Bob Volman Price Action Scalping

[Giorrgi]

Thanks Bob and BLS! It's crazy how obvious some of these trades look in hindsight.

 

[matty_dunn]

Week 36 charts from Volman:
https://www.dropbox.com/sh/1amxmi9af0fk6ej/VA5_ZrjQF1

Thanks Bob and BLS

 

[Giorrgi]

Wow what a nice day !

 

[Traderallen]

great job Giorrgi I caught most of those same trades. It was a great trading day in a nice way to start out the week. Let's hope the next four days are just as profitable. I did learn one lesson today while trading on my new Windows 8 touchscreen, be careful where you touch... I sold off one position by accident when I went to move a window and touch the sell button. Luckily a quick retracement and I was able to get back in for a nice profit $$

 

[matty_dunn]

You're right guys - a nice day. And a good one to return to the fold. Only wish I could spend more time trading. Only manage 3-4 hours a day, what with full-time work and family, oh and sleep...

2 Trades for Monday

Btw - have to give a huge recommendation to Mike Bellafiore's new book - "The Playbook" - a must read, along with his first book - "One Good Trade."

Even though there is a lot of bulls*%t and lies in this industry there are some honest, genuine people who really try to help others, like Mike, Don Miller and Bob Volman of course.

There was a quote in the book (I can't remember who from) I like - "Smart people learn from their mistakes. Wise people learn from other's mistakes." I find it so reassuring and supportive that there are such geniune people from which to learn and grow as traders and people.

A good week to all.

 

[Giorrgi]

Hey matty_dunn,

I remember I went through half of his first book "one good trade", I didn't find it very useful. I mean the overall mentality of trading is repeated over and over and there were not actual setups or information. I remember he mentioned that he wanted to write a second books discussing setups (the playbook), I should check it out.

 

[matty_dunn]

Hey matty_dunn,

I remember I went through half of his first book "one good trade", I didn't find it very useful. I mean the overall mentality of trading is repeated over and over and there were not actual setups or information. I remember he mentioned that he wanted to write a second books discussing setups (the playbook), I should check it out.

Hey Giorrgi,

I found both of these book helpful and motivating, not for any set-ups as such, but for a look into the mind, activity and experiences of elite performers and what they do to excel in their given field - trading.

"The Playbook" in particular really gives a wonderful insight into the lengths that professional traders go to constantly improve and as Mike says, become "your best trader" YBT.

Anyway, I guess books and what people get out of them is a personal thing, and for me, I got A LOT out of both.

 

[rainwood]

... have to give a huge recommendation to Mike Bellafiore's new book - "The Playbook" - a must read, along with his first book - "One Good Trade."...

Hello Guys,

Does 'The Playbook' contain entries and techniques like e.g. Bob Volmans book?

I really like Bob's book because it was an easy read and described scalping in detail. If Mike's book is similar I will definitely get it and read it.

 

[matty_dunn]

Hello Guys,

Does 'The Playbook' contain entries and techniques like e.g. Bob Volmans book?

I really like Bob's book because it was an easy read and described scalping in
detail. If Mike's book is similar I will definitely get it and read it.

Hey rainwood,

If you're looking for something similar to Bob's book then "The Playbook" is not it.
Firstly, most of the trades sequences discussed in the book are intraday stock plays and they rely on fundamentals, tape reading and other things as well as price action.

Secondly, the focus of the book is in the reviewing of trade sequences - the detail to which a trader should go during this process, the language used and the thinking behind it. This is all done with the hope of developing a "playbook" of A+ trades that make sense to you, not someone else.

Therefore, I have found this book so helpful, not for adding any set-ups to my own playbook, but in helping me developing the skills and thinking needed to develop my own best trades from my own observations and experience.

No trades for me on Tuesday. Only had about 2 1/2 hours of screen time and nothing set up for me.

 

[rainwood]

Hey rainwood,

If you're looking for something similar to Bob's book then "The Playbook" is ...

Thanks for the overview Matty_Dunn!

