matty_dunn
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I have also noticed the tendency of a sudden pop to quickly reverse. The problem with exiting on the "Pop" is that you can't tell when it stops until it reverses and then it's too late. I find that to be stressful so I do not try to exit on the surge. However I have also noticed that soon after such an event price will resume in your direction only to stall near the extreme of the pop. At that point I am on high alert and exit at the first sign of another reversal because it may well be an adverse double top or bottom.
Giorrgi
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That was a nice block, but still, I never expect immediate continuation these days.
-3.1 pips – 26 July 2013
The start of the London session saw some nice pressure build up at 1. I was waiting for a RB signal here but it never materialized.
2 – skip 1 – After price turned back into the range a nice block setup. I was seriously tempted to take an entry at 2 but I wasn’t sure if the setup was strong enough to warrant ignoring the price action just prior at the top of the range. Was that going to be enough to stall things? To reach its TP price would have to breach the top of the range. If the range had been wider with the TP inside the range then I probably would have taken the BB setup. In this case I was unsure and I decided that when in doubt to just stay out.
3 – trade 1 (-3.1 pips) – The move from 2 did end up breaching the range high and formed a new resistance level at 1.3291 with a series of higher lows below it. I took the breach of that resistance level looking for the 00 level to be a magnet. It was a valiant effort but in the end failed to pierce the round number.
The start of the London session saw some nice pressure build up at 1. I was waiting for a RB signal here but it never materialized.
2 – skip 1 – After price turned back into the range a nice block setup. I was seriously tempted to take an entry at 2 but I wasn’t sure if the setup was strong enough to warrant ignoring the price action just prior at the top of the range. Was that going to be enough to stall things? To reach its TP price would have to breach the top of the range. If the range had been wider with the TP inside the range then I probably would have taken the BB setup. In this case I was unsure and I decided that when in doubt to just stay out.
3 – trade 1 (-3.1 pips) – The move from 2 did end up breaching the range high and formed a new resistance level at 1.3291 with a series of higher lows below it. I took the breach of that resistance level looking for the 00 level to be a magnet. It was a valiant effort but in the end failed to pierce the round number.
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matty_dunn
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Thanks for the feedback datamold. You're right about not knowing until it reverses and yes, second guessing yourself instead of just staying in the trade and allowing the target to be reached or tipping point to be taken out does create stress and uncertainty. I think I'm still struggling to just trade probability.
However, on a positive note I'm encouraged with this months results given I have made many "less than ideal" decisions. While looking things over I was pleasantly surprised to discover I was -8.7 pips this month.
The reason I'm so encouraged by this is twofold:
1 - If I had not made any execution errors and just followed the tipping point and target method I would be at +9.5 pips for the month.
2 - Achieving these results (however poor in comparison to others) while making so many mistakes and poor decisions is very encouraging.
I thought I'd be way further down than what I am for the month.
I've taken 16 trades with only 3 reaching target, 8 losses at full stop and 5 trades scratched using the tipping point technique or some other subjective decision.
The average loss on the full stops was -5.8 pip, and average for the scratched trades was +1.5 pip.
It's a fine line between success and failure, but I know I only need to make little changes here and there in terms of decision making to turn things around. By staying out of only a couple of dubious trades and getting in on one or two winners the end result would be very different. And with practice, I think very achievable.
Hope everyone is having a great weekend!
Hi everybody,
I have just discovered this thread about bob volman's technics. I am trading forex since two years, but almost those two full years I have been unprofitable, blowing two times my account....until the point I felt like I will never make it and I was wondering if I was not developping some kind of gambling addiction. But deep inside me, I knew I could make in the long run, even with an account of a thousand $ value. So I took a deep breath, closed all accounts and promise my self to come back to forex with a better plan and mindset.
I bless the day I found Bob volman's book. It described me what I always thought forex was about, probability. I could't trade profitably in the speculation and hope game.
After many research, like many of us, I finally found the great broker that fits scalping styles and fits to Prorealtime's feed data. It is fxopen, spread varies between 0.2 to 0.6 pip plus a half pip commision. In average i pay between 7 to 1 pip per trades.
I have finished the book two month ago, but i am still always reading it here and there. Since those two month, I am not profitable, but I do not lose neither. I am minus one percent of my account for the two month. It is for me a great great achievement. My blood doesn't boil when I loose anymore, and I don't feel like king kong when I win. I just trade, and i do what I have to do. It is such a relief for the mind....
Now I am much more confident about my trading. I still do some mistakes.....of course!
I'm so glade to find this blog because I can read the comment of each other about trades. I will try to post some of mine too, as i would really like to have some feedback. Because i know that I am still running into trades a bit aggressively and have trouble not trading for hours when there is nothing happening.
