Bob Volman Price Action Scalping

[vanica]

How many of you are profitable with this method of 10 pip stop and 10 target , and what hit are you getting , 60 % /70 %?

Is it possible to make money trading using Bob's approach - yes, and why not? Considering it's not a mechanical trading system any answer to your question will be just a random number from a small sample size of trades of a particular trader based on the level of his/her skill.

 

[15 min tlb]

Some of you are struggling in this thread with following the method , how difficult or easy is it to follow someone Else's method?

On the micro scale on bar by bar does price action actually make any difference? Can you actually read into it and rely on it?Isn't this success of price action mainly due to being with the trend?

Is Technical Analysis a Waste of Time? - CBS News

This scalping contradicts the old saying " run your profits , cut your losses" , that saying has worked since time immemorial .Scalping for 10 pips contradicts it , because you need the few really big winners to be profitable.

 

[15 min tlb]

See the faults of scalping.Here I can have two good moves of 40 pips each , but only screw myself up for 60 pips.

There is a load to learn from Volman , but I raise important issues.

 

[15 min tlb]

Take a good look dd set up and pretend to trade it live.

 

[stehlikpetrmsncom]

@15 min tlb

I am not entirely sure what's your point but if you want to persuade us that there is some flaw in the concept of scalping or that technical analysis doesn't work, I think nobody here is interested in that. On the other hand, if you want to participate in a positive way, you are of course welcomed.

 

[15 min tlb]

@15 min tlb

I am not entirely sure what's your point but if you want to persuade us that there is some flaw in the concept of scalping or that technical analysis doesn't work, I think nobody here is interested in that. On the other hand, if you want to participate in a positive way, you are of course welcomed.

I have seen a enough of hindsight anylysis and images on hindsight price action from mentors and trading educators selling courses and education for hindsight trading , and read a load of hindsight waffle.

Instead of making a debate on the pros of scalping , you are avoiding making a debate.Perhaps we should see some forward price action calls from you.

Hindsight trading is easy , but it is forward trading and implementing the volman method where most fail.

 

[cha-ching]

I have seen a enough of hindsight anylysis and images on hindsight price action from mentors and trading educators selling courses and education for hindsight trading , and read a load of hindsight waffle.

Instead of making a debate on the pros of scalping , you are avoiding making a debate.Perhaps we should see some forward price action calls from you.

Hindsight trading is easy , but it is forward trading and implementing the volman method where most fail.

You started a thread "successful traders don't have time to post here".

Your first post here seems to be seeking information on "what's new". If you were an experienced trader like NoDoji in EliteTrader, or SteveH, you'd have finished reading the book quickly with delight, yet you haven't even read the book carefully. Anyone who claims Bob's method has 10 pip fixed target and stop, has not read the book carefully. And your request for live trading call shows that you know nothing about this method: 70 tick chart is a fast moving chart and Bob teaches one to concentrate instead of distracting oneself. If you want live trading calls go find a swing trading method.

Bob's book is reasonably priced and is full of gems. He keeps a low profile. He rejected to give a webinar to BigMike's trading forum. He provided his weekly analysis for free here. He replies people's emails quickly and warmly.

If you don't like the method, start a new thread and feel free to express your opinions there. This thread is for trading discussion.

Bob's charts have plenty examples of failed trades, trades that ended up not reaching 10 pip target, setups that would've worked out but should be skipped because of unfavorable conditions. You just need to review all of them and make them yours.

Trading is hard, and most people will fail. Success belongs to those who stick to one method and put thousands of hours of hard work into it, not those who ask "why aren't traders making 200 % a year?" (another thread of yours).

Good luck.

 

[virtuesoft]

I took one trade today. It was a BB setup in AUDUSD. If I wasn't slipped on my entry (by 0.6 pips) the target would have been reached. Never mind. I ended up with 4.2 pips.

I think I'll have another look at whats happening just before the FOMC meeting minutes are released at 19:00.

 

[vanica]

Fomc.

 

[BLS]

Fomc.

I was tempted but decided against it. I haven't been careful enough with my trade selection lately so I'm trying to work on it. The slow pullback and the fact that it couldn't reach the 20EMA put me off. I'm not sure if this type of aggression pays of as well now as it may in the long run. I was looking at the 60 level as a possible support zone for bullish continuation but the bears seem to have blown past it for a 50 retest. I'm going to continue watching.

 

[15 min tlb]

Fomc.

I was watching this trade a saw a clear long entry set up at 1.2748 .Was this not a valid Volman set up?

All the shorts were piled up at 53, 54 an 55.

 

[virtuesoft]

Fomc.

