Bob Volman Price Action Scalping

[BLS]

Didn't take any trades today. Prices were choppy, don't know if it's partially ProRealTime or the news releases.

Yeah I noticed a filtering problem a few times, not as much as we've seen before but enough to keep me out. I was looking at a continuation trade but the break was rather messy so I didn't really know where to enter. Maybe a more aggressive trader could go for it given the big down move that preceded it.

 

[matty_dunn]

Yeah I noticed a filtering problem a few times, not as much as we've seen before but enough to keep me out. I was looking at a continuation trade but the break was rather messy so I didn't really know where to enter. Maybe a more aggressive trader could go for it given the big down move that preceded it.

I almost took that trade too BLS. In hindsight it looks like a pretty good ARB. But the wild swings preceding it had be pretty cautious. Also, I snuck a peek at a HTF chart and saw this area as a level of support.

And yes, the prorealtime feed was obviously playing up. The annoying thing is that whenever you question them about it, they either say that there must be something wrong with my computer or that it was a reflection of true market activity - both of which are rubbish. All you have to do is look at a couple of broker feeds which may be hovering within a 1-2 pip span and see prorealtime swing double to triple that at the same time to see the obvious problem. It's rather annoying when it happens, but what can you do - on the positive side it can be treated as a lesson in patience.

 

[BLS]

One trade. The trade seemed somewhat impulsive at the time since I wasn't sure if I should skip it or not given this appeared at the end of the down move. I was debating whether or not the RB was lengthy enough (to show enough tension) to trade against the AB move. I did notice it set up quite well and I felt like I shouldn't let such a good looking RB go. I still wasn't sure up to the point where I saw the break, after which I just clicked "buy" without a second thought.

 

[datamold]

Fellow Traders,

I am pleased to announce that after 12 weeks and 171 trades I have had my first winning week. And it was a beauty, totaling 75.3 pip in a practice account. I would like to think a contributing factor was my deliberate decision to skip all but the clearest trades. One thing I observed in so doing was that another trade would soon appear. Anyhow I have opened and funded a small account and will begin to trade with real money next week.

I would like to believe that I am beginning to catch on to this, but it could be that I was just lucky this week. I am posting my trades to see what the community thinks.

 

[Giorrgi]

datamold - bravo ! :clap: Some of those trades look rough to me (like the SBs : your tipping point was very large) but I'm happy you've hit that sweet spot.

I took one trade yesterday.

 

[BLS]

Fellow Traders,

I am pleased to announce that after 12 weeks and 171 trades I have had my first winning week. And it was a beauty, totaling 75.3 pip in a practice account. I would like to think a contributing factor was my deliberate decision to skip all but the clearest trades. One thing I observed in so doing was that another trade would soon appear. Anyhow I have opened and funded a small account and will begin to trade with real money next week.

I would like to believe that I am beginning to catch on to this, but it could be that I was just lucky this week. I am posting my trades to see what the community thinks.

Be careful. I've seen other traders (myself included) get lulled into a state of overconfidence with one or two weeks of good gains. That overconfidence can lead to trading mistakes which can quickly demoralize you. Make sure you start trading in microlots (1000 units) or smaller if using a market maker.

I don't see anything obviously bad with the trades you took but I guess they are more aggressive than I'd like, such as the wide stop on the SB Giorrgi mentioned.

 

[matty_dunn]

datamold - bravo ! :clap: Some of those trades look rough to me (like the SBs : your tipping point was very large) but I'm happy you've hit that sweet spot.

I took one trade yesterday.

I was so close to taking that trade Giorrgi. My only concern was that it was looking for continuation after moving from the highs to the lows of a range without any hint of a pullback. Looks pretty good in hindsight though. Will be interesting to see if Bob took it.

Well done datamould, nice to hear your hard work is paying off, and inspiring to others. I do agree with BLS though - small steps, small steps.

 

[BLS]

Week 18 charts uploaded:
https://www.dropbox.com/sh/1amxmi9af0fk6ej/VA5_ZrjQF1

 

[matty_dunn]

Week 18 charts uploaded:
https://www.dropbox.com/sh/1amxmi9af0fk6ej/VA5_ZrjQF1

Thanks Bob and BLS

 

[datamold]

Thank you Giorrgi, BLS, and Matty_Dunn for your feedback. I do appreciate it. I agree that the SB I took had too wide a stop. I remember thinking as I pulled the trigger that this was probably a bridge too far. Indeed it brushed a 10 pip stop out and only triggered the take profit stop by a nanosecond. So I do chalk that one up to pure DUMB luck.

I agree with your advice to trade micro lots at this stage. However I was unable to find an ECN broker with acceptable spreads that offered that. I felt the tighter spreads were essential, so I went with a broker that has a minimum lot size of 10,000. That is the lot size I have been using anyhow and my max drawdown for my first 171 trades was about $250 of simulated money. My trading plan calls for me to abandon this effort if my real money drawdown reaches $250. My rationale is that when and if that should happen I will have taken well over 300 trades over a course of nearly six months with the second three months showing no improvement over the first. Thus I will concede that this method is not right for me and walk away content that I got a lot of education for my 250 bucks!

So I approached this morning with mixed feelings. On one hand I felt confident and on the other I was on an 8 trade winning streak and that is a rare event. But anything can happen right? So I took the attached trade. I was surprised at how much emotion I felt making this first trade with real money. Especially since one of my core objectives is to learn NOT to care about any individual trade. So I have a way to go, but I am happy to have taken this next step.

By the way, those moments I spent skidding along my tipping point line went on forever!!!!

P.S. the note about missing the BB was in regards to the delivery of a dishwasher. Such is life when you trade out of your home.

