If you live in Europe, you can trade the DAX no problem, you can trade European bonds, you can trade any European stock index future, but you probably will not trade the Emini. You probably will not trade the Hang Seng. But if you trade the Forex markets, pretty much no matter where you are in the planet, you can trade pretty much 24 hours a day. There are little gaps between the sessions, two or three hours of tight trading ranges, but for the most part we have the advantage of being able to trade any time of the day, any part of the world, and trade during the day.

It coincides more with my biorhythm. Another advantage of the Forex markets — one of the big advantage is you can adjust your position size. You can trade 50, units; you can trade 10, units; you can trade 5, units. You can lose a lot less while learning how to trade. You can trade really small. You can trade 10, units. Also, Forex markets, instead of referring to ticks, people talk about pips, which is basically the same thing.

I mean, it is the same thing. So each little move up or down is a pip. Whereas stocks and Emini, crude oil, gold — every little move up or down is a tick. I feel really comfortable. Anyway, I talk about all of this stuff in the Forex course, and I do think traders can trade the Forex markets exclusively for a living.

I do think they can trade the five-minute chart and do it as well, although I think because of the issues with bid-ask spreads and the charts not being as reliable, I think most traders are better off looking to trade minute charts, one or two-hour charts, four-hour charts, daily charts.

Al calls this a small pullback bull trend. And every day, there are things like that in the Forex markets, so I really do think a day trader can do very well.

However, as I said, there are fewer day trades, I think, in the Forex market on average — far fewer than there are in the Emini. Certainly far fewer scalps. All right, hope that everybody has a good night.

When you scalp the ES for 4 ticks, you still pay 1 tick in spread plus any commission … So your minimum scalp compared to cost is Therefore, if you have a 1 pip cost in forex, the minimum scalp should be pips, if we are following that logic.

To me, this ratio of cost vs profits should be the measure of what makes sense as a minimum, and by that logic, a 5 pip scalp is an acceptable minimum given a 1 pip cost.

The logic makes sense if you can get a 1 pip spread? The majority of forex dealers catering to home traders with small accounts have spreads that are much wider than 1 pip. Also, the forex market spreads can widen significantly over the less active trading hours and during volatile periods.

The ES does not have this issue for the majority of the time. From your comments about reasons for trading FOREX rather than ES, I take it that you prefer FOREX to currency futures because of the smaller position sizes that FOREX permits?

Hi Al, Does the 10 tick minimum scalp in Forex also apply to 6E Futures where there is an official exchange and usually a very tight spread? Thank you, Michael. I would not trade a Forex mkt or a stock for less than 10 pips or ticks. I often take 1 pt scalps in the ES, but 1 pt in the ES is the same at 10 ticks in the SPY, so a 4 tick, 1 pt scalp in the ES is really the same as a 10 tick scalp. Futures and forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment.

Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results. Channels Limit orders to fade test of line Breakouts at start of trend Reversals and breakout failures Broad channel or Trading Range TR?

Every TR has bull and bear channel. Trading Ranges Definition of pullback and Trading Range Hallmarks: confusion, disappointment. Trading Ranges TR contains buy and sell setups BOM BreakOut Mode 2nd Leg Trap. Reversals What is a reversal Minor and Major Trend Reversals Reversals can begin with breakouts. Reversals Beginners love reversals Buying and Selling Pressure Nested pattern. Major Trend Reversals What are major and minor reversals?

MTR is most important reversal pattern. Wedges Bad Wedges are not reversal setups Reversal begins before old trend ends Earlier entry on smaller time frame. Double Tops and Bottoms What is a Double Top or Bottom? Why Double Tops and Bottoms work Double Top and Bottom Flags.

Double Tops and Bottoms Tests of support and resistance Failed Double Tops and Bottoms Measured Moves. Head and Shoulders Head and Shoulders is MTR Most Head and Shoulder reversals are minor. Swing Trading and Scalping What are swing trading and scalping? Ideal environments. Swing Trading and Scalping Converting swing to scalp Scalping in strong breakout Lose if manage scalp like swing.

Orders Stop orders are better for most traders Skilled traders use market and limit orders TR Limit Order Market and trends. Orders Price action determines order type With trend and countertrend limit orders Enter early on smaller time frame. Protective Stops Price action stop Bulls need Higher Lows Trailing stops Stops in bear. Trading MTR Bottoms Bottoms needs strong bulls Anticipate bottoms Minor reversals become bear flags. Trading MTR Bottoms No perfect setups 2nd signals Bull trend needs Higher Lows.

