Bob Volman Price Action Scalping

[ptsnu]

2 trades today.

Still not applying tipping point properly...

I traded only 1, but saw 2 opportunities. Took this one but my initial TPT was at the top of all those dojis at the left, close to 50 level where u have the arrow. I consider I did a good job on the tipping point, later I moved it to the false break doji to the right. This is the kind of ARB I love, I feel comfortable with it above IRB. There is a page on the book where MR. Bob talks about traders who favor IRBs and traders who feel more comfortable with the ARB approach and the RB approach. Maybe you prefer IRBs? I think is a matter of flavor, and I try to use the flavor I like. Just saying, maybe u like all flavors maybe u like one more over the other, maybe like me, I dont like the taste of IRB much (ARB in ur case) but I will like it in the future, in ur case, u might like ARB better in the future with practice. I didn't like dark chocolate when I was a kid, but u see dark chocolate everyday, everywhere on every powder beverage, so I just got used to it over the time. (dark chocolate---->IRB in my case).
About this trade, once it broke the neckline after the initial bounce, it moved 20 or more pips, man, it was hard watching my Takeprofit triggered when the price kept moving for another 10 pip, but I followed the rules of the method so that should suffice.

 

[Giorrgi]

Yeah I started rereading the ARB chapter and I think I'll start taking them.

 

[BLS]

One trade today. I bailed out early again. I really have to stop looking at my broker window. I have to remind myself that I can't control the outcomes of my trade.

(Reminder: my chart times are GMT-8)

 

[ptsnu]

3 trades for me today. The one I post had a very tight SL but thats what IMO TPT dictated in this occassion. This one called for steel nerves but I'm starting to get used to that.

1 full TP, 1 6.5 SL, 1 4 scratch pip profit.
I dont post the other 2 because Im currently experimenting with tools to follow the method's approach, and I used them on those 2. But 1 of those 2 trades looks very similar to BLS's trade. Is the same if it occured close to 12 pm EST.

 

[Giorrgi]

One bad trade today. The one obvious pitfall is that it was a false break... I was just back from class and didn't take the time to think it through.

 

[ptsnu]

2 Trades today. 1 very straightforward RB, that I posted. I also just saw a big movement that I somehow saw coming, when it bounced the bottom, and having seen the power of the bulls today, with news that defenitely should have favored them, I was looking at a way to trade that bounce but I didnt see a setup, do u guys see any possible way to have traded that move? is the 2nd pic.

 

[Giorrgi]

Hey ptsnu, I like your first trade, was still asleep when it popped.

The second one, I traded it as an agressive RB, see chart. It didn't hit target.

I took another pretty agressive trade in the middle of the news rage.

 

[ptsnu]

Hey ptsnu, I like your first trade, was still asleep when it popped.

The second one, I traded it as an agressive RB, see chart. It didn't hit target.

I took another pretty agressive trade in the middle of the news rage.

Thx Giorrgi,
Yeah, I had my doubts about it, I think the closest thing was prob an IRB from the very lower part, but not sure if the IRB was well set.

 

[llpcas]

I also thought it was an IRB.

 

[Giorrgi]

I'm having trouble taking those IRB, I like when the barrier builds up. How do you gauge that there's enough pressure within the box in situations like these ? Or do you just rely on the fact that the pressure is very bullish ?

 

[llpcas]

I'm having trouble taking those IRB, I like when the barrier builds up. How do you gauge that there's enough pressure within the box in situations like these ? Or do you just rely on the fact that the pressure is very bullish ?

The pressure was very bullish so I thought the bulls trying to push past 1.31 one more time. In the book BV has those IRB more on the barriers of ranges, like a slingshot back to the other side but maybe it works for pullbacks to. I am just starting to look for setups, so I might be very wrong and was just lucky. It worked a few other times too, though. Let's see

 

[ptsnu]

I'm having trouble taking those IRB, I like when the barrier builds up. How do you gauge that there's enough pressure within the box in situations like these ? Or do you just rely on the fact that the pressure is very bullish ?

