The support forum is built with (1) General and FAQ forums for common trading queries received from aspiring and experienced traders, and (2) forums for course video topics. How to Trade Price Action and How to Trade Forex Price Action videos are consolidated into common forums.
Brooks Trading Course social media communities
Hi
Do you think Brooks Encyclopedia of Chart Patterns is functional and reasonable for Gold (5 or 15 minutes) chart?
It doesn't seem to be suitable for the Forex market.
Thanks a lot
Should be same than for Forex. I only trade the emini, so out of curiosity, why do say the encyclopedia is not suitable for forex?
hahaha, ok... yes, the open in a session chart has tradable patterns while that continous contracts haven't (at least not that clear). I asked because I thought you maybe found other weaknesses. Anyway, all the other PA is the same so you should be able to use the encyclopedia with continous contracts.
I’m beginner and I don’t know more than you 😀 but forex doesn’t have enough Oscillation for day trading. I think metals (gold for example) are better . I’m going to practice a lot and I don’t know Encyclopedia is suitable for metals. Every market has the same price action but also every market has its own price action.
Ok, let's see if there are other people around trading metals that can share their experience with the encyclopedia...
I don't understand why PA should not be suitable for forex. I don't think Al would make a forex version of the trading course if not. Regarding openings, there are kinda openings in Forex, like there are several openings during Asian session (I think 5 timezones. I think Japan may be the one with the most impact (guess, some from I checked some ES charts at Japan open, and this seemed to be often the biggest move during Asia. However, Europe has definitive an open at 9 am CET (Central Europe time).
I understand your frustration trading forex on 5 min bars. I think most days you will either find a decent pair with good setups, or you need to scalp eurusd. Also maybe use a bigger timeframe. I dunno, I don't trade forex because of this, but I know people doing it pretty good only trading eurusd and maybe "cable" and yen.
When it comes to open, it also follows the rhythm of the traders in different timezones. I guess around 8 am Europe standard (indices also open premarket for those exchanges that do that (dax, maybe ftse, you will see spikes in indices.) I will guess that the forex traders in Europe will also start around 8 am, maybe before, maybe later, but in the area. I bet US FX traders will probably add to Europeans when pre-trade opens in the US ( 1,5 hrs before RTH opens of ES). Of course, I assume this is up to the single bank and the single traders. You don't have "open" like in ES, but more like you have in gold and oil. (I know both have "pit session" (if it still exists) end at 1,5 hrs before ES cash (whole hour, 4 pm?). You can see this clearly on volum executed in both instruments.) I am not sure when they open, I did check, but I still can't make up my mind if it open at 8 am or 9 am est, (My best guess is gold open at 8 am and CL at 9 am). And this is the only way to try and figure out forex "open as well", study charts around these times, and see when liquidity starts flowing in. (I would check FX futures to be able to see volum. I dunno how pure FX trading shows volume, I have no experience at all. But times I mention is in the ballpark, As said, Asia is several timezones. I will guess I would find out when Hong Kong, Singapore, and Japan start to trade regard to try to find out some "open" in Asia session. I live in Europe, and most trade US, so I sleep when Asia trades.
I hope this may help some. Price action and Al's course work on all instruments, all timeframes. You just need to get to know the instrument. >I know a webinar on FIO just the other day (I think on FiO) is about getting known with a new instrument. (I know they also open the small exchange, where you can trade microCL and GC (oil and gold).
