Something Interesting in Financial Video September 2013 - page 6
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The basic elements of the strategy are as follows:
1. Identify a market that is in a bear trend on the 5 minute chart
2. Wait for a retracement in which the low of latest candle is above the 20 EMA
3. Go short, targeting the low of the day.
To be clear, Brooks' approach to price action trading is much more thorough; this strategy is just one tool in his arsenal.
Interview With Al Brooks, Price Action Day Trader
Here is a summary of some of the key points:
1. Brooks is a price action trader with 27+ years of experience.
2. He is an active day trader, trading off the 5 minute chart. He trades the entire day.
3. He has a purely technical approach, relying totally on price action with just a few moving averages.
4. His approach is entirely rules-based; he not use any discretion and does not consider relying on intuition.
5. He states his setups have worked for decades and continue to work.
Brooks' analysis relies on measuring movements (i.e. retracements), gauging the strength of trends, and analyzing candlesticks.
Brooks has authored a number of books on trading. Interested traders may find it worthwhile to check out his page on Amazon.
Learn how to sort through the chaos and confusion on the web to learn what forex brokers are best for individual currency traders.
What forex traders need to consider regarding the regulatory environment of the forex broker they trade with.
A look at the transaction costs involved in forex trading (the bid ask spread, commissions, and how trades are executed) so that FX traders can properly understand how much their currency broker is charging them.
A look at the technical and value-added features (like news, charts, ability to trade from the web, etc) that currency traders should consider when choosing what forex broker they select.