Both of you guys have a point.
I will try to express my view, and I welcome any comment about the next opinion.
Main market pressure clearly favors the IRB, but that is not enough, this is where reading the mini and micro patterns inside the range come in handy. I call mini patterns, what Mr. Bob refers to as Ww and Mm for example, or the cup and handle(I love those, but textbook cupandhandles are not frequent, like the chart 12.5 of the book), and micropattern (being the setup b4 the break).
Assesing the internal pressure is also very important, u can see y Mr. Bob spent so much time on the details of the pressure between the trend and the setup, but sometimes we forget about that mid study of the market, the reason y is prob because is much harder to asses and digest this info.
That is what I refer to as 'practice' you are not going to interpret correctly on 90% of the trades without missing important details, that in 2 months of study, (Im speculating here, but I think that may take years). IRB IMHO, seems to be the setup that relies the most on the correct assesing of that info, specially this kind of IRB, like Giorrgi mentioned, I don't take those IRBs at this moment, in the future I might.
Now, leaving the mini pressure aside, and talking about the micropressure (thats how I call the setup itself b4 the break out (the box)), on this IRB it wasnt that clear to me, It looked like an IRB but at this moment, because is the setup I trade the less, I cannot see it easily. It may be a correct IRB, but I need someone else's opinion on that matter.
We are lucky Mr. Bob shows us his view on his charts, maybe we will be able to check this weekend this IRB.

 

[Traderallen]

I had two trades this morning that were DD entries on the EU. I do good trading this method during the Euro and US session. However I was wondering if anyone has had any good trade on any other pair during the Asian session?

 

[BLS]

Both of you guys have a point.
I will try to express my view, and I welcome any comment about the next opinion.

You are correct that when the setup itself doesn't tell us much that we have to read it in terms of the context in which it appears. I find this IRB difficult to assess. Market was quite bullish after the ECB press conference but the last two hours of price action before that IRB showed price action revolving around the 00. Bulls tried to push on past the 1.3120 level but eventually failed. But when price test the 80 level below bulls bought it back up to the 00. A higher low and another attempt to crack the 00. Another higher low. Is it likely that price will crack the 00, past those previous two highs, when this IRB breaks? You look a little further left and you see what looks like support turned resistance. The setup itself doesn't really have solid signal line. I don't see buildup inside the setup suggesting the bulls are winning. I'm not sure if this is a good trade or not.

I had two trades this morning that were DD entries on the EU. I do good trading this method during the Euro and US session. However I was wondering if anyone has had any good trade on any other pair during the Asian session?

There was one trader that traded the AUD/USD with a 7 pip target but this was almost a year ago. I don't really see much movement or range formation on the major pairs (once in awhile you'll get something nice though on EUR/USD but I don't think it happens often enough, see attached chart). You could try taking a look at some of the AUD or JPY crosses.

 

[Traderallen]

Thanks BLS, I have some free time during the Asian session so I'll start monitoring it and if something pans out i'll post it here.

 

[Giorrgi]

Traded before, during and after the news release today (except when I had class in the morning). Getting really excited when I see these big moves which sometimes tempts me into trading mediocre setups.

Repeated the same mistake regarding the BB trade at, what seemed like, the end of a pullback, whereas I had precisely decided not to take these anymore.

3 winning trades (there's a really bad FB in there) and three losing trades. Missed 1 good setup. The last chart seemed like a solid setup in light of that huge move... although come to think of it that huge move could be interpreted as false break (bull trap?) because it comes down not from a congestion but from a high point... and I think Bob advises against trading those for continuation.

 

[BLS]

Dropbox link updated with week 10 charts.

 

[Giorrgi]

Thanks !

 

[ptsnu]

Thx Bob and BLS!

 

[matty_dunn]

Dropbox link updated with week 10 charts.

Thank you Bob and BLS!