Entering Late in Trends Bear Fear of Missing Out FOMO Bull Fear of Missing Out FOMO. Entering Late in Trends Bull trend evolves into TR Buy The Close when Sell Climax. Trading Breakouts Bull breakouts Buy The Close bull trend Sell The Close bear trend. Trading Breakouts If now channel, trade like channel Breakout often follows trap.

Trading Climactic Reversals Weak BO means TR soon BO can succeed MG or fail EG Weak and strong bulls and bears. Trading Climactic Reversals Major climactic reversals Micro Channel can be climax. Trading Tight Bull Channels What is a Tight Bull Channel? Breakout on higher time frame Tight Bear Channel as Bull Flag. Trading Tight Bull Channels 1st reversal usually minor Tight Bull Channel means only buy.

Trading Tight Bull Channels How to buy a Tight Bull Channel Stops and taking profits Tight Channel evolves into TR. Trading Tight Bear Channels What is a Tight Bear Channel?

Breakout on higher time frame Tight Bull Channel as Bear Flag. Trading Tight Bear Channels Tight Bear Channel, so better to only sell Difficult for bulls means bears are strong. Trading Tight Bear Channels Bear trend so sell! Trail stops Take profits All trends end. Trading Broad Bull Channels What is a Broad Bull Channel? Often contain Trading Ranges Often last several days Usually Tight Channel on higher time frame. Trading Broad Bull Channels Tight on higher time frame Reversals are common, but fail Contain major Higher Lows.

Trading Broad Bull Channels Try to diagnose early Bears can sell rallies Bad follow-through after BO to new high. Trading Broad Bull Channels Swing trade with wide stops 2nd Leg Traps Bears sell in Broad Bull Channel Bears use wide stops and scale in.

Trading Broad Bear Channels What is a Broad Bear Channel? Major Higher Low. Trading Broad Bear Channels Channel usually last at least 3 days Reversals are common, but most fail Diagnose early. Trading Broad Bear Channels Bears sell, but bulls can sometimes buy Sometimes briefly Always In Long.

Trading Broad Bear Channels 2nd Leg Trap Bulls buy below lows Bulls use wide stops and scale in. Trading in Trading Ranges Is Trading Range TR broad or tight? Look for signs of Trading Range. Trading in Trading Ranges 2nd Leg Trap Fade breakouts bet will fail How to enter on reversals Wide stops and scaling in.

Trading in Trading Ranges Entering with limit orders Taking profits Late test of open Tight Trading Ranges TTR Eventually breaks out into trend. Trading the Open Early Trading Range BO Breakout Mode BOM BO of 1st 18 bar range. Trading the Middle and End of the Day Late test of support or resistance Higher time frame support and resistance.

Swing Trading Examples Day trading when daily chart is BTC or STC Day trading when daily chart in Micro Channel Fade big trend bars in TR Higher time frame support and resistance. Scalping Stop or limit orders? Scalping in Trading Ranges and trends Bar size and time frames. Losing When Good Trade Goes Bad Need rules to avoid big losses All trends eventually disappoint traders.

Losing When Good Trade Goes Bad If premise changes, change trading style Trapped traders. End of Day Traps What Is a Trap? End of Day Bull Traps Failed End of Day Bull Trap Became Bull Trend End of Day Bear Traps Failed End of Day Bear Trap Became Bear Trend.

Trading the Final Hour Smart Money in Final Hour Tight TR at pm PST Buy The Close BTC Bull Trend Sell The Close STC Bear Trend Magnets, like O, H, L How to Exit. Trading Bear Channels What Is a Bear Channel? With that in mind, everything that I say or write is to help traders achieve their goal of making money trading.

The markets were created by institutions for their benefit, but we can participate. This is not a game. It is our lives, and we all want to have better lives and to help our families. This is very serious business and I take it very seriously. However, I firmly believe that if a trader takes the time to learn how to trade, and if he is able to apply what he has learned, he will be in a position to achieve his goal.

I look at price action differently from most traders. This is because I believe that there is significance to every tick that takes place during the day.

None of what happens is noise. There is an incredible amount of information embedded in charts of every time frame. I think that each of the or so major firms are very familiar with many pieces of the puzzle. But, much of the puzzle is actually invisible to all of them. No one has to see all of the pieces to consistently make money.

