Bob Volman Price Action Scalping

[BLS]

Lost focus after I scratched my only trade for a loss (and seeing it eventually hit target after getting my tipping point taken out by a mere pip).

 

[dsenecal]

1 trade yesterday, 5 today. 5 winners, 1 loser.

+ 19 pips. I've been working on setting better stops, and find myself usually with a 5-7 pip stop. Really have to work on letting the profits reach their targets!

Bob's ARB chapter really helped me learn about setting practical stops, and when to skip a trade because the stop would have to be too far out.

 

[Giorrgi]

I dont know, I thougth it was a bad day... 2 scratches for -9 pips. The first trade seems valid the second one not so much.

Edit: I noticed there were two decent range breaks later in the day but I was in class...

 

[dsenecal]

Additional chart.
+3 pip

 

[Mark1979]

Chat room

I don't trade Volman's methods per se but I do end up taking similar trades. I trade 1 minute charts EUR/USD & EUR/JPY. I was wondering if there would be any demand for a live chat room, to discuss price action as it develops. Could be skype or browser based free room.

PM me if you are interested.

M

 

[BLS]

Uggh my mind is in a bit of a haze. I didn't sleep to well last night and I think my spring allergies are kicking in. Makes it harder to think and maintain focus. Ended up passing/missing some good opportunities because of hesitation/indecision. I did take one SB eventually.

Links aren't allow in signatures (silly me for not reading the rules, sorry tar) so I'll post the dropbox link in case somebody missed it:
https://www.dropbox.com/sh/1amxmi9af0fk6ej/VA5_ZrjQF1

 

[WilleeMac]

BLS,

Thanks for the chart link

Just stopped in to see what condition my condition was in

-Bill

 

[Giorrgi]

Hey BLS,

I like your trade (the SB), but to me it seemed like the pullback was a little too big compared to the main trend. I also hesitated to take that ARB/RB but as you put it, it looked more like a tease.

Took one bad trade instead. I should learn to skip these "BB lookalikes", they definitely do more harm than good. -8pips...

 

[BLS]

Hey BLS,

Took one bad trade instead. I should learn to skip these "BB lookalikes", they definitely do more harm than good. -8pips...

You have to remind yourself to monitor the overall picture. This means focusing only on your chart and trying to scrape up all the bullish/bearish clues. I know this is not always easy to do but it will keep you (mostly) out of bad trades. Setups like those that don't show that much pressure on their own have to rely on the overall picture, ie something like that has a better chance of succeeding if it appeared at the end of a nice pullback or if price is just shooting off in one direction (lots of momentum behind it).

I would suggest you reread parts of the book (I prefer to read the sections after the RB chapter first). Bob has so much to say that I don't always pick up on all of his advice nor do I remember everything that he says. It's only after I've had some more experience in the market that I better understand what he says, such as how we shouldn't give up on a chart too easily because more often than now clarity will emerge from non-descriptive price action (European/US session anyway, I still don't like the Asian session).

 

[dsenecal]

One trade today, +10 pips on this morning's rally.

Saw a few other potential trades today, mostly shorts, but was too nervous to trade any of them. One thing I noticed is that the day seemed to form a big head and shoulders pattern.

 

[BLS]

One trade today, +10 pips on this morning's rally.

Saw a few other potential trades today, mostly shorts, but was too nervous to trade any of them. One thing I noticed is that the day seemed to form a big head and shoulders pattern.

I understand your reluctance to go short after seeing such bullish pressure earlier but the general rule of thumb (but not set in stone of course) is to show no more than 1.5-2 hours of price action (or about 200 bars of it) on your chart. Bob says not to scroll to far back since what happened 2+ hours ago won't bear much significance on what is happening now (for the purposes of his scalping method anyway).

Well, sometimes I don't feel like trading anymore after I make 10 pip because I don't want to put that 10 pip at risk. Sometimes I don't remember that this method is structured around the idea of many small wins and losses (hopefully more wins than losses) so that any one trade in itself is meaningless when compared the overall number of trades.

 

[dsenecal]

I understand your reluctance to go short after seeing such bullish pressure earlier but the general rule of thumb (but not set in stone of course) is to show no more than 1.5-2 hours of price action (or about 200 bars of it) on your chart. Bob says not to scroll to far back since what happened 2+ hours ago won't bear much significance on what is happening now (for the purposes of his scalping method anyway).

Well, sometimes I don't feel like trading anymore after I make 10 pip because I don't want to put that 10 pip at risk. Sometimes I don't remember that this method is structured around the idea of many small wins and losses (hopefully more wins than losses) so that any one trade in itself is meaningless when compared the overall number of trades.

Thanks BLS, I will certainly keep that in mind.

 

[dsenecal]

Caught another 5 pips in a nerve-wracking Asian market.

