Bob Volman Price Action Scalping

[spartakden]

Hello good people of t2w forums. I have also bought this book and been reading it. Its great but then I got kind of confused about what chart to use since none of the brokers I know provide 70 tick charts. I am sure you have already discussed here and probably figured out an answer so I will just come out and ask: Which broker/platform is the best to use with this system so I can have nice 70 tick charts? Thanks in advance!

 

[Yorkshire Terrier]

Hello good people of t2w forums. I have also bought this book and been reading it. Its great but then I got kind of confused about what chart to use since none of the brokers I know provide 70 tick charts. I am sure you have already discussed here and probably figured out an answer so I will just come out and ask: Which broker/platform is the best to use with this system so I can have nice 70 tick charts? Thanks in advance!

Hi spartakden and welcome to the thread.
Most of the members in here use ProRealTime (PRT) charts the same as Bob, i used to use ninja trader but it did not print as many bars as PRT.
As for a broker thats a personal choice and members here would probably use different ones I'm sure.
PTR is free to try for a week. www.prorealtime.com

 

[matty_dunn]

Hey matty,
thanks alot for the thorough answer, it sure helped to clarify. I dedicated special attention to studying SB because I like the double confirmation effect of it. Also they are helpful with some ARBs.
Some trends are so strong and fast that I will prob need to draw the trdn line with fast fingers, but so far I have not needed so I will see.
Yeah, it doesnt matter how u call it, whats imprtant is that u trade it

It was a good week for me, lets see how the next develops.
Cheers,

I don't think it's always necessary to actually draw the trendline. Usually you can see where it would be clearly enough. Like you say, in fast moving markets you don't want to be fumbling around trying to draw lines all over the place, you want to focus on the price action. I think it helps that Bob draws them to show us their significance in his weekly charts. However, it would be interesting to know if he actually draws them in real time...

 

[ptsnu]

I don't think it's always necessary to actually draw the trendline. Usually you can see where it would be clearly enough. Like you say, in fast moving markets you don't want to be fumbling around trying to draw lines all over the place, you want to focus on the price action. I think it helps that Bob draws them to show us their significance in his weekly charts. However, it would be interesting to know if he actually draws them in real time...

True.

 

[spartakden]

Hi spartakden and welcome to the thread.
Most of the members in here use ProRealTime (PRT) charts the same as Bob, i used to use ninja trader but it did not print as many bars as PRT.
As for a broker thats a personal choice and members here would probably use different ones I'm sure.
PTR is free to try for a week. www.prorealtime.com

Can you use RPT for free for a while or the free version doesn't include super duper fast tick charts??

 

[spartakden]

Another questions. You said that people noticed that ProRealTime gives more ticks then NinjaTrader. How can that be so? Don't you receive the price data from your broker? If so then how can it be different on these 2 platforms if its the same data that is shown in same 70 tick charts?

 

[BLS]

Another questions. You said that people noticed that ProRealTime gives more ticks then NinjaTrader. How can that be so? Don't you receive the price data from your broker? If so then how can it be different on these 2 platforms if its the same data that is shown in same 70 tick charts?

Data feed on the PRT platform is supplied by PRT themselves (data feed is a bit pricey), not by our brokers (unless you're using a broker that provides the PRT software). PRT tick data is better than the tick data from brokers.

 

[spartakden]

Data feed on the PRT platform is supplied by PRT themselves (data feed is a bit pricey), not by our brokers (unless you're using a broker that provides the PRT software). PRT tick data is better than the tick data from brokers.

Hey BLS thanks for the reply. I chatted with FXCM representative and they told me that for me to work with them through NinjaTrader or ProRealTime I would have to add their feed to their platforms... maybe it was me who misunderstood them? Is PRT significantly better then NinjaTrader and other charting systems?

 

[datamold]

Hey guys,
I was checking last week trades, maybe someone can help me out with some small doubts. I took this trade as a SB. Bob saw it as a BB, but there is a trendline above that signals it like some sort of flag. Is this trend line an aid to find the setup, or is it a new requirement to valid with-trend setup. Also, am I the only one who sees it proper as SB. And finally, do we still trade SBs? I dont remember the last time someone posted a SB trade.
Thx,

Where do you find Bob's charts that you reference?

 

[BLS]

Hey BLS thanks for the reply. I chatted with FXCM representative and they told me that for me to work with them through NinjaTrader or ProRealTime I would have to add their feed to their platforms... maybe it was me who misunderstood them? Is PRT significantly better then NinjaTrader and other charting systems?

