Bob Volman Price Action Scalping

[Pippi56]

Traderallen: are you doing this fulltime ?

 

[Traderallen]

I am not to that point yet. I work on Robots. I make over $100,000 there. So I would have to make $150,000 trading (Not including ABhedge my investment side) to leave there. I hope to reach that level in a couple years or by age 50. I switched to 2nd shift to free up time for trading 8:20 to 10 New York time. So my forex trading is usually 1hour 40 minutes a day. AB hedge research is usually done on Sunday. I have found (and this is so important) slow and steady gains, following the money management plan is vital so trading success. As it aids in keeping the emotions in check.

 

[taw]

I am not to that point yet. I work on Robots. I make over $100,000 there. So I would have to make $150,000 trading (Not including ABhedge my investment side) to leave there. I hope to reach that level in a couple years or by age 50. I switched to 2nd shift to free up time for trading 8:20 to 10 New York time. So my forex trading is usually 1hour 40 minutes a day. AB hedge research is usually done on Sunday. I have found (and this is so important) slow and steady gains, following the money management plan is vital so trading success. As it aids in keeping the emotions in check.

Hi Allen,
Hope you will succeed in your goal before 2 yrs.

What is AB Hedge?

Regards

 

[Traderallen]

AB hedge is what I call the investment side of my trading career is where I got my start in learning how to make money with money. It took several years to come up with a way to track smart money and that's what I do with AB hedge. Now I go long with smart money and go short when they show their selling off. The problem was I created a plan that works real well last year it made over 41%. Now the problem trading is my passion and my investment plan is so efficient that it takes very little time to do. So I had to find another avenue of trading for me to enjoy. I developed today trading system that also works extremely well. But then I fell into the Forex market when I got an email from my broker talking about their Forex plan. So now I had to start all over, I have an investment plan that works a day trade plan that works, but now knew the four explain that works. After another couple years of studying I found that Bob's method works very well for the volatile Forex market. I just had to make some minor adaptations to make it my own.

 

[Forexmospherian]

Final numbers for January are in. I find them quite dismal and think I should have done better. I think I have given up too many pips from inefficiencies. An example being the breakeven trade of 1.4 PIPs would have been a full target winner except for in errant mouse click causing the position to close early. I'm considering making some software changes that I think may help to improve this, we will know by the end of February.

DAY TRADE # TYPE WIN OR LOSE # PIPS
2 1 RB WIN 6.3


total pips 159.1
average 6.4

Hi Traderallen

I am a full time intraday short term FX retail trader as well as a experienced scalper - so interested in this thread and your comments.

When I first looked at your results I was very surprised by the low number of trades during the month of January ( only 25 ) but then when you explained afterwards that you only normally have 1 hr 40 mins per day to take them - it all makes sense.

Your win ratio as been excellent ( approx 92%) although it will be interesting how this plays out over 100+ trades and more. I noticed on your 2 losses a stop of 10 pips - which I believe can easily be improved by a few pips if need be - would be interesting to see on the 23 wins whether you could have got away on less than 7 pips stops - as this is so helpful if your win ratio drops down to 65-80% level over 1000's of trades and you cannot get your average win up to over 8+ pips per trade.

I don't trade Bob Volman's particular method - although I do use PA and timing to assist me with SSS ( Sweet Spot Scalping) and out of my normal 10- 20 trades per day - i normally get anything from 1 - 4 trades giving me a RR of 3+ off a 5 pip stop along with many scalps only 3-7 pips wins and of course the 1 to 4 small losses ( all net after spread / commission costs)

My main objective is not to have a losing day - this means I have to multi trade and it would not always work if I only took 1 or 2 trades a day. 50 pips is my daily target and this can easily be over achieved when I spend 5 - 8 hrs cherry picking SSS's and then convert them to so called "free trades" leaving just 30% stakes on with the stops already in profit .

If I have a bad morning and have 3 or 4 consecutive losses in a row - I know I will have to spend more time at my screens and probably do over 15 trades+ to turn my day into a positive - even if I don't achieve my daily target. Other days after 5 or 8 trades I am there - and have spent less then 3 - 4 hrs from the European Open - so for me efficient with always a low draw down.

When I know I have not got my timing spot on - I will pull the trade - whether up 1 pip or down 3 pips and not wait to see if it will work within 5 - 7 pip maximum stop. If I cannot get entry with a stop under 7 pips - then I ignore the trade and wait for another one - which is normally less than 30 or 50 mins away.