I took the same trade. I think I entered and exited on the same bars as you. I lost 5.8 pips. Perhaps it was a bit aggressive.

 

[virtuesoft]

I was watching this trade a saw a clear long entry set up at 1.2748 .Was this not a valid Volman set up?

Yes, I think that was a valid RB setup. I wasn't trading at the time so I missed it unfortunately.

 

[BLS]

Took an RB before the FOMC minutes were released. My entry was premature and I was trapped for about half an hour until prices broke the range again. I did fiddle with my stops to better match my mental stop so I wouldn't have to focus so much attention on the charts for so long to get ready to exit at the break of my tipping point. I did not want to hold the trade until the FOMC minutes were released because there was the risk of price hitting my full stop, not to mention the potential slippage that could have put a dent into my account, so I trailed my stop more aggressively when price seemed to hit resistance at 1.2753.

 

[15 min tlb]

Your first post here seems to be seeking information on "what's new". If you were an experienced trader like NoDoji in EliteTrader.

Bob's charts have plenty examples of failed trades, trades that ended up not reaching 10 pip target, setups that would've worked out but should be skipped because of unfavorable conditions. You just need to review all of them and make them yours..

Good luck.

Are any of Bob's charts in advance?Don't skip this question.

Bob's charts are after the event and in hindsight.We don't see anything before the event ,no advance calls , that is what trading educators normally do .But Bob sounds sincere in his book , may be he is a good writer , a well written book.

After reading 100 pages bls and rest of posters gave a really good impression of their abilities/inabilities .The whole thread was a good laugh!

If somebody is any good at trading ,they simply size up and start compounding .If they understood probabilities , they use 20 pip stops.

 

[kevinkdog]

Are any of Bob's charts in advance?Don't skip this question.

Bob's charts are after the event and in hindsight.We don't see anything before the event ,no advance calls , that is what trading educators normally do .But Bob sounds sincere in his book , may be he is a good writer , a well written book.

After reading 100 pages bls and rest of posters gave a really good impression of their abilities/inabilities .The whole thread was a good laugh!

If somebody is any good at trading ,they simply size up and start compounding .If they understood probabilities , they use 20 pip stops.

Can you please explain:
"If they understood probabilities , they use 20 pip stops."

and your

"sophisticated loss recovery system?"

Thanks in advance.

 

[15 min tlb]

Can you please explain:
"If they understood probabilities , they use 20 pip stops."

and your

"sophisticated loss recovery system?"

Thanks in advance.

If you use 10 pip stops ,your stop loss is more likely to be hit , 20 pips stops are less likely to be hit .Traders with 10 pips stops are less likely to be taken out of good trades , if spread widens or you get false 10 pip spikes or volatility increases or possibly other reasons. If your target is 10 pips with 20 stops ,traders will be more profitable than traders with 10/10.There is no reason why trader can not exit manually at 10 pips.This does not alter your risk /reward in actual trading.

Whatever stop loss I use for scalping , whatever losses I incur , my losses are recovered.I get a hit rate of 60 % plus and use a method of position sizing which enables me to recover earlier losses , based on probabilities.

This scalping for 10 pips doesn't add up , if volatility is low or very low . market is ranging and by Bob's own thinking style , that if a trade is likely to give you only 10 pips then it should not be put on.

It occupies a chapter in just about every trading book ever written. It’s been preached by every lecturing market guru/ trading coach and likely he or she will utter will be these chosen words and those words are, “Limit your losses and let your winners run”nowadays , cut your winners and limit your losses.Serious traders need to work on this aspect.

 

[kevinkdog]

Thanks for the response. I get what you are saying, but I only agree with "If your target is 10 pips with 20 stops ,traders will be more profitable than traders with 10/10" if you are including spread costs (ie with 1 pip spread: win 10, lose 11 versus win 10, lose 21). Such a trader would have higher win%, but not necessarily more money in pocket before the spread. But, that discussion is best left for another thread.

For your loss recovery, sounds like you are increasing size after losses? Just a guess...

I appreciate your candid response.

Kevin

 

[virtuesoft]

I just took this RB setup for a profit of 10 pips. The barrier was a little tricky to identify because the first high was 1 pip higher than the others, and the third high was put in just moments before the break.

 

[Mark1979]

15 min tlb.

Most of what you say is rubbish.

My understanding of Volman (and expectation) is that if you have an edge you will be trading at your maximum trading size according to your own risk tolerance - mine is 2%, therefore any increase in position size will go beyond this. So any 'recovery system' you have will break one of the principle rules of sound money management.

Why don't you let the people in this thread get on with doing what they were doing quite pleasantly before you decided to hijack it.