Bob Volman Price Action Scalping

[BLS]

Week 23 charts from Bob:
https://www.dropbox.com/sh/1amxmi9af0fk6ej/VA5_ZrjQF1

 

[garageboyFUJI]

Bob and BLS
Thank you very much.

 

[matty_dunn]

Week 23 charts from Bob:
https://www.dropbox.com/sh/1amxmi9af0fk6ej/VA5_ZrjQF1

Thanks Bob and BLS.

 

[BLS]

M1: Barrier seemed hard to draw so I'm not sure I would've seen it in real time.

M2: Looks pretty good in hindsight but I can't get over my fear of trading into a trap after the NY lunch hour.

 

[Giorrgi]

My charts are quite similar to the ones BLS posted.

I did take one trade today, but I've been skipping a lot of trades this past 3 weeks. I need to learn to look at price action objectively. Right now I am only able to take trades which are absolutely textbook (that is, these are the only trades I am confident about). This leads to skipping A LOT of solid trades. Today was no exception.

The hard part is though, that sometimes the same scenario brings a loser (my trade in the morning, first chart). Later in the day the same setup appears, you're thinking to yourself "oh, this one hasn't worked out , I won't take it" - then it does - and then you notice that your initial failing trade was actually a simple probability outcome.

All this to say that my first and last chart are very similar yet the one last worked out.

 

[garageboyFUJI]

I'm sure this is excellent trading.
I'm a very lucky boy.:clap:

 

[garageboyFUJI]

I could get also this.

 

[Giorrgi]

Hey Garageboy,

The first trade is nice but it was against the dominant pressure or at least it seemed like it. Of course you could also say that the range was sufficiently long to properly build up towards a trend reversal. This morning I made the mistake of taking a trade against the dominant pressure and I think to me, the safest way is to just take trades that go in the same direction as the overall trend.

I was also looking at that second trade but didn't take it because the proper tipping point was 9 pips.

I'll post my charts later.

Edit: charts.

Not a good day for me. I've been falling in the same trap as I did a month ago: seeing Mms and Wws where there are none which resulted in trading 2 extremely similar yet invalid setups. The lesson for today is to stop looking for trades by "sugarcoating" the Mms that I see and imagine that they fit the profile when they don't have clear enough bounces.

 

[BLS]

Ugh, did not trade well today. I came in with a bad mood and I guess it shows with my trade selection.

 

[garageboyFUJI]

Hey Garageboy,

The first trade is nice but it was against the dominant pressure or at least it seemed like it. Of course you could also say that the range was sufficiently long to properly build up towards a trend reversal. This morning I made the mistake of taking a trade against the dominant pressure and I think to me, the safest way is to just take trades that go in the same direction as the overall trend.

I was also looking at that second trade but didn't take it because the proper tipping point was 9 pips.

I'll post my charts later.

Edit: charts.

Not a good day for me. I've been falling in the same trap as I did a month ago: seeing Mms and Wws where there are none which resulted in trading 2 extremely similar yet invalid setups. The lesson for today is to stop looking for trades by "sugarcoating" the Mms that I see and imagine that they fit the profile when they don't have clear enough bounces.

Hi Thank you, Giorrgi.

I didn't find a trend reversal. When It seemed nice range and build up, I'm afraid my mental horizon was limited. That's not good. Just I was a Lucky.


That second, the market was getting fast and I felt some impatience. but I could find squeeze and " douji ", also 00 vacuum I think.

If it was only squeeze, I think I didn't enter. I let Douji take action.

Anyway, just I feel I was a lucky boy. I don't have any confidence, but I could understand the feeling that something good for me a little.

I'll do my best.

Thank you.

 

[datamold]

Ugh, did not trade well today. I came in with a bad mood and I guess it shows with my trade selection.

Regarding your E2 RB trade at 8:10: I have begun to train myself to be alert for adverse setups while in a trade. This trade presented an adverse BB that may have allowed you to save a few pip. I know from your prior posts that you too are aware of this. So my take away is that we are indeed handicapped by our moods and emotions. Perhaps it would be wise to take the day off when we're not in good spirits?

 

[HornedGod]

Skip 1: I saw this nice block forming right on support at 1.3317. I was tempted to play it long but couldn't link enough pros together to justify. What I had failed to see, but which was right before my eyes, was the bullish trend up from 1.3290. If I'd made that connection then this would have been a definite entry. What's really galling is that I'd just read about this exact setup in Volman's book yesterday: where there is a block at a support level in a definite trend pullback.

Skip 2: Risk of 00 magnet level was too much for me to take this Second Break signal. Was the strong downward trend from 3:42 that completely reversed the bullish trend enough to have taken this entry anyway? Even in hindsight I'm not sure, so probably for the best that I stayed out.

Skip 3: BB but against prevailing trend (which is now down), so I skipped. Pull of 00 level was a con, and while price did make it 10 pips, the resistance just below the 1.33 level is evident.

