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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: #103764 in Books
- Published on: 2011-11-29
- Original language: English
- Number of items: 1
- Dimensions: 9.50" h x 1.50" w x 7.65" l, 2.15 pounds
- Binding: Hardcover
- 480 pages
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
14 of 14 people found the following review helpful.
Best Trading Books Ever Written.
By BK
Not an easy read and not for someone with a casual or passing interest in trading. I had to read these books 3 times to really grasp the concepts that Al teaches. Now that I have followed his advice and gone through a zillion charts of the currency pairs I trade and pointing out setups, I have developed the ability to spot trades that have over a 50% chance of making 1.5-2x my risk. The hardest part of trading in my mind is developing the skill to ONLY take those trades and never ever place another order outside of my trading plan! I watched his video course and that helped me grasp a lot of the concepts in a different way, then I went back and read the books for a 4th time, and then I started developing my own trading systems based on Al's concepts.
A lot of muppets out there will criticise Al because he speaks tin vague terms (ie usually) and doesn't give you a complete trading system. I also hear criticism that Al must not be a profitable trader because he spends his time writing books. My gut feeling (which could very well be totally wrong) is that Al is an extremely skilled and insightful trader who has such a deep understanding of markets compared to most professional traders (I have worked on several trading desks and can definitively say I have never met any bank or hedge fund trader who has even a shred of the insight that Al provides in his books...not saying they aren't out there, but they are RARE) and I also get the impression he is a bit arrogant and wants to be worshipped as a Guru...AS HE WELL SHOULD BE!
His 3 volume set has changed my life. It is true that Al doesn't give you a trading plan on a silver platter. He does however give the serious student of his works the knowledge to understand how markets function and how to spot high probability setups, whether scalps or swings.
It is up to the reader to build his own trading system around Al's methods if the reader is so inclined. I personally don't scalp and only focus on trades where my reward is 2x risk. I have done extensive backtesting on my carefully selected setups from Al's teachings on my favourite currency pairs..all my backtesting is done by hand, and I only look for great looking textbook setups. I am not a programmer and have no idea how to do this other than manually, but I actually think doing it manually is best since it helps me tune in even more with the market.
Once you have a clear grasp of what Al is teaching, you have at your disposal a lot of different price action setups and a zillion and one financial instruments out there to trade them on. Why not backtest your various system ideas on different instruments and see what works? The sky is truly the limit.
Finally, I would like to say to Al: Thank you for taking the time to write the 3 greatest masterpieces ever published in the history of mankind.
7 of 7 people found the following review helpful.
Incredible course. Months to capture it's truths. Brooks' ...
By Keith Sipos
Incredible course. Months to capture it's truths. Brooks' mind as an eye surgeon prepared him well to transfer his analytic mind to know/and write this tome of truths about day trading. It will be many years before something matches this if ever. This said, I might urge YOU dear reader to invest in the course on line 1st, even though it's more expensive. $249/ It's so much easier to absorb, and navigate through the many "modules" of learning with the reinforcement visually seen and explained. Brooks explains calmly, and soothingly, with simple language about complex ideas that build on themselves. Done in well thought out sequences with ample charts, the downloaded course reinforces what the books present, and with the 1st of the 2 purchases, perhaps the download method is easier to tackle. I have both resources, and now with 6 months into the purchase know I have many more months of information to glean, and probably years of benefits from it all as well as refer to. Thank you Mr. Brooks for your contribution.
8 of 8 people found the following review helpful.
Hard to read, for a good reason
By DashNY
Do you want to know why your indicators don't work for you but they do for someone else? Have you heard the expression "Price action is pure?" That's what this book is all about.
Open a chart, e.g. a daily candlebar chart of AAPL. Then apply Bollinger Bands, then moving averages (SMA/EMA), then Stochastics, then MACD. Oh my... What are you looking at now? Exactly!!! You're looking at the indicators while you need to be looking at the chart itself, the patterns, the candle types, e.g. dojis, hammers, etc. The chart generally tells you everything you need to know, e.g. who's in control: bulls or bears, where the institutional buying / selling pressure is, important S&R levels, and so on.
This is not the easiest book to read. Every chapter usually has a chart followed by lots of text explain it, so you'll be going back and forth between the chart and the text. The author recommends printing out the charts separately and has those charts on his website.
That being said, it's still the best book I've seen so far on price action and it has helped me a lot.
Five stars easily.
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