The "devil is in the detail" - and with any type of scalping or short term trading the margins between great success - and losses are not that far away. You will always need to be flexible and continue to fine tune etc etc - but now I find after coming up to nearly 14k live trades - I am still learning - but know practice will never make perfect in this game - but it does become easier

Good Luck on this years journey and look forward to future months results

Regards

Forexmospherian

 

[BLS]

Week 5 charts from Volman:
https://www.dropbox.com/sh/1amxmi9af0fk6ej/VA5_ZrjQF1

 

[Traderallen]

Thank you all for your words of encouragement I hope you all are successful as well in your own trading endeavors.

 

[matty_dunn]

Week 5 charts from Volman:
https://www.dropbox.com/sh/1amxmi9af0fk6ej/VA5_ZrjQF1

Thanks Bob and BLS

 

[Traderallen]

I posted a short video of my trades today. Its in my video section at my blog http://wallstreet2easystreet.blogspot.com/ or just search wallstreet2easystreet on youtube. If you all like the videos I'll work on making more and try to improve them. May be even get some done live. I still need to make one on Standard deviation, I get to it as soon as I can.

 

[kulpio]

Hi Traderallen, i liked your last video, more than others. Please continue! Couls you specify more precisely your entry trigger on the range trade? And how far is your stoploss on the news trade? Thanks again, nice twicks of bob's methode, without getting out of scope, or thread.
By

 

[kulpio]

Actually, I get the range break trade from your first screenshot, wiche is a very nice approach.
In your second screenshot, I just don't get were and why you took the news trade. you went in just when it went above the first spike?
Thanks again for your video, keep it up!! Live ones would be awesome too!
By

 

[Pippi56]

re news-trade: my observation is, that very often after a strong initial spike price retraces and then comes back to touch the high/low again or even to continue further. The trick is to catch the end of the first retracement, and that can be dangerous - a 10 pip stop can be filled in a matter of seconds if you get it wrong. On the positive side, there is often potential for way more than 10 pip profit. I only try that if there is a clear and strong initial reaction on the news and if i can find a good opportunity to get in. But that is not really a Volman setup.

 

[Traderallen]

News trading is definitely not a Volman set up. I trade the news events successfully now, however I've been doing them for over two years and if someone was to come up to me today and say that thinking about trading the news events. I would not recommend it at all for a new trader. I view that more of icing on the cake.
First and foremost you need to be able to recognize and trade all of the Volman setups. You need to be able to recognize and trade them all.
But you also need to be aware of market conditions and when to have a trade on and when to take all trades off the table. Just like calling your hard way bets off on the come out roll in a game craps. You want to be flat before any news event! There are no exceptions to this rule.
Since of this time the now sitting on your hands waiting for the news release you can sometimes take advantage and grab a handful of pips. However it's not something you should be jumping into with real money at the next news release. It takes lots of screen time to do successfully.
So I guess my point is stay focused on learning the FPAS setups as this method is proven to be successful. But familiarize yourself with the price action around these events because once you are familiar enough they can be quite profitable.

 

[vsaliner]

has Volman or any1 else, tried to read momemtum into the bars to see how to improve trades. and better, has any1 applied the method to 6e or cl

 

[BLS]

Week 6 charts form Volman:
https://www.dropbox.com/sh/1amxmi9af0fk6ej/VA5_ZrjQF1

 

[spyderman]

Newbie to t2W

Hello all,

I'm new here to t2w. Been a long time member over at Forex Factory.
I found this thread googling info about Bob Volmans Price Action Scalping.

I just got the book and started reading so wanted to check in with you fine folks.

Big thread here, and I already have the book to read.
Any suggestions on whether or not I should read through the thread or just pick up from here.

Thanks,
Spyderman

 

[Traderallen]

The obvious answer would be to do both. Follow along from here, and his spare time permits read through the past notes. The more knowledge you have the better off you will be. Also be sure to download all of the charts that BLS has posted in the dropbox.

 

[Yorkshire Terrier]

Off work for 2 days so trying a couple of trades.
Heres two this morning second one the DD was pushing it a bit as after the first pullback each subsequent one has a lesser Chance of success IMO.

 

[Yorkshire Terrier]

Unfortunately i bottled out to soon as price did make the desired 10 target.

 

[Yorkshire Terrier]

Thanks DowJones
Just waiting for price to retrace to the 50% level and will look for a nother entry around there.