ReinLudwig
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This does make a difference....never thought it would have to be reduced so much! Thank you very much, datamold!!
This does make a difference....never thought it would have to be reduced so much! Thank you very much, datamold!!
ReinLudwig
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This would really be helpful. I have been playing around in TradeStation with different tick counts (35 - 120) in an effort to compare my charts to Bob's with little success...
Hi, My broker is Interactive Brokers.
They don't supply a tick feed since their datafeed is a burstdatafeed every 200ms.
I'm subscribed to DTN/IQFeed and they have a very good quality EUR/USD feed, but how does this works ? I see the trade setup on the DTN/IQFeed 70 ticks charts but then I place an order on the IB data feed ? They never match.
Anyone else trading with IB or have a solution ? Thanks.
They don't supply a tick feed since their datafeed is a burstdatafeed every 200ms.
I'm subscribed to DTN/IQFeed and they have a very good quality EUR/USD feed, but how does this works ? I see the trade setup on the DTN/IQFeed 70 ticks charts but then I place an order on the IB data feed ? They never match.
Anyone else trading with IB or have a solution ? Thanks.
ReinLudwig
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Here is Bob's 70 tick chart of the US open on 4/12 versus the 35, 40, 70 tick charts in TradeStation. I think a comparison of Bob's setups against the TS data feed is nearly impossible?!
Has anyone attempted to use standard time frames (like the 30 sec, 1 min, 3 min) with Bob's setups?
Thanks!!
Has anyone attempted to use standard time frames (like the 30 sec, 1 min, 3 min) with Bob's setups?
Thanks!!
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No problem Giorrgi, here you go.
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jeremiahkn
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Is there an EA for this forex trading strategy or is it possible to make one based on this method?
JesseLivermoreII
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I use IB to trade and ProRealTime to chart - they're spot on - it's like identical data.
No problems.
Giorrgi
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Two trades.
I'd like comments on the SBs in the first and second charts. I really have to restudy that chapter, I seem to suck at it.
PS : What happened in the evening? Prices got really volatile although forexfactory doesn't indicate any major news.
I'd like comments on the SBs in the first and second charts. I really have to restudy that chapter, I seem to suck at it.
PS : What happened in the evening? Prices got really volatile although forexfactory doesn't indicate any major news.
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BLS
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I don't see anything wrong with the SB on your first chart. I woke up an hour later than usual so I did not start my session yet. The 00 level can be tricky to trade into sometimes. Definitely not a good FB opportunity before the SB because the pullback is rather weak. You do point out a nice looking W pattern for a potential BB that never appeared.
For that second SB I guess it's up to you whether you want to take it. Market seemed to be going crazy (gold dropped a lot earlier) so I preferred to stay on the sidelines since the setup appeared in the 50 level. It's probably tradable if you can accept the risk of the 50 level messing with your trade.
I'm sure you know this but time is fractal
I use a 1m time frame for entry and manage on on 5m or higher
From Bob's book a 70 tick chart is approx 30 seconds in a "not" fast market and would guess it could be 5 or 10 seconds in a fast market, or people getting squeezed etc
-Bill
Giorrgi
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Lots of trades today. Never lost as many (fictional) pips. It's still kinda hard to regain clarity and approach tomorrow without any fear or anger against the market.
Price action wasn't very hard to read in some sense. The market was very bullish and I never doubted it. However all my tipping points were hit and right after that prices would continue their ascension, without printing a "Volman" setup.
So about the charts now. Almost every trade is a continuation trade around the EMA. However, all these continuation setups got broken in a "flag" style and almost none of them offered a good "Volman" setup to trade off, at least from I've seen. The first IRB box in chart 3 offers a good example of a flag trade which also coincided with a Volman type entry but those were very rare. There were also some ranges. Especially on the last chart, the range broke, then pulled back, taking out my tipping point by 1 pip and eventually hit target.
I'm trying to make sense of why I didn't perform well today.
