chart should be labeled bar 4 and the bar incorrectly labeled "bar 4" on the 15-minute chart should be labelled as bar 5 to properly correspond to bar 5 on the 5-minute chart. The last sentence on the page clearly refers to the "bar 4" labeled on the 5-minute chart
I will add more errata as I find them or as comments on this review dictate.
As a final independent reference, this book tested out at an LoC of 210, the same as the previous book. The LoC does rise to 220 in "Trading Ranges" and 240 in "Reversals." The Forex Price Action Scalping book calibrates at LoC 270.
1 of 1 people found the following review helpful.
This book contains a lot of useful information but be prepared to mine for it years ...
By Ettienne Hugo
This book contains a lot of useful information but be prepared to mine for it years to come since the break down of the information in the book is absolutely horrendous. The only way to really understand what is being discussed is to read the book multiple times since terms are typically used in early chapters before they are properly defined (e.g. early chapters reference trend lines and trend channel lines which are defined in chapters 13 and 14 of the book). I guess the second option would be to jump around in the book and try to understand what is going on as you encounter terms that you don't understand, if you're a new price action trader this would pretty much happen on every page in the book so good luck with that.
Additionally some sections and paragraphs just seem to be in the wrong place, as an example, shaved bars (p.106) are discussed as if it's a continuation pattern for a trend but it is in a larger section discussing reversal bars and patterns - I did not understand that one first time round reading the book and I still don't understand it second time reading the book, at least second time round I sort of understand what a reversal is and what a continuation pattern is and that this paragraph does not make sense in the larger context of what is being discussed; who knows maybe I'm picking up something useful after all with a lot of hard work and frustration... It could have been better.
75 of 85 people found the following review helpful.
Preliminary assessment
By Jackal
I have had the book for a month, but I have decided to already post a preliminary review. This is because I don't expect to be through the book for another year (and it is not because I am lazy). So rather than wait, here are my thoughts.
The author is mainly trading the stock market indices using 5 min bar charts. You don't need to have exactly the same focus, but it should be fairly close for you to get full value of the book. He uses candlestick charts, but this book is not about candles. One way of thinking about it is that candlesticks are static and the author is more focused on how the chart develops dynamically over the day. So in an way both similar and different to standard candlestick interpretation. The author tries to explain the underlying mechanisms generating certain price patterns. This is interesting. One could question the mechanisms, but ultimately I think the book adds value in this regards. Hopefully we will see more of this in future books about the market. The book also has detailed discussions of individual charts, which I find very useful to understand how the author analyses a chart.
I have earlier bought the author's Reading Price Charts Bar by Bar: The Technical Analysis of Price Action for the Serious Trader (Wiley Trading) and found it interesting, but totally confusing to read (and I don't care about grammar mistakes). Even though the current book isn't labelled as a second edition on amazon, you should consider it a second edition of the 2009 book. The author has clearly put a lot of extra effort into this book to make it more understandable compared to the 2009 book. If I compare the two books, I would say that the second edition passes the readability mark, but it still has problems. So you should be aware that the book is not an easy read. It is dense and requires a lot of study together with your own charts. Trading style is a lot about personal psychology, but if you think your personality would fit with day trading and serious study, it would be hard find a more suitable book. This conclusion probably also mean that most people will not have enough patience with this book.
The first edition of this book received a lot of (rightful) critique because it was poorly written. I doubt there will be a third edition, but there is room for improvement: 1. Each chapter introduces new ideas in text format without any charts. Subsequently, we get lots of chart illustrations in the second half of the chapter. It would have been extremely helpful to also have some figures to illustrate the concepts (like a stylised chart with just a few bars). Trying to understand a new concept by just reading continuous text is not efficient. 2. Partly for the same reason the book is unnecessarily wordy. However, it is also wordy because many sections are repetitive. 3. It would have been nice to have a lot of the text in footnotes. I agree with the author that additional comments add value, but if they were in footnotes it would have been much easier for the reader to distinguish between core points and additional points. This holds true both for the continuous text and the comments to the charts. 4. The author is too cavalier in stating that his approach applies to all markets. Take forex for instance. That market is clearly more driven by news, there is more daily volatility and trading is 24 hours. These are factors that has to be incorporated in a price action perspective on forex.
I have still given this book five stars because (1) it is a successful trader's serious attempt to explain his own methodology and (2) it is a rewritten second edition so it is an improved version of the author's thinking. Before you buy you might also want to browse the author's website if you want more information. Naturally there is no trading book that you can just read, apply and make money from. With this book you need a lot of study.
The book is part one of a three volume set. The books are not really free-standing and the author often refers to volume 2 in the text. So do not expect to get the approach without buying the other volumes too.
Finally, it seems that the author's booked open a new area of study. Well, not totally new, but the focus on the daily movements did not exist in trading books a couple of years ago. Another quite interesting book is Forex Price Action Scalping: an in-depth look into the field of professional scalping, which turned out to me much better than expected. That book "kind of" uses one minute charts. It might actually be a good idea to buy that book first because it is better written and much shorter.
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