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Hello everyone! I’m reaching out to the community today asking to share your wisdom. I’ve made a first read through all of Dr. Brooks’ books and recently completed a first run through the video course. I’m now trying to put together a process for preparing to trade the next day and would like to know what others do.
Is it simply a matter of looking at HTFs and identifying areas of support and resistance or is there more that can be done to establish a starting bias or develop an if-then-else plan? How do others game-plan for the next day?
Thanks in advance for your suggestions!
FYI - I typically trade for intra-day swings on a 5 minute chart for stocks (usually AAPL AMD AMZN GOOGL).
Hi Brian,
Congratulations on completing the books and course. To get an idea of how to organize the concepts into an actionable plan I recommend watching some of Al Brooks' historic webinars. Every day that he presented, Al would start by looking at the HTF in a specific order and then comment on his expectations for the rest of the day. It really helps to see which price action concepts he prioritized. You can purchase month long packs through the original website at www.brookspriceaction.com
I suggest getting 2021 or earlier when Al still presented daily.
Hope this helps,
CH
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BPA Telegram Group
Hi,
there was a time when I thought, "starting bias" helps me trading. but I realized, that I do much better forgetting about any bias and just focus on what market is telling me the moment I trade.
So I have the important levels on my chart and that`s it.
Best, Hardy
Thanks Mr. Carpet, I’ll definitely check those out - appreciate the suggestion. Best, Brian
Thanks for sharing Hardy. After hearing/reading “trade the chart in front of you” so many times while going through the course/books, I’ve had a similar thought bouncing around in the back of my head which is probably why I’m struggling with the notion of a game-plan beyond identifying key levels. Thanks again!
Well I`ve heard "you need a game plan" very often, too. There are a lot of youtube and instagram traders who tell you so. And I believe some of them are really profitable and not just fakes. For me, trading BPA, I don`t need a game plan. But I think it might help to stay focussed on what you know and to focus on the way you want to trade. When you sit in front of the screen watching the market move up and down, it kind of "forces" you to click and loose your money 🙂 or it frightens you and prevents you from entering a good trade 😉 So the important thing is to have something, what holds you back from impulsive trading and helps you to trade, when you have an edge. And what helps you to be okay with missing trends! Some have a game plan, Brad Wolff and Al Brooks use a binary decision tree, James Regan and Ali Moin-Afshari from quantsystems have a developped "system". For me it is the binary decision tree compared with only a few setups that I know well.
Hope this helped, I wish you good trades and enjoy the process!
Thanks again Hardy. Much of what you wrote here resonated with me and served to remind me to guard against getting distracted. I certainly have many other near-term developmental needs requiring my attention. Thanks for helping me refocus.
