Bob Volman Price Action Scalping

[samich1262]

Here it is. Don't know what's wrong with the attachments lately!

 

[samich1262]

Noooo I missed the re-entry... left the computer for a few min, didn't see this in time. This may actually be a better entry than the original. I'm new to these diagonal IRB's. This doesn't look too aggressive to me, this type of IRB is just a little unfamiliar. There's obvious buying interest at the 40 and price compresses quite a bit. Dojis resting on the average... I dunno. Let me know what you think...

 

[Giorrgi]

Noooo I missed the re-entry... left the computer for a few min, didn't see this in time. This may actually be a better entry than the original. I'm new to these diagonal IRB's. This doesn't look too aggressive to me, this type of IRB is just a little unfamiliar. There's obvious buying interest at the 40 and price compresses quite a bit. Dojis resting on the average... I dunno. Let me know what you think...

View attachment 147474

I'm finding it scary to trade BBs/IRBs where the entry bar dips below the EMA, to me it looks like insufficient buildup.

 

[stehlikpetrmsncom]

@samich1262

I wouldn't entry that even if I had a second chance, but it's just my opinion

 

[samich1262]

I'm finding it scary to trade BBs/IRBs where the entry bar dips below the EMA, to me it looks like insufficient buildup.

I don't know if that should scare you off. Figure 12.2 in the book is like that. 12.1 even just barely conquers the average before breaking. Fundamentally, this IRB looks ok and I think it has a decent amount of tension. 2 higher lows, 3 dojis before the break, price using the EMA as support. I dunno, personal preference I guess, but I think this box has enough tension for me.

 

[samich1262]

@samich1262

I wouldn't entry that even if I had a second chance, but it's just my opinion

Why not? Just curious.

 

[stehlikpetrmsncom]

Why not? Just curious.

I think the results make the setup seem better then it was. The angular line is basically the only thing that makes it look tradable.

 

[samich1262]

I think the results make the setup seem better then it was. The angular line is basically the only thing that makes it look tradable.

Yeah, I dunno. I drew the line before it broke, but didn't have time to analyze the rest of the setup before price took off. I'm not too proficient on these angular trades yet, but here's the chart that I based it off of. Looking at the two side-by-side, they're somewhat similar. This is Volman's week 39 chart #21.





Both are 50 level fights. Volman's chart is a little more bullish, but I thought the setup itself was harder to spot. I definitely wouldn't have seen the box in his setup in chart 21 without the angular line, even then I probably would've missed it. It also has some blocky resistance to the left, so I probably wouldn't have expected it to be tradeable. Like I said, I don't know, there are a few differences, but when I saw that today, I remembered this chart.

 

[cha-ching]

I don't know if that should scare you off. Figure 12.2 in the book is like that. 12.1 even just barely conquers the average before breaking. Fundamentally, this IRB looks ok and I think it has a decent amount of tension. 2 higher lows, 3 dojis before the break, price using the EMA as support. I dunno, personal preference I guess, but I think this box has enough tension for me.

I was scared by the vacuum at RN and earlier double top at 20-level (big M pattern). In Figure 12.1/12.2 you don't have those RN right at the barrier to breakout.

I remember somewhere in the book (maybe in the RB chapter or unfavorable condition chapter) Bob mentioned the size of the W/M pattern (relative to PA) matters, just cannot find it from my notes.

[BTW I'm still learning, never took an IRB before but I'll start with barrier bounce as johnwolf suggested. So please let me know if I'm talking nonsense.]

 

[samich1262]

I remember somewhere in the book (maybe in the RB chapter or unfavorable condition chapter) Bob mentioned the size of the W/M pattern (relative to PA) matters, just cannot find it from my notes.

Yeah, I remember what you are referring to. In the larger ranges (15-20 pip or more) you can use a boomerang trade within the range. That actually might be the problem with the first IRB I posted today. But he uses IRBs to anticipate a break of the upper or lower barrier, it just takes more careful planning. I thought I had planned it out right, but my first IRB may have been premature. Something else I didnt' notice about the first IRB that failed, every single bar for a half hour is a doji (8:11 on my chart). So the dojis before the break don't necessarily display an increase in pressure. Although I don't know if that's a significant factor in this situation. A bunch of them do close near their highs though.

 

[vanica]

Took just one trade. Now I think I should have skipped it as it wasn't clear. Some clustering action in the support zone definitely represented barrier on the way to the target. Suppose not a single trade during European morning session put some extra pressure on me.

 

[stehlikpetrmsncom]

Well I've seen better days, but it's a lesson nevertheless.

 

[samich1262]

Well I've seen better days, but it's a lesson nevertheless.

Yeah, it was tough, and I think the European session may have been hijacked by higher time frame traders or something. There are some moves but they didn't build properly first.

 

[vanica]

Noooo I missed the re-entry... left the computer for a few min, didn't see this in time. This may actually be a better entry than the original. I'm new to these diagonal IRB's. This doesn't look too aggressive to me, this type of IRB is just a little unfamiliar. There's obvious buying interest at the 40 and price compresses quite a bit. Dojis resting on the average... I dunno. Let me know what you think...

View attachment 147474

I think this chart does look similar to some examples from Bob's charts. And I can see possible reasoning for the trade. This one in particular would have been difficult to take because of the way it broke out of the block. At least I would definitely hesitate at that moment. There simply wasn't enough time to decide whether the build-up was proper and whether that doji before the break would provide a nice place for a stop.

 

[BLS]

No trades for me today but I'll post my take on today's session.

 

[Giorrgi]

Yeah, it was tough, and I think the European session may have been hijacked by higher time frame traders or something. There are some moves but they didn't build properly first.

Yeah this is exactly how I felt. My last 3 or so days of paper trading have been really annoying. At first I was really confident about bob's method and now the fact that these setups don't seem to work out I feel a lot less confident. Of course I know this is just my perception of things (I'm sure that if Bob sends us his charts from this week all the trades will seem obvious and easy)...

No trades for me today but I'll post my take on today's session.

That third chart does indeed show a pretty clear head and shoulders (at least to me). Excellent insights!

 

[vanica]

Will appreciate any thoughts on this chart.

 

[stehlikpetrmsncom]

Will appreciate any thoughts on this chart.

I think it was wise to wait for the break of the bigger box. You have a vacuum effect below, but you are also shorting into 50% retracement of previous bullish move, so there's no need to be hasty about it.

 

[vanica]

I think it was wise to wait for the break of the bigger box. You have a vacuum effect below, but you are also shorting into 50% retracement of previous bullish move, so there's no need to be hasty about it.

Thanks. Hope patience will pay better today.

 

[vanica]

What can I say, I'm definitely missing some point with these diagonal pullbacks.