Bob Volman Price Action Scalping

[Giorrgi]

Thanks BLS, I had the chance to apply your advice yesterday. I thought this whole week was great in terms of setups and also the breaks actually working out. Anybody else noticed this as well ?

My trades from yesterday. Tipping point idiocy kept me from making some serious (paper) pips.

 

[matty_dunn]

Thanks BLS, I had the chance to apply your advice yesterday. I thought this whole week was great in terms of setups and also the breaks actually working out. Anybody else noticed this as well ?

My trades from yesterday. Tipping point idiocy kept me from making some serious (paper) pips.

Hi Giorrgi,

I Like the first trade and think it is valid, despite shorting in the lows. There was previous support in 60 area but the price action leading up to the break negated this. The market definitely looked like it wanted to trade lower.

With the second trade - I think it was a little premature and with not enough squeeze. However, you are right - the initial TP should have been at 41 and not have moved until a new low was made. I'm thinking the best entry was the break below 36 with a stop at 41.

I also took the trade you labelled as an ARB that was 1 pip short of your barrier. I guess I saw it as more of a DD or small block which had the added benefit of stalling in previous support and also putting the 20 level to work in favour of the trade.

I agree that the trade on your third chart is aggressive, especially with the triple bottom just to the left. And again, some squeeze before entry would be more preferable. I also agree with your comment on the TP. I think if you're going to take trades like this you have to give them a little more room.

I believe your last trade (DD) is valid. I am usually nervous about these type of continuation trades straight into the 00 level after they have already been touched. It will be interesting to see if Bob took this trade. Well done on managing the trade!

I agree with you about the abundance of opportunity. However, I had a week of trying to trade a little more intuitively with poor results (thinking I'm a little too smart). Just a reminder that I need to stick to a plan. I definitely feel more in control that way too.

Looking forward to seeing Bob's charts.

 

[Giorrgi]

Thanks for your comments man !

I'm having trouble with another aspect of reading price action: when to be cautious of retests in a trending market. I'm going to try to boil down a rule I think I've deduced from Bob's and BLS' comments on their charts, you guys correct me if I'm wrong:

One can expect retests of the 20 or 50 or 00 levels when the trend has been going for a number of pip (15-40), has surpassed these levels, but hasn't retested them yet. Therefore, for example, after a break that has taken out a 20 level, one shouldn't look for continuation unless there was a retest of the barrier or of the 20 level which just got broken.

 

[ptsnu]

Thanks BLS, I had the chance to apply your advice yesterday. I thought this whole week was great in terms of setups and also the breaks actually working out. Anybody else noticed this as well ?

My trades from yesterday. Tipping point idiocy kept me from making some serious (paper) pips.

It was a great week, every day I'm learning something new everyday. I stick to the plan as much as I can. But I still cannot avoid the sometimes event where a setup looks similar to an ARB for example but not all the requirements are met, specially those at the very end, close to the moment where the trigger needs to either be pushed or avoided; and the mind makes the setup or the conditions look better than they really are, this specially applies to those setups that occur after a long period of time wihtout any other setup presented. Is like the result of impatience, but subtle and less concious.
Is this happening to anyone else?
I remember Mr. Bob's words in the book about the trader being the ultimate deceiver, for he is capable of deceive himself on a daily basis.

Giorrgi, I beleive your last post about retest is regarding to the Uconditions chapter of the book? That's the only chapter I'm missing.

 

[BLS]

Dropbox link updated with week 9 charts

 

[matty_dunn]

Dropbox link updated with week 9 charts

Thanks Bob and BLS!

 

[BLS]

One can expect retests of the 20 or 50 or 00 levels when the trend has been going for a number of pip (15-40), has surpassed these levels, but hasn't retested them yet. Therefore, for example, after a break that has taken out a 20 level, one shouldn't look for continuation unless there was a retest of the barrier or of the 20 level which just got broken.

I wouldn't use the word "expect" but I get what you mean ("likely"). I wouldn't say not to look for continuation but rather to be more careful if looking for continuation in a situation like this. Maybe a continuation trade is doable if there's a lot of momentum or if you got a really nice pullback that doesn't quite test those levels. Bob says that you have to weigh out the pros and cons when deciding whether or not to trade. While not having tested the 20 or round numbers can be a con it won't necessarily outweigh the pros of taking a trade. This can be tricky to do in real time so you have to scan for clues even when price doesn't seem to be doing much. I sometimes forget to weigh out all the clues on the chart so I end up taking bad trades or skipping good ones. I guess I just need more practice.

