Al Brooks - Price Action Analysis. Retreats [Review]

Price Action analysis. Retreats is an over 600-page "brick" of Al Brooks, which at the outset selects those who think that they will become a great trader, because they have talent or luck and do not have to read it, from those who know that a heavy one is necessary for this work. Even if at first the enormity of knowledge scares you, it is worth spending a few evenings on it. It will not be a waste of time. The book is written in such a way that as soon as a question appears in our head, we find the answer to it in the next paragraph. It's a big art that many textbook writers fail to do. Al Brooks did it, maybe because he is more of a trader than a trainer. He explains his approach from the very beginning: he felt a void after his daughters left for college, and devoting thousands of hours to writing a book earlier did not make financial sense - of course, on a book translated into many languages, he undoubtedly made a lot, but by sacrificing this time to the markets, his account would get much more richer. 

New terms, useful knowledge

And even if someone did not believe it, with each page of this must-book for "Price action" enthusiasts, we trust the author more and more. It convinces us with knowledge, often very condensed. For whoever admits with his hand that he knew all the terms used in it, for example "Formation of barbed wire", "Formation of the Vanishing Stair" or "Shaved candle"?

However, there is no need to be scared, because everyone will find something for themselves here. There is information that professional traders will not despise, but also sentences that - at least theoretically - should open the eyes of beginners. For example, the statement repeated in several places that the most earning is not on the constant presence on the market and opening countless number of transactions, but on careful selection and selection of those with the best profit to risk ratio. A kind of cliche, but so often overlooked. 

Technical analysis as the queen of science

Fortunately, it does not end with words, because there are specific indications how to recognize the title retreats and get as much out of the market as possible. Al Brooks argues that we overestimate the importance of information, geopolitics and allegedly important events. According to him, everything we need for successful trading is in the candlestick charts.

“Transactions should be made on the basis of graphs, not information coming from newspapers and the Internet. The price is absolute truth and it is it that determines the way in which economic events should be interpreted. In fact, the most positive news comes around the highs and the most negative news around the lows. " - he writes Al Brooks.

This quote reflects the book's narrative - simply and specifically, without defensive formulas, that something may or may not happen. The author is sure of what he writes and he can prove every thesis. It analyzes the market in each phase, broken down into time intervals and in relation to the working hours of financial institutions around the world. Because they are the main playmakers and you have to be aware of this to know what to expect. And not in the coming weeks or days - Al Brooks has mastered the analysis of candles ... five minutes. Even though many trainers feel that little can be seen in them and they often distort the picture of the trend. The key, however, is how long we want to stay in it.

Summary: The Bible for Price Action players

This is without a doubt a book to improve your trading. Professionals will find concrete examples of play that can be used in a downtrend or sideways trend, and beginners will learn invaluable knowledge about capital protection, which is key to their first successes in the market. Even if they skip some parts - because they can simply be too detailed and difficult for beginner traders to digest - the great part of the book is a fascinating journey through Price Action's meanders. A journey worth contemplating, slowly and carefully getting to know all the pleasant surprises that the following pages bring for us. Thanks to this, we will increase the chances that the market will not prepare unpleasant surprises.