Al Brooks Setups 1
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Al Brooks Summary from I-TradeFutures......www.tradorslaboratory.com
Chart Settings: • • •
5 Minute Candle Sticks 20 Period EMA Volume (Optional)
Basic Bar Count Strategy: • • • •
H1 –First pullback in an uptrend, above 1st bar that has a high above previous high. H2 – Second time a High above previous bar in that same pullback L1 - First pullback in a downtrend, below 1st bar that has a low below previous low. L2 – Second time a Low below previous bar in that same pullback
1
HOW TO ENTER ON SIDEWAYS OR UPTRENDING MARKET:
HOW TO ENTER ON SIDEWAYS OR DOWNTRENDING MARKET:
2
TWO TYPES OF TRADES FOR BEGINNERS:
3
OTHER NUANCES AND SETUPS MICRO-TRENDLINES How to enter with Micro Trend Line: •
Connect the extreme of bars and construct Trend line. Enter 1 tick beyond the bar that broke the micro trend line.
4
5
OTHER CHARTS:
Example of H2 failure, on micro trend line break, we expect to enter LONG WITH the trend. So next bar should rally, but it did not so enter short.
6
REVERSALS: TWO CRITERIA FOR REVERSALS: 1. Want to see a break beyond big picture trend line 2. A RETEST of the high or low, i.e. bull/bear flag OTHER IMPORTANT NOTES: • •
When 2 attempts are made, the market often reverses and does something else….i.e. double top or bottom “3 Push Patter” constitutes a wedge or flag, even if it’s not perfect
7
Below, price had many doji bars in the in the pullback, this is an area of balance where neither bulls nor bears are winning. Consider entering a reversal pattern expecting price to at least ‘snap back’ to that area temporarily.
8
Trend Channel Line over shoot below – Trend channel line would be the upper trend line in this case since in an uptrend.
9
MORE ON REVERSALS – “3 PUSH PATTERN” Reversals Notice the 3 pushes in the picture below constituting Bull Flag. It’s not perfect, but still valid.
Another example of the “3 Push Pattern” above.
10
11
FAILED BREAKOUTS
12
MORE ON TRENDING:
WHEN WILL THE TREND STOP?
13
TYPES OF TREND DAYS: SPIKE AND CHANNEL BULL
CLEAR CHOP (ENGULFING CHOPPY TAILS IN THE MORNING SETS TONE)
14
SPIKE AND CHANNEL VARIANT – SPIKE IS THE GAP DOWN
TREND FROM THE OPEN DAY
15
BEAR DAY W/CONSOLIDATION IN THE MIDDLE, FOLLOWED BY RESUMPTION
16
17
Chart Settings: • • •
5 Minute Candle Sticks 20 Period EMA Volume (Optional)
Basic Bar Count Strategy: • • • •
H1 –First pullback in an uptrend, above 1st bar that has a high above previous high. H2 – Second time a High above previous bar in that same pullback L1 - First pullback in a downtrend, below 1st bar that has a low below previous low. L2 – Second time a Low below previous bar in that same pullback
1
HOW TO ENTER ON SIDEWAYS OR UPTRENDING MARKET:
HOW TO ENTER ON SIDEWAYS OR DOWNTRENDING MARKET:
2
TWO TYPES OF TRADES FOR BEGINNERS:
3
OTHER NUANCES AND SETUPS MICRO-TRENDLINES How to enter with Micro Trend Line: •
Connect the extreme of bars and construct Trend line. Enter 1 tick beyond the bar that broke the micro trend line.
4
5
OTHER CHARTS:
Example of H2 failure, on micro trend line break, we expect to enter LONG WITH the trend. So next bar should rally, but it did not so enter short.
6
REVERSALS: TWO CRITERIA FOR REVERSALS: 1. Want to see a break beyond big picture trend line 2. A RETEST of the high or low, i.e. bull/bear flag OTHER IMPORTANT NOTES: • •
When 2 attempts are made, the market often reverses and does something else….i.e. double top or bottom “3 Push Patter” constitutes a wedge or flag, even if it’s not perfect
7
Below, price had many doji bars in the in the pullback, this is an area of balance where neither bulls nor bears are winning. Consider entering a reversal pattern expecting price to at least ‘snap back’ to that area temporarily.
8
Trend Channel Line over shoot below – Trend channel line would be the upper trend line in this case since in an uptrend.
9
MORE ON REVERSALS – “3 PUSH PATTERN” Reversals Notice the 3 pushes in the picture below constituting Bull Flag. It’s not perfect, but still valid.
Another example of the “3 Push Pattern” above.
10
11
FAILED BREAKOUTS
12
MORE ON TRENDING:
WHEN WILL THE TREND STOP?
13
TYPES OF TREND DAYS: SPIKE AND CHANNEL BULL
CLEAR CHOP (ENGULFING CHOPPY TAILS IN THE MORNING SETS TONE)
14
SPIKE AND CHANNEL VARIANT – SPIKE IS THE GAP DOWN
TREND FROM THE OPEN DAY
15
BEAR DAY W/CONSOLIDATION IN THE MIDDLE, FOLLOWED BY RESUMPTION
16
17
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