Bob Volman Price Action Scalping

[ptsnu]

is this a with trend FB? looks more like a trend than a range

On this chart, it cannot be seen the other lows of the bottom of the range because is only showing about 1 hour and a half, and those borders were about 30 minutes further before.
It does look like a continuation of a trend, but ARBs usually are triggered either from a BB or a SB which are withtrend setups.

 

[BLS]

On this chart, it cannot be seen the other lows of the bottom of the range because is only showing about 1 hour and a half, and those borders were about 30 minutes further before.
It does look like a continuation of a trend, but ARBs usually are triggered either from a BB or a SB which are withtrend setups.

I'm not seeing an ARB here. The closest matching low I could find is from about 3 hours ago (~11GMT).

Two trades for me today. First was a trap right before some news came out. Might not have been such a great trade in the first place though. Feeling sluggish today but I was patient and eventually found a nice DD trade.

 

[ptsnu]

I'm not seeing an ARB here. The closest matching low I could find is from about 3 hours ago (~11GMT).

Two trades for me today. First was a trap right before some news came out. Might not have been such a great trade in the first place though. Feeling sluggish today but I was patient and eventually found a nice DD trade.

I took the DD after the one u took, bears were just too strong, otherwise, the miniblok formed below the pullback of the DD I took, would have stopped me from taking that DD.
Today was such a crazy day, I was never able to profit 50 pips on a single day b4. Max I ever did was 40 on a very low risk swing trade a year ago. I wish every day was like today.

 

[Giorrgi]

Hey BLS,

We took the same trade (your first one). I'm getting burned on these BBs in the middle of nowhere all the time.

There were some setups using Volmans method but it seemed to me that there were many, many, many tradable events that we couldn't profit from. I tried some flag trades, those seem to work nice in a strong trending market, even when there are no dojis etc... Is it safe to use the flags though? Does Volman prescribe any specific flag formation ? Like some buildup before the breaking of the flag?

 

[Giorrgi]

Another situation where it doesn't work. Here the pullback wasn't deep enough to be traded at that point.

 

[BLS]

Hey BLS,

We took the same trade (your first one). I'm getting burned on these BBs in the middle of nowhere all the time.

There were some setups using Volmans method but it seemed to me that there were many, many, many tradable events that we couldn't profit from. I tried some flag trades, those seem to work nice in a strong trending market, even when there are no dojis etc... Is it safe to use the flags though? Does Volman prescribe any specific flag formation ? Like some buildup before the breaking of the flag?

Volman's view is that these events don't happen all that often (today special attention was paid to Italian elections because of perceived consequences for the future of the Eurozone) so he's not worried about missing out. You are certainly free to experiment with different setups. He has toyed around with flag setups in his weekly charts before. But he stresses that traders should worry more about the IRB's, RB's, ARB's that occur during the more "normal" price action because those show up more often. He believes that's where the consistent money is to be made. He's said that he's more annoyed that he missed an IRB during "normal" price action than he is when he misses a DB in an extraordinary move (like today).

 

[BLS]

Choppy price action today. I only found two possible trades. I skipped the first one because I thought the conditions were unfavorable. I skipped the second one because I wasn't aggressive enough to trade the only entry. Oh well, today was a nice learning experience. I think it's been a awhile since I've seen something like my first chart.

 

[ptsnu]

Took 2 trades today. 1 was a full SL ARB that was countered by strong bulls buy after the break began.
The other was a continuation of an IRB/RB depending on the borders.

 

[Giorrgi]

Well, today was the biggest day for me in terms of pips (although I'm paper trading and I realize days like today aren't the norm).

I did notice some of the same setups as you guys. I personally took 4 trades, 3 of which worked out. I do believe that I got a little lucky on two of those:

1. in the first chart I don't know if that was a proper SB

2. In the third chart, I took something that looked kinda like a DD setup although I'm not quite sure of what it really was.

BLS : I only saw the first setup that you posted, the second one seemed too choppy. On the first one I didn't trade because to me the overall pressure wasn't very clear (just 30 mins before the entry point the trend was somewhat up...). I'm still having trouble evaluating these overall conditions. I see Bob trading sometimes in opposite direction on the same chart (that is in a span of 1h). I usually "pick one side" (not bias, but just the side that gathers the most elements to it : stronger bottoms, reversal / continuation patterns etc) and wait for it to reverse completely before taking a trade in the other direction.

 

[ptsnu]

Hey,

1st chart:
I like that SB. How much was the initial TPT, 7 or 8? I have not trouble paying 7.5 , 8 max if its a good SB.


2nd chart:
IMHO I would never trade a miniblok on a position like the one at the beginning of the chart. BB had a tendency to drag me in the past to unpleasant trades, because some look ns, but it just takes a bad spot for them to make you regreat and I used to take them not always the way it was advlse by Mr. Bob. On the other hand, in my observation, SBs look ns harmonious and do the job, we say in spanish BBB, Bueno Bonito y Barato (Good, Pretty and Cheap) XD
I like the IRB on this chart, IRBs like that are the ones I usually spot when is too late to enter the trade.
3rd chart:
I remember the whole PA of this chart, I couldnt find a description for the big V shaped pattern on this chart, it seems like a S-H-S but does it have the same visual implications over the traders? Because of this reason I didnt want to trade any setup on the second half of the pattern. I need to find if there is a name for a pattern like this.

Well, today was the biggest day for me in terms of pips (although I'm paper trading and I realize days like today aren't the norm).

I did notice some of the same setups as you guys. I personally took 4 trades, 3 of which worked out. I do believe that I got a little lucky on two of those:

1. in the first chart I don't know if that was a proper SB

2. In the third chart, I took something that looked kinda like a DD setup although I'm not quite sure of what it really was.

