Al Brooks > Quotes

“When trading countertrend against a strong trend, it is imperative to wait for the signal bar to close before placing your order, and then only enter on a stop at one tick beyond the bar in the direction of your trade (if you are buying, buy at one tick above the high of the prior bar on a stop).”
― Al Brooks, Trading Price Action Trends: Technical Analysis of Price Charts Bar by Bar for the Serious Trader

“Price action is far more important than any other information, and if you sacrifice some of what it is telling you to gain information from something else, you are likely making a bad decision.”
― Al Brooks, Reading Price Charts Bar by Bar: The Technical Analysis of Price Action for the Serious Trader

“Trends create a sense of certainty and urgency, and trading ranges leave traders feeling confused about where the market will go next.”
― Al Brooks, Trading Price Action Trends: Technical Analysis of Price Charts Bar by Bar for the Serious Trader

“As a trader, I see everything in shades of gray and am constantly thinking in terms of probabilities. If a pattern is setting up and it is not perfect but it is reasonably similar to a reliable setup, it will likely behave similarly as well. Close is usually close enough.”
― Al Brooks, Reading Price Charts Bar by Bar: The Technical Analysis of Price Action for the Serious Trader

“Price action is far more important than any
other information, and if you sacrifice some of what it is telling you to gain
information from something else, you are likely making a bad decision.”
― Al Brooks, Reading Price Charts Bar by Bar: The Technical Analysis of Price Action for the Serious Trader

“you cannot make a living as a trader unless you are willing to take losses. Remember, a major league baseball hitter who fails 70 percent of the time is considered to be a superstar and makes millions off that other 30 percent.”
― Al Brooks, Trading Price Action Trading Ranges: Technical Analysis of Price Charts Bar by Bar for the Serious Trader

“If the market repeatedly tests a trend line many times in a relatively small number of bars and the market cannot drift far from that trend line, then either of two things will likely happen. Most of the time, the market will break through the trend line and attempt to reverse the trend. However, sometimes the market does the opposite and moves quickly away from the trend line as traders give up trying to break through it. The trend then accelerates rather than reverses.”
― Al Brooks, Trading Price Action Trends: Technical Analysis of Price Charts Bar by Bar for the Serious Trader