Well, as you can see, I kind of take this blog as a mind doctor
Sorry if the is some spelling mistakes, english isn't my native language.
Looking forward to be part of this blog!
Best regards,
Kulpio
I have just discovered this thread about bob volman's technics. I am trading forex since two years, but almost those two full years I have been unprofitable, blowing two times my account....until the point I felt like I will never make it and I was wondering if I was not developping some kind of gambling addiction. But deep inside me, I knew I could make in the long run, even with an account of a thousand $ value. So I took a deep breath, closed all accounts and promise my self to come back to forex with a better plan and mindset.
I bless the day I found Bob volman's book. It described me what I always thought forex was about, probability. I could't trade profitably in the speculation and hope game.
After many research, like many of us, I finally found the great broker that fits scalping styles and fits to Prorealtime's feed data. It is fxopen, spread varies between 0.2 to 0.6 pip plus a half pip commision. In average i pay between 7 to 1 pip per trades.
I have finished the book two month ago, but i am still always reading it here and there. Since those two month, I am not profitable, but I do not lose neither. I am minus one percent of my account for the two month. It is for me a great great achievement. My blood doesn't boil when I loose anymore, and I don't feel like king kong when I win. I just trade, and i do what I have to do. It is such a relief for the mind....
Now I am much more confident about my trading. I still do some mistakes.....of course!
I'm so glade to find this blog because I can read the comment of each other about trades. I will try to post some of mine too, as i would really like to have some feedback. Because i know that I am still running into trades a bit aggressively and have trouble not trading for hours when there is nothing happening.
Well, as you can see, I kind of take this blog as a mind doctor
Sorry if the is some spelling mistakes, english isn't my native language.
Looking forward to be part of this blog!
Best regards,
Kulpio
BLS
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Week 30 charts from Volman: https://www.dropbox.com/sh/1amxmi9af0fk6ej/VA5_ZrjQF1
matty_dunn
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Hi!
Here are my first uploaded trades! Don^t be too hard on me just kidding! please, any comment is very very welcome.
Three trades for monday, one worked out, two didn't.
I have trouble when the market is ranging...
My platform is on USA eastern time (GMT-4)
Thx for any future comments!
Greetings,
Kulpio
Here are my first uploaded trades! Don^t be too hard on me
just kidding! please, any comment is very very welcome.Three trades for monday, one worked out, two didn't.
I have trouble when the market is ranging...
My platform is on USA eastern time (GMT-4)
Thx for any future comments!
Greetings,
Kulpio
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matty_dunn
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Hi Kulpio,
You are correct about the S-H-S.
Regarding the Mm variant - you are best to look through all the charts Bob has sent out for the last year or so as he does explain them in detail at some point. I'm sorry but I can't remember what week.
However, the Mm is basically called such because the price action often takes the form of a larger M, followed by a smaller m, before breaking lower. It is a topping pattern, or buildup to a short trade. Vice versa for a Ww variant.
Hope this helps
3.1 pips – 31 July 2013
1 – trade 1 (-7.0 pips) – I know the risks of continuation trades in the current environment. They’re not fulfilling their promises, especially in these slow summer months. Even so, I still took the DD trade at 1 as along with the strong trend move up there was going to be strong support at the 1.3260 prior range top. The market tried for a strong continuation but it just turned into a double top. The amount of bulls on board this move was in evidence when the 1.3260 support level gave way. I was slipped an additional two pips as price popped straight down to 1.3258.
2 – trade 2 (10.1 pips) – I took the BB out of this consolidation block. The entry was a bit early and I had to wait for another break out of the top of the block. My tipping point was under the low of the block so I escaped from being stopped out by a pip. When price broke 1.3270 things really took off.
I didn’t see any other places to get in as price motored up to 1.3300.
1 – trade 1 (-7.0 pips) – I know the risks of continuation trades in the current environment. They’re not fulfilling their promises, especially in these slow summer months. Even so, I still took the DD trade at 1 as along with the strong trend move up there was going to be strong support at the 1.3260 prior range top. The market tried for a strong continuation but it just turned into a double top. The amount of bulls on board this move was in evidence when the 1.3260 support level gave way. I was slipped an additional two pips as price popped straight down to 1.3258.
2 – trade 2 (10.1 pips) – I took the BB out of this consolidation block. The entry was a bit early and I had to wait for another break out of the top of the block. My tipping point was under the low of the block so I escaped from being stopped out by a pip. When price broke 1.3270 things really took off.
I didn’t see any other places to get in as price motored up to 1.3300.
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datamonkey
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Yeah I am not a fan of these low volume summer months but September is now only a month away!
Luckily trading the pipdaq setups I have still had solid entries and more importantly exits!
matty_dunn
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Giorrgi
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pipdaq setups?