Bob Volman Price Action Scalping

[BLS]

Week 29 charts from Volman:
https://www.dropbox.com/sh/1amxmi9af0fk6ej/VA5_ZrjQF1

 

[matty_dunn]

Week 29 charts from Volman:
https://www.dropbox.com/sh/1amxmi9af0fk6ej/VA5_ZrjQF1

Thanks Bob and BLS. Been taking a break from trading but just can't keep myself from checking out Bob's charts.

 

[Giorrgi]

Yesterday's charts.

I am concerned about the last chart.

There was one upside tick (a break) which received absolutely no follow through. This bothers me, since it might mean that I traded what wasn't really a setup.

The pattern was a nice Ww.

The overall trend was up (although not apparent on the chart since it was kind of a long term daily trend).

The buildup wasn't great, but decent enough it seems.

There was the 00 level to worry about but it would usually function as a magnet once prices have tried to break away from the barrier. Here prices did not break away from the barrier.

Anyhow, I attribute this to the 00 "weirdness" anyway. What do you think?

 

[MagicInsight]

Hi guys,

Just finished reading Volman's book and I'm still paper trading it.

Here are my trades for today, I might have been a bit too aggressive on the last 3.

If you have any feedback, don't hesitate.

 

[WilleeMac]

Again, thanks for charts, help, comments etc

-Bill

 

[Giorrgi]

Not many opportunities today.

There were quite a few on EUR/JPY for those watching.

 

[Nestor2022]

Hi guys,

Just finished reading Volman's book and I'm still paper trading it.

Here are my trades for today, I might have been a bit too aggressive on the last 3.

If you have any feedback, don't hesitate.

Hello
Just like you, i'm new in this (a few weeks now). So, i will give you a couple of my beginners thoughts.
I took the same 2 first trades as you. (by the way i think our exits where too large) and then i turned off my computer. why?
Because i realised the environment wasn't that good. i mean way too thin, slow, lenghty. i don't know. with no clear direction. and i think we need the clearest conditions to enter or, at least wait for it.
This morning, the 1.3200 barieer influence was too much all the way down. no clear pullback, little dojis all the time. no volatility (too much isn't good either).

In Bob's charts, he said nowadays the environment isn't that good. so we have to focus on and only the better buildups. you saw setups, you are right. I think they are just not good enough to be trade. (i am learning that). in a different environment why not ?

I asked myselef : how much trade should i take in one day? (i know this is changing) but my opinion is certainly not all those you took today.
I think the less is the best. and it is now still very hard for me to not enter a setup.
(i am working on that) and i am not on paper trading.

i think there where only a couple of good trades today one of them was the 1.3200 break up (second chart) even if it has to get through an adverse magnet, it has been "prepared" all morning. and the little buildup just on the barieer would have been fine by me.

if an experimented member has thoughts on today, it will be interesting...

ps : sorry for my english

 

[matty_dunn]

One trade for Tuesday. Got a bit lucky - reached target by a pipette or 2.

Tough day with few opportunities.

 

[MagicInsight]

Nestor2022,

Thanks for the feedback. I was pulling the trigger too soon today, especially on block breaks (#2, #4, #5, #6).

Couple of general questions:
1) When the market is slow, what do you do between setups? (e.g. browsing the internet, only starring at the screen, scalping other instruments)?

2) With normal volume, how many trades should I be looking to take on average per day? 3-5

3) As for the exits, could you elaborate, which is was too tight / loose:

#1 ARB I took at 12:07GMT (5:07 EST), initial stop was top of ceiling of 5:02 (1.3175), which is 6 pips from entry. Lowered my stop to 1.3177 when the low of the ARB setup was tested. Exited at 1.31788, when the 1.3177 exit was broken.

#3 RB - Took it as an RB 2 mins before you (10:35 EST, 3:45GMT). Exit was floor of pre-breakout tension (1.3194). Raised my exit to 1.3201 when the ARB ceiling was retested at 10:38EST/3:48GMT. Then target got hit.

 

[garageboyFUJI]

Yesterday's charts.

I am concerned about the last chart.

There was one upside tick (a break) which received absolutely no follow through. This bothers me, since it might mean that I traded what wasn't really a setup.

The pattern was a nice Ww.

The overall trend was up (although not apparent on the chart since it was kind of a long term daily trend).

The buildup wasn't great, but decent enough it seems.

There was the 00 level to worry about but it would usually function as a magnet once prices have tried to break away from the barrier. Here prices did not break away from the barrier.

Anyhow, I attribute this to the 00 "weirdness" anyway. What do you think?

Hi Giorrgi.

I watched and traded it too. The price action confused me. It was hard for me.

But now I understand why I was uncomfortable.

The price action was not so complicated, it was simple.
The overall trend was up. It was [ 00 ] level rally.
If we entry, the chance was just 1 time. only thin BB setup { 00 level }, but I didn't hope 10pips, because the BB was not great set up. I think so. On the whole, maybe it not tradeable.

On the other hand, I was able to see it very attractively price action.
so I made mistakes in the trap market. I was aflame with desire, " do entry! ", but it was trap. I think it was not just my mental, the price action was made me sick. I think.

Now just relax. I need it more.
We can trade more easy pattern.

 

[matty_dunn]

Yesterday's charts.

I am concerned about the last chart.

There was one upside tick (a break) which received absolutely no follow through. This bothers me, since it might mean that I traded what wasn't really a setup.

The pattern was a nice Ww.

The overall trend was up (although not apparent on the chart since it was kind of a long term daily trend).

The buildup wasn't great, but decent enough it seems.

There was the 00 level to worry about but it would usually function as a magnet once prices have tried to break away from the barrier. Here prices did not break away from the barrier.