1/ I know I'm not very good when prices are trending. That's maybe because I got used to looking at ranges and learned how to asses the proper pressure in those circumstances which were much more prevalent in the last months. Continuation trades are much more rare. Also in today's market conditions even Bob doesn't trade DDs and SBs that much.
2/ Apart from the DDs and SBs I also took continuation BBs. In these situations I think I read too much into the setup without taking account overall conditions (even though today I knew prices were going up, I've entered prematurely on a number of occasions).
The ideal solution for today seemed to be to trade continuation BBs, even if they were tiny, when their entry coincided with the break of a flag.
PS: sorry for the lengthy and confusing message and the stupendous number of charts, but I had to put this in writing.
Price action wasn't very hard to read in some sense. The market was very bullish and I never doubted it. However all my tipping points were hit and right after that prices would continue their ascension, without printing a "Volman" setup.
So about the charts now. Almost every trade is a continuation trade around the EMA. However, all these continuation setups got broken in a "flag" style and almost none of them offered a good "Volman" setup to trade off, at least from I've seen. The first IRB box in chart 3 offers a good example of a flag trade which also coincided with a Volman type entry but those were very rare. There were also some ranges. Especially on the last chart, the range broke, then pulled back, taking out my tipping point by 1 pip and eventually hit target.
I'm trying to make sense of why I didn't perform well today.
1/ I know I'm not very good when prices are trending. That's maybe because I got used to looking at ranges and learned how to asses the proper pressure in those circumstances which were much more prevalent in the last months. Continuation trades are much more rare. Also in today's market conditions even Bob doesn't trade DDs and SBs that much.
2/ Apart from the DDs and SBs I also took continuation BBs. In these situations I think I read too much into the setup without taking account overall conditions (even though today I knew prices were going up, I've entered prematurely on a number of occasions).
The ideal solution for today seemed to be to trade continuation BBs, even if they were tiny, when their entry coincided with the break of a flag.
PS: sorry for the lengthy and confusing message and the stupendous number of charts, but I had to put this in writing.
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BLS
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There seem to be a lot of things going on in your head while you're trading. I can't guess exactly what your thoughts are but I have some advice that might help:
1) Clear your mind. I've had trouble focusing on the "present" (the charts) with my mind wandering about and thinking about past mistakes (I screwed up so many times) and worries of the future (will I ever turn this into a consistent income that I can live off of?). What I've been trying recently is meditation.
You can find an example of the technique here. You want to be able to focus most (if not all) of your attention to the present price action. Do this before you start trading. If you find your mind wandering a bit more than you'd like or just losing focus during your trading session then focus on your breathing a bit to help bring you back. I've found this to be helpful so far.
2) Make a list of trading advice to read off of during or before your session.
Are you finding yourself too focused on the outcomes of your trades? Then write something down like "I have no control over the outcome of any particular trade, skipped or not" or "I do not expect to win on any particular trade since the outcome is random".
Do you find yourself worried about losing or missing out? That probably means you're interpreting the price action as something threatening. Remind yourself that whatever price does is just information. Those price bars aren't rewarding me for being right now are they punishing me for being wrong.
A lot of this is covered in Mark Douglas' "How To Think Like a Professional Trader" DVD series (thanks for recommending it jclaytonf). Volman does cover a lot of this psychological stuff in his book but Douglas explains in more detail with examples that one can more easily relate to. I also tend to focus too much on my own performance that I forget some of the useful advice I've come across so watching that DVD series served as a useful reminder.
3) I hope you've been keeping a trading journal of sorts. Go back and read over your entries. Try to identify some problems you're having, just anything that seems to lead to trading errors. Are you getting distracted with web browsing? If so try to set a daily goal for yourself to not web browse during your trading session then grade yourself from A to F on how well you achieved this goal. You can use daily goals to work on improving yourself as a trader.
I hope you found the above somewhat helpful. If not, try to talk more about what you're experiencing while you're trading and we'll see if we can help. If you have the time I would highly recommend watching the Mark Douglas DVD. Do me a favor and remind me of this post when my account takes another dip and I start feeling like crap again because I tend to focus too much on my performance/account balance that I forget about all this useful advice.
