i am little bit disoriented. Would you show me why you are term as medim quality trades. My suggestion is to watch either a 700 tick chart or 5min chart for trend direction and only take trades in the direction of the 5min or 700 tick chart, This way you have the winds in your sails with trend direction. Also lets then identify the best trade of the Session especially london and new york sessions. this would give you two options a day to choose from.
fpastrader
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I trade Bob volmans FPAS method, with nothing changed.
Did you take the RB that just set up? I got SL hunted in it first the first time, I had my SL 1p lower and then moved it up, price broke out, broke back in and touched my SL then immediately broke out again and moved 4p in a few seconds.
I had just upped my Lot size, so I am very disappointed. This too was a medium quality trade because there was a 20 level half way to target.
EDIT:- 4p when I posted, has now hit 10p target a few minutes later. I should have had my first win of the week, I am so so so unlucky to have decided to adjust the SL.
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TraderEyal1
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Thanks for contributing to the thread. Can you post charts when you get a chance? I think it will make things a lot clearer.
fpastrader
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http://ibb.co/dQu7Kk
No I don't do anything more than what Bob described in his book, I originally set the SL at 5p but changed it to 4p because I thought I was being overly cautious. I've never had a trade turn around like this before so I was too nervous to go in on the second break in case it was another trap.
So far today there have been 3 valid trades, the first one I missed due to hesitation, I had the screen open to sell but was too late. The second one I entered, then closed due to hesitation at BE (I think this is because I doubled my lot size today and was nervous), the third one I made a tiny mistake with the SL.....but, ALL THREE hit target.
This is what I was getting at in my original post, the charts are becoming an open book to me, I am so extremely close to working out these final niggles and in theory I'll be in multiple winning trades a day. But I only want 3 a week!
EDIT:- It's very premature, but theres a potential IRB or BB setting up right now. EDIT: BB, but broke prematurely for me and 20 level 4p above, it did however move to the 20 level within a minute or so.
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fpastrader
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Another valid trade (ARB) just occurred at 16.54GMT, I wasn't paying attention because it was right on the NY Lunch time (and late in the day here, I wasn't looking) but it was incredible, price moved a total of 30p in a few minutes. I wish I noticed the set up.
Can you show clearly the entry times you take trades so we are all following.
By focusing on high quality setups, we can improve trade selection.
By focusing on high quality setups, we can improve trade selection.
fpastrader
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Our styles are completely different, without the 20EMA or the 20levels I'm not able to make any kind of assessment to the probability of the trade.
Lets see what we find today.....!
EDIT:- Already found and entered a IRB that hit 9p before even the European open
Lets see what we find today.....!
EDIT:- Already found and entered a IRB that hit 9p before even the European open
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You seem to focus on textbook Volman trades. If we work together, could you check the setups on your chart and let me know if my judgement of high quality is consistent with yours. I think higher lows in uptrend and lower highs in downtrend speaks better to me than a lagging average. Also the highs and lows of a range better defines risk and levels of overbought/oversold.
The best way to crosscheck is if we can replicate this in a live environment.... i am more than ready to team up in a live environment
fpastrader
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Looking at your charts and the trades you've posted you seem to have developed your own style of trading using his basic principles. Our styles are therefore completely different. From my personal perspective none of the trades you've posted so far really make sense to me, because I'm using 20 levels/50levels and the 20EMA to pick out clues from the market in terms of its direction exactly how Bob does.
For you to follow what I'm doing you would need to use the same style or set up as I am and also proreal time. I've noticed from your charts your platform/feed suffers from the same issues that MT4 with my feed does - you only are getting about 60% of the candles printed in comparison to prorealtime. This was a huge difference for me because you get so much more information when there are more candles.
If you are profitable trading how you are doing, stick with it. However if you are not, I'd say set your chart up like Bob's and follow exactly what I did and within a couple of months you'll be reading the charts in the same way Bob does.
For you to follow what I'm doing you would need to use the same style or set up as I am and also proreal time. I've noticed from your charts your platform/feed suffers from the same issues that MT4 with my feed does - you only are getting about 60% of the candles printed in comparison to prorealtime. This was a huge difference for me because you get so much more information when there are more candles.
If you are profitable trading how you are doing, stick with it. However if you are not, I'd say set your chart up like Bob's and follow exactly what I did and within a couple of months you'll be reading the charts in the same way Bob does.
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TraderEyal1
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Is anyone trading now and interested in cooperating and sharing ideas based on Volman's methodology live in a free chat room of some type?
fpastrader
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I am, but just posting here, for me there was only one good trade so far and it was before EU open.
Today has been very complicated to follow, there have been two other, but very low quality, trades. At this point I'm looking only to do an ARB or RB out the bottom of the sessions lows or highs 1.1811 or 1.1833. Everything in between until UK lunch is a mess right now.
Today has been very complicated to follow, there have been two other, but very low quality, trades. At this point I'm looking only to do an ARB or RB out the bottom of the sessions lows or highs 1.1811 or 1.1833. Everything in between until UK lunch is a mess right now.