 

[HornedGod]

Skip 1: (No arrow to explicitly show this on chart, but related to break of first block identified on chart.) I was watching this block develop and gave serious consideration to playing it on a break south. It would be a third attempt to break below the 50 level. If the block had been 5 pips higher, closer to the 60 level giving some more breathing room for the trade to develop before having to overcome the support at the 50 level I would definitely have entered.

Trade 1: The 50 level offered good resistance at the top of the block that I played the break off. My BB made it 8 pips before retracing back above the double bottom level of 1.3340. I was out at pretty much breakeven on a breach of my tipping point level (black line).

 

[BLS]

Regarding your E2 RB trade at 8:10: I have begun to train myself to be alert for adverse setups while in a trade. This trade presented an adverse BB that may have allowed you to save a few pip. I know from your prior posts that you too are aware of this. So my take away is that we are indeed handicapped by our moods and emotions. Perhaps it would be wise to take the day off when we're not in good spirits?

I think that highlights the importance of being self-aware as matty_dun pointed out with the webinar he linked to. Sometimes I just don't realize that I'm in a bad mood because I'm too distracted by it.

Skip 1: I saw this nice block forming right on support at 1.3317. I was tempted to play it long but couldn't link enough pros together to justify. What I had failed to see, but which was right before my eyes, was the bullish trend up from 1.3290. If I'd made that connection then this would have been a definite entry. What's really galling is that I'd just read about this exact setup in Volman's book yesterday: where there is a block at a support level in a definite trend pullback.

I don't think it was a good idea to look for continuation with a small BB without more momentum. I know there might be some example in the book where Bob says it's a good trade but he's become more conservative in his trade selection (as a response to the changing market conditions/volume).

Skip 2: Risk of 00 magnet level was too much for me to take this Second Break signal. Was the strong downward trend from 3:42 that completely reversed the bullish trend enough to have taken this entry anyway? Even in hindsight I'm not sure, so probably for the best that I stayed out.

There was good bearish momentum here. The pullback did test the low of the small block on the 00. That may be enough to prevent an 00 test but if you decide to take it then you do have to accept the risk of an 00 test. In this kind of situation it's better to wait for an indication that the bulls can't reach the 00 level, like a BB setup for example, instead of the weak setups like a DD or SB.

Skip 3: BB but against prevailing trend (which is now down), so I skipped. Pull of 00 level was a con, and while price did make it 10 pips, the resistance just below the 1.33 level is evident.

It was definitely too early to go long after that big move down.

Again, I would encourage you to squeeze the vertical width of your chart to match the vertical scale of Bob's charts.

Took one trade yesterday but ended up trailing my stop aggressively for a small loss.

Skipped a trade (S2) today that looks good in hindsight. I wasn't sure at the time if it was a good idea to go short yet because I did not squeeze my chart enough to see the previous price action. Missed a good range break later on in the day because I was away from my computer.

 

[Babyblush]

Trading along the price action strategy is what i have always preferred and now scalping along the price action should be interesting and one can make more pips and more profits inturn.

 

[Giorrgi]

Finally a trade yesterday. Textbook fashion

 

[alexaherself]

Thank you, all of you, for the stuff, comments, conversations and charts you all keep posting, here. It's all much appreciated.

At some point, I need to make the time for a slower reading of the entire thread, clearly ... but there's 268 pages of it, now. Still - of enormous value!

 

[Giorrgi]

Hey guys,

So before I post my charts for the day... I've been really struggling with this notion of becoming a day trader/scalper. Reading somewhat mixed opinions about it. I know that most of the negativity is fueled by the disillusioned/failed traders, but I do feel a little bit discouraged, even though our method seems to be a very solid foundation for a trading career.

here's one slightly negative article 8 Reasons Why You Should Never Become A Day Trader - Business Insider

(I'm sure we can find tons more with the obvious "95% of traders fail" comment)

Tell me what you think.

 

[Idude]

Hey guys,

So before I post my charts for the day... I've been really struggling with this notion of becoming a day trader/scalper. Reading somewhat mixed opinions about it. I know that most of the negativity is fueled by the disillusioned/failed traders, but I do feel a little bit discouraged, even though our method seems to be a very solid foundation for a trading career.

here's one slightly negative article 8 Reasons Why You Should Never Become A Day Trader - Business Insider

(I'm sure we can find tons more with the obvious "95% of traders fail" comment)

Tell me what you think.

Apparently this guy gets stressed out day trading but I'm sure there are many that really enjoy it and there is nothing in the world that they rather do then day trading, if you learn to be consistent on your trading you probably only need make 20 or 30 pips per day be done for the rest of the day, can't be worse than struggling through the snow to get to your job and work for some idiot that doesn't appreciate anything you do for him!

 

[alexaherself]

I know that most of the negativity is fueled by the disillusioned/failed traders

This.

Tell me what you think.

I think that most of the negativity is fueled by the disillusioned/failed traders. (I know from my "day-job" that visible success can be a huge cause of resentment and hostility, as well as just "general negativity".