Anyhow, I attribute this to the 00 "weirdness" anyway. What do you think?

Giorrgi I think you have to be extra careful trading breaks around the 00 area, especially when the few bars immediately preceding the break are only 1 or 2 pip in height. Perhaps better to wait for a stronger base from which to explode.

 

[matty_dunn]

Hi guys,

Just finished reading Volman's book and I'm still paper trading it.

Here are my trades for today, I might have been a bit too aggressive on the last 3.

If you have any feedback, don't hesitate.

Welcome Magicinsight.

I think your first trade (the ARB) wasn't too bad, but was a little late on in the bear rally. I believe your second trade (BB) was too aggressive, as were all the reversal BBs later in the session, especially given the strength of the bull rally preceding them. The RB is interesting - had the 00 level to contend with but there was a nice squeeze against the barrier you indicated.

Anyway, glad you're here and look forward to hearing your thoughts/ideas.

 

[Nestor2022]

Nestor2022,

Thanks for the feedback. I was pulling the trigger too soon today, especially on block breaks (#2, #4, #5, #6).

Couple of general questions:
1) When the market is slow, what do you do between setups? (e.g. browsing the internet, only starring at the screen, scalping other instruments)?

2) With normal volume, how many trades should I be looking to take on average per day? 3-5

3) As for the exits, could you elaborate, which is was too tight / loose:

#1 ARB I took at 12:07GMT (5:07 EST), initial stop was top of ceiling of 5:02 (1.3175), which is 6 pips from entry. Lowered my stop to 1.3177 when the low of the ARB setup was tested. Exited at 1.31788, when the 1.3177 exit was broken.

#3 RB - Took it as an RB 2 mins before you (10:35 EST, 3:45GMT). Exit was floor of pre-breakout tension (1.3194). Raised my exit to 1.3201 when the ARB ceiling was retested at 10:38EST/3:48GMT. Then target got hit.

1) When the market is slow, what do you do between setups?
In general i try to stay in front of the screen, but when the price action is meaningless (for the moment) i can take 15-30mn break, especially if i know a range is building up. i can't right now trade a whole day. If i get bored, i tend to accept low quality setups. So i prefer to turn it off when i feel it is happening. but hey, everyone's comfort zone is different. and no, i don't trade other instrument (i try to focus on this one yet)

2) With normal volume, how many trades should I be looking to take on average per day? 3-5
I don't know that yet. nowdays? since no trade is still trading, i will say between 0 and maybe 4, 5 for whole day (but it's a lot of quality setups to find to me)

3) As for the exits, could you elaborate, which is was too tight / loose:
nevermind, i was talkink about the #1, but with a closer look and because we don't use the same data feed i thought you took the same trade as me, but apparently not. it was late

good trades

 

[Giorrgi]

1 trade on EUR/Dollar (first chart)

2 trades on Euro/JPY. The first one was valid but I put the stop wrong so it got taken out (I use automatic stop loss on my paper trading platform). This was a software manipulation mistake, the obvious TPT level that I was actually aiming for held up remarkably (see line on the chart).

The second trade wasn't valid, although not very bad either.

Overall a nice day.

 

[Nestor2022]

3 trades for me today. 1 good (but agressive), and 2 ****ty ones.

I missed the breakdown of 12h30 (GMT +0) (but there where no setups). I was a bit pissed (but not admitting it) and i made 2 mistakes entering at all cost pretending to see setups to get in the trend (wich was over of course). I went out of both with no harm, but it's just luck. i shut PRT down after the #3 trade. No more psychological stability after that...

 

[MagicInsight]

Probably still too aggressive today. But I'll get to the proper balance between conservatism and aggression by practicing.

It's interesting to see how people have different views on the same price action. Also, continuation (and reversal) patterns are much trickier than ranges.

 

[MagicInsight]

3 trades for me today. 1 good (but agressive), and 2 ****ty ones.

I missed the breakdown of 12h30 (GMT +0) (but there where no setups). I was a bit pissed (but not admitting it) and i made 2 mistakes entering at all cost pretending to see setups to get in the trend (wich was over of course). I went out of both with no harm, but it's just luck. i shut PRT down after the #3 trade. No more psychological stability after that...

Hey Nestor,

I also took your "worst trade ever" at 14:45 UTC+1. My stop was top of range, and I didn't trail it close enough. Got hit with 6 pip loss. There was [probably] a setup there, since we both saw the same pattern, but continuation patterns are much harder to trade (especially with low volume), so I'll be more conservative next time.

 

[Nestor2022]

Hey Nestor,

I also took your "worst trade ever" at 14:45 UTC+1. My stop was top of range, and I didn't trail it close enough. Got hit with 6 pip loss. There was [probably] a setup there, since we both saw the same pattern, but continuation patterns are much harder to trade (especially with low volume), so I'll be more conservative next time.

I clearly overreacted on this, but i was pissed at myself. for the "worst trade ever"
1-On the overall conditions, the previous move was really huge and the continuation was not that obvious.
2- the volatility on the block is way to much.
3- only shadows are drawing the bottom of the box (much less meaning) [your data feed seems faster than mine]
4- the entry is a clear tease

Each one of this point is kind of a no-go. The only "for" is .00 lvl magnet.

I chose the initial stop 1 pip below you (It's just due to the difference between our charts i think). I just added an extra-pip due to volatility and to the fact it was a good re-entry point for bears. that's what saved me.
I choose to exit flat because the trade was not really valid.

I have an issue to let setups go...

 

[garageboyFUJI]

Yesterday, these are my trade point.

First skip is ok, I think just let it go. It's no build up.

Next I think BB set up is ok, but I didn't have confidence, so I got just 5.6 pips.

 

[matty_dunn]

Wednesday's Trades