iCharts Discussions

[gauravminku]

learning al brooks,

setup 5 min candlestick with 20 ema.

1st entry is on first pullback.
2nd entry after doji (2nd low from ema).
3rd & 4th entry, near ema.

Comments are welcome

[mogili]

[gauravminku]

Actually, it's not a strategy. Al Brooks is a price action trader, author of books. I am going through his books (in learning stage). He is basically trying to teach us how to read price action. The books are full of techniques/setups. One can use the techniques according to one's own comfort level. He uses 5 min chart with 20 ema, as I have used in the attachment.
I have tested it with banknifty. It goes very well. Other stocks are Relinfra, Tata Steel. I have tried it with crude also by tweaking it, goes very well that also.
Will post more charts as and when I get the time.

Ok. I try to explain.

First entry is the pullback entry. Market opened, went down then we had a pullback(known as first pullback). Short below the red bar with filter (for bank nifty, 5 points filter).

Second entry is again pullback to ema then we got a lower low. Short below the candle which is doji in this case again with filter.

Third and fourth entry are also pullback to ema.

In early stages, when there is a trend, easy and profitable setups are pullback to ema and rejection(buy/sell near ema).

Thanks,
Gaurav

[taruj]