 

[matty_dunn]

Hi Everyone, just wondering what type of computer/monitor set-ups people are using. I'm in the market for an upgrade as I've just been using my 13" macbook and I'm starting to get frustrated with the size of the monitor. If I want to show 2hrs of PA I need to squeeze the bars to a point that is not pleasing to the eye, so I end up viewing about 1 to 1 1/2 hours most of the time then squeezing it now and then for an update/reminder of what happened just a little further out.

However, I have been looking at charts on a friend's 21" imac and it seems huge in comparison. Maybe I just need time to adjust...

I do like my laptop for its portability. Anyway, just interested what set-ups people use that they can recommend.

Thanks

 

[virtuesoft]

Hi Everyone, just wondering what type of computer/monitor set-ups people are using. I'm in the market for an upgrade as I've just been using my 13" macbook and I'm starting to get frustrated with the size of the monitor. If I want to show 2hrs of PA I need to squeeze the bars to a point that is not pleasing to the eye, so I end up viewing about 1 to 1 1/2 hours most of the time then squeezing it now and then for an update/reminder of what happened just a little further out.

However, I have been looking at charts on a friend's 21" imac and it seems huge in comparison. Maybe I just need time to adjust...

I do like my laptop for its portability. Anyway, just interested what set-ups people use that they can recommend.

Thanks

This is my setup. The monitors are 24 inch. I usually have about 2 hours worth of price action showing on each screen.

 

[ptsnu]

Hi Everyone, just wondering what type of computer/monitor set-ups people are using. I'm in the market for an upgrade as I've just been using my 13" macbook and I'm starting to get frustrated with the size of the monitor. If I want to show 2hrs of PA I need to squeeze the bars to a point that is not pleasing to the eye, so I end up viewing about 1 to 1 1/2 hours most of the time then squeezing it now and then for an update/reminder of what happened just a little further out.

However, I have been looking at charts on a friend's 21" imac and it seems huge in comparison. Maybe I just need time to adjust...

I do like my laptop for its portability. Anyway, just interested what set-ups people use that they can recommend.

Thanks

Hey guys, havent been able to post these days, I'm finishing to study Uconditions chapter.
Ns workstation Virtuesoft, I used to have a very similar workstation. I used to have 2 samsung screens, but the TV led series 5001 version, same size.
Now that I only watch 1 or 2 pairs, I use a 42 inch samsung led to watch prorealtime window, and my laptop's screen to have the trading plataform visible at all times. Sometimes, I use the 3rd screen, 21 inch to study the charts like Mr. Bobs charts on the weekends, etc.
To matty, prob the best size is the one Virtuesoft and I use, 22 inch. For our method, u should be fine with 1 monitor plus ur laptop screen, or a laptop with a 21 inch screen.

 

[ptsnu]

I was 100% focused on this setup, I was expecting the move but not the way the prebreakout showed up. There were 2 minidojis telling, false break to the north but I personally dont like the entry bar to be longer than 3 pip, like it presented after the 2 dojis.
Very disapointing to see the price move like I expected after hours of watching it, and missing the trade because of the entry bar.
Now the question, would any of u guys had taken this trade anyways?
At least, I already took a full tp today, but still, Im not using to missing entries, specially when there was so much work assesing the conditions.

 

[virtuesoft]

I was 100% focused on this setup, I was expecting the move but not the way the prebreakout showed up. There were 2 minidojis telling, false break to the north but I personally dont like the entry bar to be longer than 3 pip, like it presented after the 2 dojis.
Very disapointing to see the price move like I expected after hours of watching it, and missing the trade because of the entry bar.
Now the question, would any of u guys had taken this trade anyways?
At least, I already took a full tp today, but still, Im not using to missing entries, specially when there was so much work assesing the conditions.

It's frustrating when you invest a lot of time and effort in to a setup, only to see it break unfavourably and miss it. You just have to take it on the chin and wait for the next opportunity.

I wouldn't have taken the trade either. The false break to the upside made the stop required too much for my liking. I also don't like the entry bar to be more than 3 pips. I'm very picky with RB's because my win rate isn't as high as most of the other setups.

 

[datamold]

Caught another 5 pips in a nerve-wracking Asian market.

Why did you close the trade where you did?

 

[BLS]

Very disapointing to see the price move like I expected after hours of watching it, and missing the trade because of the entry bar.
Now the question, would any of u guys had taken this trade anyways?

Another nugget from Volman's book:
"Whether in or out of the market, whatever prices do is just information. It should never be regarded as a compliment for being smart, nor as a reprimand for being foolish."
It's not the exact quote from the book but I have to tell myself this everyday to help keep my mind at ease.

I would not have taken that trade. Like you mention, the stop level was a bit steep. I might consider taking it if there was a trend-equals-trend potential ( you can't see the down move unless you scroll back further than 2 hours).