Bob Volman Price Action Scalping

[stehlikpetrmsncom]

Major snooze-fest today with a bank holiday in Britain and little economic news. Anyone have better luck today? I only took one trade today that I bailed out on for a tiny profit.

I took a BB earlier, it didn't reach the target. I thought about the entry you took, but I wasn't sure if that single doji that formed when prices returned back into the range was enough (considering the slow nature of the market) to trade it. I simply don't know.

Also, I somehow happened to miss the fact that today was bank holiday in UK, if I knew that, I probably wouldn't trade at all today. Nice job though, for making at least tiny profits on a day like this

 

[samich1262]

I wondered why it was so slow today! An RB broke this afternoon but it was an hour before the US session close. I didn't want to take an RB on a day like today for fear of it lacking followthrough.

 

[johnwolf]

No trades for me today. I just went back over the chart and see I didn't miss anything significant. I tracked Nasdaq futures after lunch but nothing there either.

John

 

[uberteh]

Hi, i took it as RB, now then I look at it ..no upper barrier test to qualify as RB ?

 

[TonyIommich]

I was curious how many of you follow the European session only, the New York/European session only, or both?

I'm continuing to get pretty badly smacked because these moves don't really move. I'm getting maybe 4-8 pip moves most of the time, most of the time they seem to magically stall within 1 pip of the 10 pip target and then go for a major reversal. I think that its a mistake to stick to the 10 point TP in this environment, and I may start dividing my position in half. I'm constantly at breakeven right now.

 

[BLS]

Hi, i took it as RB, now then I look at it ..no upper barrier test to qualify as RB ?

Welcome to the thread. This is my personal opinion so take it with a grain of salt:

I think this is the corresponding chart on ProRealTime. My chart times are in GMT-7.
I think your trade was rather aggressive because there wasn't much build up to the break. It being aggressive doesn't mean it's not trade-able but there is more of a (perceived) risk of the trade failing. You definitely had the overall pressure on your side but I probably wouldn't trade that RB because I like to see more buildup. I might have taken that ARB though when prices tested the top barrier of the range.

 

[samich1262]

I was curious how many of you follow the European session only, the New York/European session only, or both?

I'm continuing to get pretty badly smacked because these moves don't really move. I'm getting maybe 4-8 pip moves most of the time, most of the time they seem to magically stall within 1 pip of the 10 pip target and then go for a major reversal. I think that its a mistake to stick to the 10 point TP in this environment, and I may start dividing my position in half. I'm constantly at breakeven right now.

Hey Tony,

I usually trade the US/European overlap, but this month since it's been slow, I've traded the European session a few times.

A lot of the IRBs are ok if they have some room to work, but sometimes they stop at the barrier. My personal guideline is to take an IRB when it hits the barrier if it's at 7 or 8 pip unless it is of excellent quality. Of course if you're looking at 15-20 pip tall ranges, you won't have to close the position early, but in this market I keep seeing very tight ranges.

Tomorrow looks like it could be a heavy-hitting news day. I'm hoping that will bring some volume back.

 

[BLS]

I was curious how many of you follow the European session only, the New York/European session only, or both?

I'm continuing to get pretty badly smacked because these moves don't really move. I'm getting maybe 4-8 pip moves most of the time, most of the time they seem to magically stall within 1 pip of the 10 pip target and then go for a major reversal. I think that its a mistake to stick to the 10 point TP in this environment, and I may start dividing my position in half. I'm constantly at breakeven right now.

I'm sticking with the London/US overlap because the first half of the London session is too early for me (I wake up at around 3:30 AM in my time zone to trade). I try to stick to the 10 pip limit but if prices get really close to my target (~1 pip or so) I just bail. If prices move in my direction fast enough, I sometimes actually hit target. Recently I've decided to manually bail on my position when it hits 10 pip on the ProRealTime chart rather than wait for it to hit 10 pip on my platform (my platform seems a bit out of sync with ProRealTime sometimes). The one trade I had today should've made target but it didn't on my platform so I bailed about 0.6 pip early. It was in the nick of time too because prices quickly dropped after that and would've triggered my tipping point.

One trade for me today with a profit of 9.4 pip after commission.

