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cha-ching
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Thanks for your review. I think the question is whether there is anything new if one has already read FPAS and has followed Bob's weekly charts. You mentioned angular lines, which isn't new to those who followed his weekly charts. Also this time there is no excerpt provided by Bob. I wonder how much does the table of contents look similar to that of FPAS.
One more concern is how many of his trades during the six months period actually happened in US session, since many of us who live in US cannot trade the London session comfortably.
Thanks and regards,
cha-ching
>>I think the question is whether there is anything new if one has already read FPAS
The content is more detailed imo and more in line with the weekly chart than in FPAS
>>Also this time there is no excerpt provided by Bob
At Amazon, you can read a few pages. Also you have the website of the book www.upabook.wordpress.com
>>how many of his trades during the six months period actually happened in US session
The charts stop at 5PM GMT that is to say during the US lunch time
All in all, I think it's worth buying the book.
I trade /6E and /CL
One thing I can say (for both products) is that the Frankfurt, London AM session up to 0830amET is many times much more easier to trade than when the pits open at 0820 and 0900amET respectively
I can't say how many times I'm done before then
Cheers
-Bill
One thing I can say (for both products) is that the Frankfurt, London AM session up to 0830amET is many times much more easier to trade than when the pits open at 0820 and 0900amET respectively
I can't say how many times I'm done before then
Cheers
-Bill
BLS
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Week 46 chart from Volman:
https://www.dropbox.com/sh/1amxmi9af0fk6ej/VA5_ZrjQF1
https://www.dropbox.com/sh/1amxmi9af0fk6ej/VA5_ZrjQF1
cha-ching
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Thank you! I got the book, and simply couldn't put it away. Given that I have read FPAS in the past, this one is an easier read and Volman explained the concepts/logic more clearly than in FPAS. I plan to test the same six months period after I finish reading everything else in the book, then re-start trading using his method.
I don't know if he is willing to make his charts available online as Al Brooks did, at least for all those charts not in Chapter 8 or 9 (you don't need to flip pages to read text for charts in those two chapters). This will make it a lot easier to study.
I have also ordered the second book, the first was a gem, but I could not make it work for me, I contacted Bob and he was very helpful and generous.
I trade my own way now and I am sure it is also a consequence of what I have learned from Bob.
I trade my own way now and I am sure it is also a consequence of what I have learned from Bob.
TonyIommich
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Reading Bob's new book right now. So here's a basic summary...
Mechanics:
* The new time frame is 5 minutes, as you may have inferred from the title. This is good because people can get a bit confused with the whole tick chart concept.
* 25 period EMA vs 20 pd. Not something worth being concerned over, Bob says anything between an 18 and 30 pd EMA is basically the same.
* Initial risk to reward ratio is 1:2, put forth as a 10 pip stop with a 20 pip target but with some flexibility.
Many similar ideas to Price Action Scalping but much more focus on the angular 'pattern lines', which were not discussed in the first book. A bit more subjectivity is involved here, but if you've been following his chart postings on here with the 70 tick chart you'll develop more comfort.
Bob's favorite play essentially is a breakout like pattern, he likes 'squeezes'. He looks for gradual buildup formations whenever possible (basically an ascending or descending triangle in miniature form). This is consistent with his first book.
The basic plays are a breakout (from a horizontal or angular 'pattern line'), a pullback from a breakout, a 'combi' (similar to what he'd call an ARB from the first book), which is an inside bar breakout (big candle followed by a small candle), and a classic pullback (what he calls a 'pullback reversal'), which is basically a trend continuation trade.
He also focuses on failed trades and how to take the opposite side of them (something he didn't exactly do in his first book).
What I particularly like about this book are:
1. He provides more practical advice, e.g. the influence of different sessions, low volatility, different markets.
2. He provides a more extensive set of examples, with six consecutive months' worth of data. Extremely valuable.
3. He provides linear diagrams of his trading concepts. A big help.
4. The charts are a bit better arranged for reading, he starts them usually in the upper left hand of the book.
I haven't finished reading it yet but based on what I see so far, it's a very good addendum to Price Action Scalping. I'd definitely consider it a good investment of your money and time. As to whether you need the first book to understand or perhaps better appreciate the second, that's debatable but I'd argue that if you know your technical analysis ABCs and have traded for a bit, it aught to suffice. Either way there is no special terminology from the first book that you have to know to understand the second one (unlike with Al Brooks's material).
Mechanics:
* The new time frame is 5 minutes, as you may have inferred from the title. This is good because people can get a bit confused with the whole tick chart concept.
* 25 period EMA vs 20 pd. Not something worth being concerned over, Bob says anything between an 18 and 30 pd EMA is basically the same.
* Initial risk to reward ratio is 1:2, put forth as a 10 pip stop with a 20 pip target but with some flexibility.
Many similar ideas to Price Action Scalping but much more focus on the angular 'pattern lines', which were not discussed in the first book. A bit more subjectivity is involved here, but if you've been following his chart postings on here with the 70 tick chart you'll develop more comfort.
Bob's favorite play essentially is a breakout like pattern, he likes 'squeezes'. He looks for gradual buildup formations whenever possible (basically an ascending or descending triangle in miniature form). This is consistent with his first book.
The basic plays are a breakout (from a horizontal or angular 'pattern line'), a pullback from a breakout, a 'combi' (similar to what he'd call an ARB from the first book), which is an inside bar breakout (big candle followed by a small candle), and a classic pullback (what he calls a 'pullback reversal'), which is basically a trend continuation trade.
He also focuses on failed trades and how to take the opposite side of them (something he didn't exactly do in his first book).