BLS : I only saw the first setup that you posted, the second one seemed too choppy. On the first one I didn't trade because to me the overall pressure wasn't very clear (just 30 mins before the entry point the trend was somewhat up...). I'm still having trouble evaluating these overall conditions. I see Bob trading sometimes in opposite direction on the same chart (that is in a span of 1h). I usually "pick one side" (not bias, but just the side that gathers the most elements to it : stronger bottoms, reversal / continuation patterns etc) and wait for it to reverse completely before taking a trade in the other direction.

 

[ptsnu]

1 trade for me today.

 

[Giorrgi]

1 trade for me today.

Great one ! Was in class at that point. Also thanks a lot for your comments on my charts from yesterday.

I did notice 3-4 setups today and took one mediocre trade. I'm especially interested on your comments from the IRB in the first chart, to me that was a pretty good trade overall. The market thought otherwise, what do you think ?

 

[ptsnu]

Hey,
thx.
Yes, I feel u, when I was doing the masters last year, I couldnt focus 100% on the method. Now its much better.
see attached.

Great one ! Was in class at that point. Also thanks a lot for your comments on my charts from yesterday.

I did notice 3-4 setups today and took one mediocre trade. I'm especially interested on your comments from the IRB in the first chart, to me that was a pretty good trade overall. The market thought otherwise, what do you think ?

 

[ptsnu]

3. If u are looking for the ARB type retest, I think u need more power on the break. This break looks more like an hybrid between the 2 main kind of ARB.
4th Chart. That is the kind of IRb I like better. Still, not my favorite, low was 1 or 2 pip away from the spot I would have liked for the break to occur. Still tradable IMHO.

Great one ! Was in class at that point. Also thanks a lot for your comments on my charts from yesterday.

I did notice 3-4 setups today and took one mediocre trade. I'm especially interested on your comments from the IRB in the first chart, to me that was a pretty good trade overall. The market thought otherwise, what do you think ?

 

[Giorrgi]

Thanks a lot again ! Did you finish your masters degree already ? I still have 1,5 years to go It's going to be hard, especially if trading starts to earn me some money.

I have one more chart that I just traded. Question: in this chart there's a break, then some stalling then another significant up move. I was wondering whether the trend can be said to be stronger after that 2nd move or is it weaker ? I always tend to think that a trend gets weaker and weaker because in my mind it becomes too late to jump on it, however, I may be very wrong about this.

 

[ptsnu]

Thanks a lot again ! Did you finish your masters degree already ? I still have 1,5 years to go It's going to be hard, especially if trading starts to earn me some money.

I have one more chart that I just traded. Question: in this chart there's a break, then some stalling then another significant up move. I was wondering whether the trend can be said to be stronger after that 2nd move or is it weaker ? I always tend to think that a trend gets weaker and weaker because in my mind it becomes too late to jump on it, however, I may be very wrong about this.

Yw,
Yes, graduation was last year, on July .

Regarding the chart, that's a good question. Experts on Elliot Waves will prob have the most accurate answer.
But Il give it a shot.
Ima take some rest, it is a disadvantage living on EST time zone, I have to wake up at 2:40 am. and its 15:27 over here.

 

[dsenecal]

First post to this thread. Thanks everybody -- I've read every page and tried to study every chart. I am enjoying Mr. Volman's book immensely.

Still working on my ProRealTime template, but thought I'd upload my first trade ever with the platform today. Questions/comments welcome, of course.

Thanks to Mr. Volman for a great technique, and to BLS and Mr. Volman for the weekly charts.

 

[BLS]

First post to this thread. Thanks everybody -- I've read every page and tried to study every chart. I am enjoying Mr. Volman's book immensely.

Still working on my ProRealTime template, but thought I'd upload my first trade ever with the platform today. Questions/comments welcome, of course.

Thanks to Mr. Volman for a great technique, and to BLS and Mr. Volman for the weekly charts.

Try squeezing the vertical axis of your chart. Click and hold on the left hand side where the prices are marked and move your mouse up or down until you at least get rid of the 10,30,50,70 and 90 levels (so your charts look more like they do in Volman's book).

 

[Giorrgi]

Two trades today.

Question as to the buildup of the RB in my first chart.

Basically, I have a hangup with buildups. I really expect prices to be squeezed by the EMA in RBs. However, Bob says that the EMA sometimes lags behind prices.

Therefore are 2 or more dojis enough of a buildup even when they are NOT "squeezed" by the EMA? In this chart I'd say the answer is easy, but that's also cos of hindsight bias. In the moment I didn't feel comfortable trading this and expected one more "bounce" between the dojis and the EMA and then I would've definitely traded.

 

[BLS]

Two trades today.

Question as to the buildup of the RB in my first chart.

Basically, I have a hangup with buildups. I really expect prices to be squeezed by the EMA in RBs. However, Bob says that the EMA sometimes lags behind prices.

Therefore are 2 or more dojis enough of a buildup even when they are NOT "squeezed" by the EMA?

You have to take the context into consideration when deciding whether there is enough buildup or not. You have a lengthy 40 area clash with the bears eventually trying to break away. They tested the low of the ranged and bulls stepped in to defend it. Price hit the 20 EMA, make a tease break to the downside, bounced up to the 20EMA again, making a lower high. Then prices came to standstill for about 4 bars. Those 4 dojis appearing after what was essentially the start of a squeeze looks like nice build up to me. Those 4 dojis before the break are essentially meaningless unless you take what happened to the left of it into account. If you're worried about a quick stop out then either skip the trade or accept a larger risk with a 7 pip stop.

It's the same with two dojis in other situation. They're meaningless if they are located in backing and filling but show some indecision when found at the end of a pullback after a trend move, providing a nice signal to enter on the continuation of the trend.