The point is you don't want to use the tick data from your broker as you most likely won't be able to view prices without pipettes, that's why Bob recommends you subscribe to a data feed (Chapter 2, pg.9). You can compare FXCM's tick data on their Strategy Trader platform vs PRT with their 7 day free trial (www.prorealtime.com/en/register) to see the difference. You also don't want to use your broker's charts to enter/exit/manage your trade, that's why Bob recommends a stand alone charting package like PRT. You are free to use whatever datafeed/charting package you like but try to adjust the number of ticks to match the PRT charts (or a 30 sec chart under "normal" conditions) if you plan of trading similarly as Bob does.

 

[BLS]

Where do you find Bob's charts that you reference?

Check my signature for a link. I just uploaded all the charts thus far to dropbox to make it more convenient for new users. I've been meaning to do this for awhile now but I never got around to it.

 

[llpcas]

Hi everybody. I am new to Price Action and Bob Volman. Thanks for all the great posts. Reading thru some of the early pages answered a lot of my questions already.
I am paper trading on a 1m chart from FXCM right now, but need PRT to test the system all the way. Once I have it going I will join discussion about the trades.

 

[spartakden]

The point is you don't want to use the tick data from your broker as you most likely won't be able to view prices without pipettes, that's why Bob recommends you subscribe to a data feed (Chapter 2, pg.9). You can compare FXCM's tick data on their Strategy Trader platform vs PRT with their 7 day free trial (www.prorealtime.com/en/register) to see the difference. You also don't want to use your broker's charts to enter/exit/manage your trade, that's why Bob recommends a stand alone charting package like PRT. You are free to use whatever datafeed/charting package you like but try to adjust the number of ticks to match the PRT charts (or a 30 sec chart under "normal" conditions) if you plan of trading similarly as Bob does.

BLS So I use RPT to watch the chart and when I want to enter I use FXCM or Oanda or some other broker? I thought RPT allows you to trade from their charts...?

 

[ptsnu]

BLS So I use RPT to watch the chart and when I want to enter I use FXCM or Oanda or some other broker? I thought RPT allows you to trade from their charts...?

Hi,
You trade with the brokers plataform.
On the initial chapters of the book this is explained, also the benefits of using an external charts package that rounds the price on the bars to the pip and then try to make ur charts look as much as u can to most of the charts here by using a a proper zooming.

 

[datamold]

Check my signature for a link. I just uploaded all the charts thus far to dropbox to make it more convenient for new users. I've been meaning to do this for awhile now but I never got around to it.

Thanks for the charts. I spent 6 weeks studying Bob's book and filled up a legal pad with longhand notes before diving in.I have now SIM traded 7 US morning sessions totaling 28 trades. I am charting and trading on Tradestation using a 35 tick chart. So far I have a .39 negative expectancy with a 29% win rate and 1.64 W:L ratio. My major observation thus far is that I am moving my stops too closely as I have had a few losers that would have hit had I left my original stop in place. After reviewing Bob's charts and his comments I am convinced that I am indeed too quick to move the stops. I am gratefull to have the charts so that I can compare my Trdestation charts to his ProRealTime charts. I can say that mine sort of look like his but the PRT charts are more consitent and easier to read due to the full pip moves. After comparing my trades to Bob's I feel confident that I am on the right path. I plan to trade another week or two on Tradestation before I try the free PRT demo so as to make a good comparison. I would very much like to keep Tradestation as my broker but I seem to be getting about a 1.7 pip average spread and that's a big chunk of a 10 pip target.

 

[Giorrgi]

Anyone traded anything today? I haven't found any setups

 

[BLS]

Anyone traded anything today? I haven't found any setups

I told myself not to take the setup on the third chart. I even wrote down the reasons for not taking it on the chart but I guess I lost a moment of rational thinking and pulled the trigger. Bleh , obvious trap.

The setup in the first chart looks better and better each time I take a look at it. Oh well, I wasn't sure at the time so I just sat on my hands. The second chart is after the release of the FOMC minutes. I saw a wide range swinging back and forth and thought to look for an IRB. The downside breakout wasn't very clean though so I missed the entry. Not too keen on trading into the 80 level like that either. If the IRB had been positioned ~5 pip higher the I might have jumped on it (would've been excellent to see the 00 running through it to make an 00 test less likely).

 

[ptsnu]

Anyone traded anything today? I haven't found any setups

I found 3 setups b4 12:00 est. 1 Rb, with bad squeeze. 1 ARB kind of subtle but the best opportunity of my session, I missed the trade on that one. and 1 D Doji I liked but was 1 pip away of reaching full TP.

 

[spartakden]

So a valid doji for a DD setup is not bigger then 3 pips and it doesn't nessaserely have 2 wicks. Does that sound right or no?

 

[BLS]

So a valid doji for a DD setup is not bigger then 3 pips and it doesn't nessaserely have 2 wicks. Does that sound right or no?

Yeah. Sometimes a candle 4 pip high can be used for a DD setup if the candle is compressed(small) relative to the candles in the pullback.