 

[samich1262]

I'm sticking with the London/US overlap because the first half of the London session is too early for me (I wake up at around 3:30 AM in my time zone to trade). I try to stick to the 10 pip limit but if prices get really close to my target (~1 pip or so) I just bail. If prices move in my direction fast enough, I sometimes actually hit target. Recently I've decided to manually bail on my position when it hits 10 pip on the ProRealTime chart rather than wait for it to hit 10 pip on my platform (my platform seems a bit out of sync with ProRealTime sometimes). The one trade I had today should've made target but it didn't on my platform so I bailed about 0.6 pip early. It was in the nick of time too because prices quickly dropped after that and would've triggered my tipping point.

On trade for me today with a profit of 9.4 pip after commission.

BLS, where are you trading from? Just curious. I got burned by slippage today on a bad IRB. It's the first time I tried to take an IRB but the range wasn't quite tall enough. I clicked buy and there was a 2 second delay while price spiked. I have never had a problem with my broker, but I've noticed my internet occasionally lagging lately. May have to look into an upgrade.

 

[BLS]

BLS, where are you trading from? Just curious. I got burned by slippage today on a bad IRB. It's the first time I tried to take an IRB but the range wasn't quite tall enough. I clicked buy and there was a 2 second delay while price spiked. I have never had a problem with my broker, but I've noticed my internet occasionally lagging lately. May have to look into an upgrade.

I live in California. Weather's nice but the time zone sucks for trading. I wake up, go through my morning routine, make/eat breakfast and prepare for the trading day (review trading rules, some meditation to improve focus) so that I can start trading around 8AM EST.

You sure it wasn't because of the Consumer Confidence numbers release that caused the slippage? Is this the one you took (see attached chart)? I initially skipped it because I wasn't sure what the overall pressure was in favor of (I was a bit distracted) but then I realized it was moments before a high impact news release and I was glad that I skipped it.

 

[samich1262]

I live in California. Weather's nice but the time zone sucks for trading. I wake up, go through my morning routine, make/eat breakfast and prepare for the trading day (review trading rules, some meditation to improve focus) so that I can start trading around 8AM EST.

You sure it wasn't because of the Consumer Confidence numbers release that caused the slippage? Is this the one you took (see attached chart)? I initially skipped it because I wasn't sure what the overall pressure was in favor of (I was a bit distracted) but then I realized it was moments before a high impact news release and I was glad that I skipped it.

Nah, it was an upside break. I checked the calendar when I woke up and tried to avoid setups close to the consumer confidence report.

I seem to need a little time to warm up, so I do better when I wake up and watch the European session. I am sure that's just from lack of experience. I have been reviewing charts in the afternoon after the European close, but I still seem to be slow in the mornings. It's not sticking yet. So maybe I should start off my day with some reviewing too.

 

[stehlikpetrmsncom]

Hi, today I took 4 ok trades, missed one good trade and took 2 stupid trades.

1/ BB. Should I have trailed my stop less agressively or was a good call?

2/ BB into 50 round number zone.

3/ DD (or mini-BB) testing previous high.

4/ DD that had real troubles getting to the target.

5/ Easy RB I missed.

 

[stehlikpetrmsncom]

I'm sticking with the London/US overlap because the first half of the London session is too early for me (I wake up at around 3:30 AM in my time zone to trade). I try to stick to the 10 pip limit but if prices get really close to my target (~1 pip or so) I just bail. If prices move in my direction fast enough, I sometimes actually hit target. Recently I've decided to manually bail on my position when it hits 10 pip on the ProRealTime chart rather than wait for it to hit 10 pip on my platform (my platform seems a bit out of sync with ProRealTime sometimes). The one trade I had today should've made target but it didn't on my platform so I bailed about 0.6 pip early. It was in the nick of time too because prices quickly dropped after that and would've triggered my tipping point.

One trade for me today with a profit of 9.4 pip after commission.

Hi, compare your second screenshot and my second screenshot. That's odd.

 

[BLS]

Hi, compare your second screenshot and my second screenshot. That's odd.

I was just looking at that. I'm not sure but it might have to do with which day the chart starts counting the ticks?

Just curious, what timezone are your charts set in?

