Bob Volman Price Action Scalping

DDoji break

Best DDoji breaks I saw in a long time, wanted to share them.
These are from todays session, GBPUSD.
 

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Understanding Price Action - 5 min TF

Hi guys,

I kinda find Bob Volman's 2nd book, Understanding Price Action (Practical Analysis of the 5-Minute Time Frame) more suited to my style of trading and to be honest I have had a better hit rate with this than the 70-ticks chart. The only downside is that I have to trade for at least 12hrs each day (with loads of patience) to get 1-3 trades per day. Hopefully I can bring myself to master the 70-ticks just like the 5-min TF.

How active is this thread anyway because it seems that most posts are for the Weekly charts sent my Bob.

PS: Bob's trading method works if you are willing to put in the screen time. Believe me it does, once I make my first million dollars I'll be sure to pay him a visit in person.:smart:
 
ajantala said:
Hi guys,

I kinda find Bob Volman's 2nd book, Understanding Price Action (Practical Analysis of the 5-Minute Time Frame) more suited to my style of trading and to be honest I have had a better hit rate with this than the 70-ticks chart. The only downside is that I have to trade for at least 12hrs each day (with loads of patience) to get 1-3 trades per day. Hopefully I can bring myself to master the 70-ticks just like the 5-min TF.

How active is this thread anyway because it seems that most posts are for the Weekly charts sent my Bob.

PS: Bob's trading method works if you are willing to put in the screen time. Believe me it does, once I make my first million dollars I'll be sure to pay him a visit in person.:smart:
Click to expand...
Hi ajantala,

Good to hear you're having some success with the method from the second book. I'm in the middle of it, but kind of puts me off the low count of tradeable setups per day, considering it's the M5 TF.
Out of curiosity, are you trading just the EU, or try to pick setups on other pairs?
Maybe you could post some of your trades here to inspire us to persevere with the method.
Keep up the good trading.(y)
Cheers,
keen246
 
keen246 said:
Hi ajantala,

Good to hear you're having some success with the method from the second book. I'm in the middle of it, but kind of puts me off the low count of tradeable setups per day, considering it's the M5 TF.
Out of curiosity, are you trading just the EU, or try to pick setups on other pairs?
Maybe you could post some of your trades here to inspire us to persevere with the method.
Keep up the good trading.(y)
Cheers,
keen246
Click to expand...

Hi Keen246,

I actually started trading the method with multiple pairs but after a while I had to learn to stick with just EURUSD and take mostly the high probability trades, having too many failed trades per day have a way of damping one's spirits for the day, believe me it took a lot of patience for me to get to this point. As per your request see attached the PB set up I took during the morning hours of last Tuesday.

I will try and update every now and then when I can.
 

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Today's trades

As requested by Keen...

Note there were initially two losses of about 5-6 pips each before the 20 pips move. It's not about being accurate for me but more about being able to enter with tight stop losses and proper trade management. My hit rate is a little above 60% for now but all the same in profit, besides all trades entered were valid based on my rules but that doesn't necessarily mean that they all would be successful.

Imagine trading more than a pair with this method, it would be so demoralizing having to take like 4-6 losses a day!
 

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Last edited:
Thanks for posting your trades/charts.

I'm almost 100% certain where you entered on your last and winning trade, but I can't tell where you entered on the previous 2 trades.

I hope you continue posting more charts but if you do so can you label your entries and exits?

Just out of curiosity, what charting platform do you use?
 
PipMonster24 said:
Thanks for posting your trades/charts.

I'm almost 100% certain where you entered on your last and winning trade, but I can't tell where you entered on the previous 2 trades.

I hope you continue posting more charts but if you do so can you label your entries and exits?

Just out of curiosity, what charting platform do you use?
Click to expand...

Hi PipMonster,

I have re-uploaded the chart with the updated entry points. My exit is when the profit hits 20 pips else I take either the resistance or reversal exit as described in the book to quickly cut my profit/losses however as you can tell my SL was hit on the first two trades without the possibility of executing resistance/reversal exits.

I trade on the JForex platform (Dukascopy).
 

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ajantala said:
Hi PipMonster,

I have re-uploaded the chart with the updated entry points. My exit is when the profit hits 20 pips else I take either the resistance or reversal exit as described in the book to quickly cut my profit/losses however as you can tell my SL was hit on the first two trades without the possibility of executing resistance/reversal exits.

I trade on the JForex platform (Dukascopy).
Click to expand...

Thanks for the re-post.

I hope you don't mind some constructive criticism. I think we can all benefit from discussing both successful and unsuccessful trades....so please don't think that i am picking on you. For me personally, putting in the time and effort to think about a trade and then type a reply, helps me to remember that particular price action moment, and hopefully when I experience something similar I'll trade or not trade it correctly.

Your 1st trade could have been avoided since the entry bar never took out the signal bar (at least on my chart it didn't PRT, maybe your's did by a pip, it's hard to see).

Not sure why you entered on your 2nd trade. Did you have a previous line drawn with a steeper angle connecting that doji, and then after price failed to break out you erased it and drew the one you have on your chart?

Your 2nd trade is tricky I fall for those all the time. Somethings that might help us to avoid those trades. 1) price didn't retrace very diagonally - and when it doesn't it tends to need a little more buildup before turning around, 2) the start of lunch time wasn't very far away.

Also, overall the bulls weren't very bullish and were struggling to get any further away from the 50 level, which worked out perfectly for your third trade - well done!!!
 
PipMonster24 said:
Thanks for the re-post.

I hope you don't mind some constructive criticism. I think we can all benefit from discussing both successful and unsuccessful trades....so please don't think that i am picking on you. For me personally, putting in the time and effort to think about a trade and then type a reply, helps me to remember that particular price action moment, and hopefully when I experience something similar I'll trade or not trade it correctly.

Your 1st trade could have been avoided since the entry bar never took out the signal bar (at least on my chart it didn't PRT, maybe your's did by a pip, it's hard to see).

Not sure why you entered on your 2nd trade. Did you have a previous line drawn with a steeper angle connecting that doji, and then after price failed to break out you erased it and drew the one you have on your chart?

Your 2nd trade is tricky I fall for those all the time. Somethings that might help us to avoid those trades. 1) price didn't retrace very diagonally - and when it doesn't it tends to need a little more buildup before turning around, 2) the start of lunch time wasn't very far away.

Also, overall the bulls weren't very bullish and were struggling to get any further away from the 50 level, which worked out perfectly for your third trade - well done!!!
Click to expand...

I am open to analyse trades, for the first the entry bar sure did take out the signal bar by about 3 pips, I normally set my entry a pip higher or lower as suggested by Bob though it might not be apparent like you said from the chart.

The second one is also a valid trade, its the PBP type (pattern-break pull back) and for this price doesn't necessarily have to retrace diagonally or build up to enter again as long as it touches the 25 EMA and the signal bar is of the right shape. I am not sure if a similar version is in the 70-ticks method as I trade only the 5 mins.

Personally I tend not to worry much about the lunch doldrums as I have seen price move well during some instances.
 
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