 

[garageboyFUJI]

Hi It's FUJI.
I read a book " Forex Price Action SCALPING " a couple of time, and I'd like to learn more this scalping, so I signed in this site. I'm sorry, I'm very poor at English, but I really want to learn from you about Volman Scalping. Thank you.🙂

 

[garageboyFUJI]

Yesterday trading. Is this good? or no good?

 

[BLS]

I agree with your advice to trade micro lots at this stage. However I was unable to find an ECN broker with acceptable spreads that offered that. I felt the tighter spreads were essential, so I went with a broker that has a minimum lot size of 10,000.

Out of curiosity which broker are you using? I know the selection of brokers available to US residents is rather limited so I chose to go off shore and went with a Russian broker regulated in the Dominica. I know it sounds pretty sketchy but they have microlot ECN accounts with acceptable spreads (~0.3-0.7). I figure if the company goes bust I won't lose much (under $100) so I'll keep using them for the learning process.

So I approached this morning with mixed feelings. On one hand I felt confident and on the other I was on an 8 trade winning streak and that is a rare event. But anything can happen right? So I took the attached trade. I was surprised at how much emotion I felt making this first trade with real money. Especially since one of my core objectives is to learn NOT to care about any individual trade. So I have a way to go, but I am happy to have taken this next step.

By the way, those moments I spent skidding along my tipping point line went on forever!!!!

Ask yourself if you are ready to accept the full stop loss on each trade. You may or may not have a problem with the amount risked but it's important to know. Also ask yourself whether or not you took that BB because of the one you missed earlier (seems very risky to me to trade into the 50 lvl for continuation like that). Basing your current decisions on past choices leads trading mistakes like it did for me today. I got sucked into a bad trade before that big down move and I let the outcome of that trade affect my decision on whether or not to take the BB opportunity that you missed.

Just some psychological issues to take note of. The sooner the better.

Yesterday trading. Is this good? or no good?

Your trade seems rather aggressive to me but if that's the way you like to trade then it's okay. It will take some time for you to get an idea of how you want to trade (aggressive or conservative).

 

[Giorrgi]

Hey BLS,

We took the exact same trade yesterday. 😆

I think we should have skipped it. It was premature because the break was the end of a single direct move from the bottom of the range to the top, except for that big red bar that I commented about in the chart. I saw this bar as a pullback all by itself. A string of smaller bars going down the same distance would've been much better and would have made the entry much less premature.

 

[Giorrgi]

First trade: not bad, although the pullback could have been a little bit steeper. I chickened out with a very agressive stop.

The second trade seems OK but it didn't work out.

There's also a block that I didn't take but which looked like something Bob would take, I'm wondering whether you think the setup is OK.

 

[BLS]

First trade: not bad, although the pullback could have been a little bit steeper. I chickened out with a very agressive stop.

The second trade seems OK but it didn't work out.

There's also a block that I didn't take but which looked like something Bob would take, I'm wondering whether you think the setup is OK.

You first trade makes me uneasy since price did not test the 00 after breaking through it.

I'm not too sure about the BB you marked in your second chart.

I pretty much took the same trade you did on your third chart but I entered 4 blocks later for an ARB. I thought about the AB move but the RB was lengthy, I could bulls keeping up the pressure but not letting price touch the 80, and the 00 level had not been tested yet after being broker. I thought an 00 test was likely so I went for it.

 

[datamold]

Out of curiosity which broker are you using? I know the selection of brokers available to US residents is rather limited so I chose to go off shore and went with a Russian broker regulated in the Dominica. I know it sounds pretty sketchy but they have microlot ECN accounts with acceptable spreads (~0.3-0.7). I figure if the company goes bust I won't lose much (under $100) so I'll keep using them for the learning process.


Ask yourself if you are ready to accept the full stop loss on each trade. You may or may not have a problem with the amount risked but it's important to know. Also ask yourself whether or not you took that BB because of the one you missed earlier (seems very risky to me to trade into the 50 lvl for continuation like that). Basing your current decisions on past choices leads trading mistakes like it did for me today. I got sucked into a bad trade before that big down move and I let the outcome of that trade affect my decision on whether or not to take the BB opportunity that you missed.

Just some psychological issues to take note of. The sooner the better.



Your trade seems rather aggressive to me but if that's the way you like to trade then it's okay. It will take some time for you to get an idea of how you want to trade (aggressive or conservative).

I went with MB Trading. My goal is to scale up as I gain proficiency in which case security is important. And I wanted my training to be conducted in the same manner as my training. I am totaly good with a full 10 pip loss on each trade. (until my drawdown reaches 250 pip).Like you I have learned that if you are not prepared to loose the amount you put at risk you should not trade.

I sort of DID take that trade because I had just missed one. I thought of that as I considered it, but it kind of had the look of an ARB relative to the prior block, and I percieved the 50 level to be a magnet. I do not yet have a handle on 50 level behaviour. It's something I'm working on.

Today I took a trade that would require a continuation at the low of the move at the time of entry. I know that Bob advises against that, but I have a trend following bias that has served me well and I can't seem to resist. I suppose I should pass on these until I am more competent.

 

[Giorrgi]

Prices seem to be volatile but there are seldom any clear cut setups.

Here are some charts from today, did anybody take the second trade ?

 

[Giorrgi]

Some charts from today.

 

[Giorrgi]

Alright, so I definitely feel like I've improved a lot over the course of these two previous weeks, like I'm finally getting a hang of every setup and looking for Ww/Mm (sounds very easy but it is actually hard not to trade some of the borderline setups).

Doesn't mean my streak of losers is over 😱 Glad I'm still paper trading (4th month).

I didn't set the barrier right on the first trade, rookie mistake.

Second one is a continuation trade. I traded the reversal of today's downtrend. I guess I wasn't lucky because the setup was a good Mm and the trend was on my side.