What I particularly like about this book are:
1. He provides more practical advice, e.g. the influence of different sessions, low volatility, different markets.
2. He provides a more extensive set of examples, with six consecutive months' worth of data. Extremely valuable.
3. He provides linear diagrams of his trading concepts. A big help.
4. The charts are a bit better arranged for reading, he starts them usually in the upper left hand of the book.
I haven't finished reading it yet but based on what I see so far, it's a very good addendum to Price Action Scalping. I'd definitely consider it a good investment of your money and time. As to whether you need the first book to understand or perhaps better appreciate the second, that's debatable but I'd argue that if you know your technical analysis ABCs and have traded for a bit, it aught to suffice. Either way there is no special terminology from the first book that you have to know to understand the second one (unlike with Al Brooks's material).
Last edited:
T
Thanks for your post.
After the "squeeze" and following break out, would he suggest: a)buying (for longs) as soon as that happens or b)would he suggest for the 5m candle to complete and enter then or c) would he place a buy stop 1 pip above the 5m candle that broke?
Regards
Fz
TonyIommich
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Bob is more discretionary in this book. It's hard to give a stock answer, he goes through numerous examples and discusses things like early entry, etc. Usually the best scenario is to enter once the extreme of the bar or level is broken.
The one thing he doesn't like is limit orders, he basically gets in through market orders only. No limits or even stops for that matter (though frankly I see no harm done with stop orders for entry, this is probably more a question of habit).
yes....
they all have pro and contro, if entered before the end of the 5m candle could result in a false BO, if entered waiting for the complete 5m candle could be too late....
Maybe the best way could be to switch to a 1, 2 or 3 m TF .
TonyIommich
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There are plenty of times, as Bob points out, when you don't get the entry you need. You have to be okay with letting it go, or you have to find a subset of those trades you're willing to execute aggressively with the understanding that with more winners you'll also have more losers and you may not end up ahead for being aggressive.
cha-ching
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My understanding is you enter at the break of signal bar. You either use a market order as Bob suggested, or you use a stop order. To use a stop order you prepare to enter before the signal bar closes: once it closes it may no longer be a valid signal bar but if it is still valid you submit your stop order.
And if your entry is not triggered before the next bar closes you may (or may not) need to cancel your pending order. It needs more work but you get fewer chances (and magnitude) of slippage.
BLS
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TonyIommich
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Just finished Bob's second book, Understanding Price Action. Hard to add to what I wrote a bit earlier. Bob really did a great job addressing some of the things that were left out from his first book, such as adjusting to low volatility, the influence of different session times, and a considerably more expanded section on trade management. All I can say is bravo and well done!
Personally I trade stock index futures so I was glad to see some info on that, though naturally I had wanted much more (there were just six examples). Still, the fact that Bob stuck with one market throughout most of the book helps keep things consistent, especially when he did the six month back to back analysis.
I'd say definitely get this book if you liked the first one. I'd also suggest that people new to Bob's work read Understanding Price Action before Forex Price Action Scalping. The new book lays things out a bit more clearly, has some critical details, and is also more general, FPAS is more for people who really want to specialize on tick chart trading, though the technical ideas are certainly valid on other time frames.
Personally I trade stock index futures so I was glad to see some info on that, though naturally I had wanted much more (there were just six examples). Still, the fact that Bob stuck with one market throughout most of the book helps keep things consistent, especially when he did the six month back to back analysis.
I'd say definitely get this book if you liked the first one. I'd also suggest that people new to Bob's work read Understanding Price Action before Forex Price Action Scalping. The new book lays things out a bit more clearly, has some critical details, and is also more general, FPAS is more for people who really want to specialize on tick chart trading, though the technical ideas are certainly valid on other time frames.
Just started his first book. Has a lot of to do with Charles Dow stock theory, doesn't it?
PipMonster24
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Can someone help me with PRT?
My local time zone is New York Eastern Standard Time, for PRT I use (UTC+00:00) UTC Coordinated Universal Time which has my charts set at a 1 hour difference than what BV uses.
The problem I have is that with PRT I am missing the first 2 hours of data at the beginning of the week.
My broker is Oanda and I use the same time zone for it as I do for PRT. At the start of the week Oanda begins printing data at 22:00 (UTC+00:00) but PRT does not begin until 00:00.
I have emailed support at PRT. They replied back but thought I was talking about weekend data. I have emailed them a 2nd time and it's been over a week without a reply back from them.
My local time zone is New York Eastern Standard Time, for PRT I use (UTC+00:00) UTC Coordinated Universal Time which has my charts set at a 1 hour difference than what BV uses.
The problem I have is that with PRT I am missing the first 2 hours of data at the beginning of the week.
My broker is Oanda and I use the same time zone for it as I do for PRT. At the start of the week Oanda begins printing data at 22:00 (UTC+00:00) but PRT does not begin until 00:00.
I have emailed support at PRT. They replied back but thought I was talking about weekend data. I have emailed them a 2nd time and it's been over a week without a reply back from them.
BLS
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Week 48 charts from Volman:
https://www.dropbox.com/sh/1amxmi9af0fk6ej/VA5_ZrjQF1
https://www.dropbox.com/sh/1amxmi9af0fk6ej/VA5_ZrjQF1
TonyIommich
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Dow theory is a cornerstone of most technical analysis in general, so it's a wide statement...
Bob's book, as other books focusing on trading strategies, are what I call applied technical analysis. That is, they attempt to apply theory to practice. Bob's book is part of the 'price action' club, which doesn't believe in indicators and also doesn't rely on esoterica like Fibonacci.