However, the more that a trader sees, the more opportunities he has to make a profit. But, I at least think that it is much more complex and fascinating than what everyone makes it sound. Also, much of my enjoyment comes from continuing to discover tiny new pieces. Futures and forex trading contains substantial risk and is not for every investor.

An investor could potentially lose all or more than the initial investment. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.

I have been a professional trader since leaving my career as an ophthalmologist more than 30 years ago. I received my MD degree from the University of Chicago. In addition, I have written dozens of scientific papers on eye diseases and eye surgery.

Also, I taught eye surgery at Emory University before opening a practice in Los Angeles, and in Los Angeles, I was on the clinical faculty of UCLA. I have shared my techniques on 4 continents, lectured on advanced scalping techniques at the Chicago Mercantile Exchange, regularly speak at MoneyShow and TradersExpo conferences, and have taught tens of thousands of traders how to trade.

My books have been translated into many languages, and my Brooks Trading Course is being translated as well. I appreciate my devoted following, and provide live market commentary and daily chart analysis updates at BrooksPriceAction. Long ago as an eye surgeon, I loved teaching ophthalmology residents. Furthermore, I have enjoyed helping thousands of traders from all over the world since It is very important to me to give you the best tool available to help you succeed. I believe that it is the Brooks Trading Course.

You are trading against the smartest, best trained people in the world. Many of them have MBAs from the top schools in the country. I know because I often get reminded of it by one of my daughters. She graduated from the Harvard Business School. This course is about as long as a course in business school.

It gives traders a chance to learn the skills they need to compete with the best traders in the world. I strongly believe that the course provides an incredible amount of information about price action trading that is impossible to find anywhere else. These are the same price action trading techniques that the top traders and hedge fund managers use every day. I do not know of any other source for traders to find all of this extremely valuable information.

I want to say something about why I try so hard to help traders learn how to make money trading. Those who know me understand how important it is for me to do a good job with everything that I do. I performed thousands of eye operations. During each minute of each procedure, I constantly thought of every patient as if he or she was a family member. I worked incredibly hard to do the best that I could do and I did it with an intense focus.

Helping people is really important to me. When I teach others how to trade, I have this same attitude. I know how difficult trading is, and I never lose sight of the struggle that all traders endure. With that in mind, everything that I say or write is to help traders achieve their goal of making money trading.

The markets were created by institutions for their benefit, but we can participate. This is not a game. It is our lives, and we all want to have better lives and to help our families. This is very serious business and I take it very seriously.

However, I firmly believe that if a trader takes the time to learn how to trade, and if he is able to apply what he has learned, he will be in a position to achieve his goal. I look at price action differently from most traders. This is because I believe that there is significance to every tick that takes place during the day.

None of what happens is noise. There is an incredible amount of information embedded in charts of every time frame. I think that each of the or so major firms are very familiar with many pieces of the puzzle. But, much of the puzzle is actually invisible to all of them. No one has to see all of the pieces to consistently make money. However, the more that a trader sees, the more opportunities he has to make a profit.

But, I at least think that it is much more complex and fascinating than what everyone makes it sound. Also, much of my enjoyment comes from continuing to discover tiny new pieces.

Futures and forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results. The trading room is for educational purposes only and opinions expressed are those of the presenter only.

All trades presented should be considered hypothetical and should not be expected to be replicated in a live trading account. Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown; in fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.

One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk of actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results.

There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all which can adversely affect trading results.

English Español Portugues About the Course About Al Brooks Testimonials Course contents Free sample videos Buy the course Your purchase guarantee Members resources Blog Learn to Trade What is price action?

Navigation English — Español — Portugues About the Course — About Al Brooks — Testimonials — Course contents — Free sample videos — Buy the course — Your purchase guarantee — Members resources Blog Learn to Trade — What is price action? Risk Disclosure Futures and forex trading contains substantial risk and is not for every investor. Hypothetical Performance Disclosure Hypothetical performance results have many inherent limitations, some of which are described below.

English Português Español.

No representation is being made that any account will or is likely to achieve profits or losses similar to those shown; in fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. Trading Price Action Patterns 21 videos, 11hr 24min — English Subtitles Video Title Duration min:sec Watch 37A How to Trade What can markets do? Board FAQ. Strong trends have bad Wedges 24E Wedges Failed Wedge 25A Double Tops and Bottoms What is a Double Top or Bottom? Losing after you increase your position size?

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