 

[BLS]

Is like the result of impatience, but subtle and less concious.
Is this happening to anyone else?
I remember Mr. Bob's words in the book about the trader being the ultimate deceiver, for he is capable of deceive himself on a daily basis.

You have to convince yourself that you have no need for a trade. It sounds like you might be getting a little bit frustrated and feel a need to trade something and end up taking the trades you describe. It used to happen to me a lot but not so much now since I'm just laying low and observing.

 

[ptsnu]

You have to convince yourself that you have no need for a trade. It sounds like you might be getting a little bit frustrated and feel a need to trade something and end up taking the trades you describe. It used to happen to me a lot but not so much now since I'm just laying low and observing.

Yes, the momements I'm referring to are those for instance when for about 4 hours no tradable setups show up, and then something shows up, I'm like, ok this one looks good, then I focus, and it still looks good, good conditions, good setup so far, (but specially on ARB where the precision is important to the very end, retest of ema kind that goes inside the range for a moment) but then the signal bar does not get broken, but I action the buy button the moment the signal bar left range and tested the ema. Like that micro second could make the difference, and probably on a normal morning of 3 setups or 2 b4, I could have been more patient, but because nothing showed up, subconciously I could have been less patient on that critical micro second. This doesn't happen everyday, very rare, but still, something to work on.
You are right about the need to take a trade, I guess an entire half of day can pass and I should not feel the need for a trade.

Thank you and Bob for the charts!

 

[Giorrgi]

Gosh, what a boring day today. I thought prices were waiting for the euro-zone meeting, but it's been 3h hours since that event should have taken place and still nothing.

Is this what it was like in August?

 

[BLS]

One trade today. Looked similar to a possible setup that I missed earlier. Seems I'm falling back into old habits and bailing out for no (or little) technical reason. This is why Bob says to hide everything from your broker except the ticket window. I kept looking at the broker feed when price finally started gravitating to the 00 and got jittery when I saw price get withing 1 pip of my target. I got scared or losing all that paper profit that I decided to bail out early rather than stick around. I used to do this a lot and I guess a relapse isn't that out of the ordinary. I just have to double up on my efforts to stick to the tipping point and the target.

 

[ptsnu]

Gosh, what a boring day today. I thought prices were waiting for the euro-zone meeting, but it's been 3h hours since that event should have taken place and still nothing.

Is this what it was like in August?

Yes, today was slow and not much showed up. 2 trades for me, 1 long price bounced the 20 and came back for 7.8 loss. 2nd, short, went good but the trade got filled 1.7 pip after I expected so it didnt reach the 10 pip profit, it got to 9.5 and then went back, kind of annoying. I still have to review half of last weeks charts so I will post the charts later.

 

[Giorrgi]

Took this one in the morning. Anyone think I should've moved the tipping point lower ?

 

[Giorrgi]

One trade today. Looked similar to a possible setup that I missed earlier. Seems I'm falling back into old habits and bailing out for no (or little) technical reason. This is why Bob says to hide everything from your broker except the ticket window. I kept looking at the broker feed when price finally started gravitating to the 00 and got jittery when I saw price get withing 1 pip of my target. I got scared or losing all that paper profit that I decided to bail out early rather than stick around. I used to do this a lot and I guess a relapse isn't that out of the ordinary. I just have to double up on my efforts to stick to the tipping point and the target.

I only like your actual trade, chart 3. Anyhow, it's good to know that there were actually some opportunities today even though it was all very tame. Thanks for the charts.

 

[BLS]

Took this one in the morning. Anyone think I should've moved the tipping point lower ?

I don't see a good level to lower you tipping point to that would make sense. The squeeze seems a bit thin (would have been nice to see a completed Ww pattern since this looks like a reversal trade) but there was a nice bottoming pattern.

 

[ptsnu]

I just finished studying Mr. Bob's charts. Awsome charts, thanks.
Mind his words about finding a setup without a 00 level retest 1st.

Attached my 2 trades from today.

 

[dsenecal]

How do you set up ProRealTime to do a bracket order at market, 10 pip stop, 10 pip take profit?I have been setting them manually.

 

[BLS]

How do you set up ProRealTime to do a bracket order at market, 10 pip stop, 10 pip take profit?I have been setting them manually.

I'm guessing you're using the paper trading module in PRT? I would recommend that you use a demo account from a broker's platform instead so that you can practice with using your chosen broker's platform.

 

[dsenecal]

I'm guessing you're using the paper trading module in PRT? I would recommend that you use a demo account from a broker's platform instead so that you can practice with using your chosen broker's platform.

Yes I am. I will try that, thanks for the reply!

 

[Giorrgi]

2 trades today.

Still not applying tipping point properly...