 

[Traderallen]

Took my first full stop loss for the month today, it was trade number 11 feel like kicking myself in the dam head as I should've known better I took a range break about 1013 Eastern down short on the euro. With such bullish sentiment during the US market all week I should know better than to try short. Overall it wasn't a bad day I had two other trades one before and one after this one that were both profit trades. I also had a short position I held overnight that I closed for good profit but that one was not using this method we discuss here. Just goes to show the something to be said about sentiment you can't just blindly enter a trade because the setup is there. If you feel you're going against the market you probably are.

 

[Giorrgi]

Hello

I myself took one today on EUR/JPY which was in a range during the whole day. the break caught no follow through whatsoever. I think I have noticed this before: when EUR/USD is in a ranging day, you still get a couple of setups and there is some follow through. JPY on the other hand is all over the place.

A couple setups on EUR/USD, the first one (IRB) is the only textbook setup although I thought it was too thin to warrant a trade.

 

[matty_dunn]

Hello

I myself took one today on EUR/JPY which was in a range during the whole day. the break caught no follow through whatsoever. I think I have noticed this before: when EUR/USD is in a ranging day, you still get a couple of setups and there is some follow through. JPY on the other hand is all over the place.

A couple setups on EUR/USD, the first one (IRB) is the only textbook setup although I thought it was too thin to warrant a trade.

Hey Giorrgi,

No trades for me Wednesday and went to bed before the potential IRB you labelled. In hindsight it seems pretty good. I think the length of it, even though it is quite thin, warrants participation - maybe a pip or 2 higher for added confirmation? Really took off from there huh!

How do you find watching the 2 markets and trading Bob's method with both? I feel the need to be proficient with one market first before branching out and spreading my attention.

 

[matty_dunn]

2 Trades for Thursday. One long then one short, both in the space of 10 minutes.

Got caught on the long and figured others would have been too - not just on the break I took but due to the bottoming formation that preceded the turn around.

Indicated the trades on 2 different charts to try and make things clearer. Plus one chart showing big picture for clarity.

 

[BLS]

Week 37 charts from Volman:
https://www.dropbox.com/sh/1amxmi9af0fk6ej/VA5_ZrjQF1

 

[matty_dunn]

Week 37 charts from Volman:
https://www.dropbox.com/sh/1amxmi9af0fk6ej/VA5_ZrjQF1

Thanks Bob and BLS. It really is so helpful to compare your own trades, skips and read of price action to Bob's.

 

[garageboyFUJI]

Thanks Bob and BLS. It really is so helpful to compare your own trades, skips and read of price action to Bob's.

I think so, too.
Thank you Bob & BLS.

 

[kulpio]

Hi guys!

I have a question for anyone who is able to answer...
My broker is FXOpen, and they offer a very well built Oneclick ea. However, it does not allow me to disable hedging (therefor I have to click ''close all'' button, instead of buying or selling to close) Even though it is not a big problem, if someone has an idea how to disable hedging, I would be very happy
My main question is actually this one: Is there a way, even by using this oneclick Ea, to adjust the lot size automatically in relationship to the balance?
Would it be a separate Ea or should I change the script of the oneclick Ea?
Also, I have no idea how to right scripts... haha
Just a thought I had, maybe someone would be interested of developing this with me?
Have a good head scratching time!

 

[Traderallen]

Here are my live trades for the month so far. This is not easy by any means, in fact it is the hard. I don't think a cave man can do it. It is however a vary profitable method. I don't think most people want to spend the time and do the hard work trading takes. Just read any forum anywhere and you'll see most people want an easy way to trade.

trade/ type/ win or loss
1 RB WIN
2 DD WIN
3 NEWS WIN
4 ARB WIN
5 dd WIN
6 bb WIN
7 dd WIN
8 ARB WIN
9 ARB WIN
10 ARB BE
11a RB loss
11 DD WIN
12 ARB WIN
13 ARB WIN
14 NEWS WIN
15 RB WIN
16 RB WIN
17 RB WIN
18 GAP FILL WIN
19 RB WIN

 

[Pippi56]

Traderallen: Very impressive. Since how long do you use this method and how long do you trade each day?

And agreed, this is certainly not easy. In my opinion the edge in this method comes from a lot of patience, perseverance, screentime, experience and hard work. Only reading the book is not enough.