 

[BLS]

Hi, today I took 4 ok trades, missed one good trade and took 2 stupid trades.

1/ BB. Should I have trailed my stop less agressively or was a good call?

I would've put my stop there too.

 

[stehlikpetrmsncom]

I was just looking at that. I'm not sure but it might have to do with which day the chart starts counting the ticks?

Just curious, what timezone are your charts set in?

Timezone is set to GMT+2 (+1 and DST), timeframe 25 units and 70 ticks.

I also noticed that if you load a whole week of data on your chart, the older data is different then it was at the time of trading. I sent an email about this to ProRealTime, but never got an answer.

I was having internet connection problems yesterday, so maybe my different chart is due to package losses, we'll see if they continue to differ or not

 

[samich1262]

I also noticed that if you load a whole week of data on your chart, the older data is different then it was at the time of trading. I sent an email about this to ProRealTime, but never got an answer.

I had the same problem with Ninja Trader, except NinjaTrader was plotting really slow and historical data had more bars. My ProRealTime historical data is slightly different than the live feed, but the live feed seems to still accurately reflects what is happening.

 

[stehlikpetrmsncom]

Hi, these are my trades for today.

1/BB that eventually turned out to be IRB

2/ DD that didn't work out.

3/ DD that didn't work out.

4/ BB that didn't work out :-(

I don't feel like I'm taking invalid trades, yet I still seem to lose money almost every day.

 

[samich1262]

Hi, these are my trades for today.

1/BB that eventually turned out to be IRB

2/ DD that didn't work out.

3/ DD that didn't work out.

4/ BB that didn't work out :-(

I don't feel like I'm taking invalid trades, yet I still seem to lose money almost every day.

My thoughts on these trades:

Trade 2: The 2 dojis are about the same size as the bars in the pullback, so they don't qualify as a real DD. In a true DD setup, the dojis would be more compressed than the bars in the pullback.

Trade 3: Same as trade 2, also did not pull back 40%. Right now I also skip any trade after a breakout that does not retest the range barrier.

Trade 4: I was really tempted to try and take this trade, but skipped since there was no retest of the barrier. Yesterday I went through the past week's chart on EUR/USD for practice. I saw this exact situation 4 times, 3 of those did not make the target. Maybe in a more trending market it could be taken, I'm really not sure, but since prices have a tendency to try to climb back into a range, I am skipping these for now.

This has been a very difficult market to take any with-trend setup. I did well in July but am only a little over .500 for August. Seems like its mostly harder setups to read, so if you can get decent in a market like this, you'll do a lot better later when things return to normal. I saw 2 IRBs today that worked out, but since IRBs are my weakest setup, I'm being extremely selective with those setups until I feel more confident with them.

 

[stehlikpetrmsncom]

My thoughts on these trades:

Trade 2: The 2 dojis are about the same size as the bars in the pullback, so they don't qualify as a real DD. In a true DD setup, the dojis would be more compressed than the bars in the pullback.

Trade 3: Same as trade 2, also did not pull back 40%. Right now I also skip any trade after a breakout that does not retest the range barrier.

Trade 4: I was really tempted to try and take this trade, but skipped since there was no retest of the barrier. Yesterday I went through the past week's chart on EUR/USD for practice. I saw this exact situation 4 times, 3 of those did not make the target. Maybe in a more trending market it could be taken, I'm really not sure, but since prices have a tendency to try to climb back into a range, I am skipping these for now.

This has been a very difficult market to take any with-trend setup. I did well in July but am only a little over .500 for August. Seems like its mostly harder setups to read, so if you can get decent in a market like this, you'll do a lot better later when things return to normal. I saw 2 IRBs today that worked out, but since IRBs are my weakest setup, I'm being extremely selective with those setups until I feel more confident with them.

Hi, thank you for your comment, I think you are right, I trade my DD too indiscriminately. It's probably because I saw them working out way too well in July but they just don't in this non-trending market phase.

If I understand it correctly, your approach to newborn trends (first leg, first pullback) is not taking them, because you either want confirmation of the trend or test of the barrier from which trend commenced? I really like my last BB and consider it one of the best setups, so this part of your comment caught me off guard. Could you elaborate on this topic a little more please? Thank you.