Giorrgi
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BLS - thanks a lot for your post!
This morning when I got back to the screen I re-evaluated my main emotional issue. I wasn't "angry" anymore but mainly scared. This fear is due to a lack of confidence in myself but also to some extent in the method. I'm questioning the method because I *seem* to be doing things right most of the time, yet I'm completely in the red. There are some trades where I see exactly what I did wrong, others I cannot understand. This forum has been helpful in that you guys have pointed out my mistakes. If you and Bob's additional charts weren't here I'd probably given up thinking that the method doesn't work.
This lack of confidence makes me scared of trading. Today, this has caused me to exit prematurely an almost perfect RB by setting my tipping point way too aggressively, mainly because I didn't want to see prices go -6 pips in the red before I would hit the normal TPT exit. The feeling of being -X pips in the red AGAIN is becoming very unpleasant. I take my paper trading account seriously. I know that that if it's in the red this means that probability isn't playing in my favor. This is why these losses (even though fictional) cause some emotional stress. But it does go away rather quickly, I just hope it doesn't accumulate.
The main thing I don't want to do is :
1/ Start taking trades out of anger or exiting out of fear .
2/ Flat out quit trading. I have to persevere. I shouldn't expect becoming proficient at this in a mere 3 months of actual practice.
Thanks for taking the time to read this, I will check the Mark Douglas DVDs!
This morning when I got back to the screen I re-evaluated my main emotional issue. I wasn't "angry" anymore but mainly scared. This fear is due to a lack of confidence in myself but also to some extent in the method. I'm questioning the method because I *seem* to be doing things right most of the time, yet I'm completely in the red. There are some trades where I see exactly what I did wrong, others I cannot understand. This forum has been helpful in that you guys have pointed out my mistakes. If you and Bob's additional charts weren't here I'd probably given up thinking that the method doesn't work.
This lack of confidence makes me scared of trading. Today, this has caused me to exit prematurely an almost perfect RB by setting my tipping point way too aggressively, mainly because I didn't want to see prices go -6 pips in the red before I would hit the normal TPT exit. The feeling of being -X pips in the red AGAIN is becoming very unpleasant. I take my paper trading account seriously. I know that that if it's in the red this means that probability isn't playing in my favor. This is why these losses (even though fictional) cause some emotional stress. But it does go away rather quickly, I just hope it doesn't accumulate.
The main thing I don't want to do is :
1/ Start taking trades out of anger or exiting out of fear .
2/ Flat out quit trading. I have to persevere. I shouldn't expect becoming proficient at this in a mere 3 months of actual practice.
Thanks for taking the time to read this, I will check the Mark Douglas DVDs!
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BLS comment #3 is of utmost importance not only the trading journal but the web surfing whilst supposed to be working
I think (including myself) the web surfing is one of the key distracters
I was listening to Al Brooks and he said he trades with nothing else going on - dog, phone, email etc
Jack Broz will tell you the same thing
-Bill
I think (including myself) the web surfing is one of the key distracters
I was listening to Al Brooks and he said he trades with nothing else going on - dog, phone, email etc
Jack Broz will tell you the same thing
-Bill
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As a student of Van Tharp, Mark Douglas and now Bob Volman plus my own trials and tribulations I firmly believe that the goal is to remove the emotion from your trading as much as possible. Personally I strive to feel nothing but the satisfaction of knowing I have followed my rules with complete confidence in my edge. That is the attraction of this Forex scalping method we are pursuing. For me it is about the almost instant feedback and abundance of opportunity that multiple trades per session provide. In about 10 weeks I have executed 150 trades and while I am also in the red overall my recaps and my journal indicate that I am improving my skill.
I am encouraged to keep at it by a few things. (1) my overall average winners of 9.53 pip and average losers of 7.24 pip means that I only have to get my win rate from 34.5% to 44% to break even. (2) my “valid trades” average winner of 9.9 pip and average loser of 7.42 pip and 50% win rate produce an expected value of 1.24 pip per trade and at 20 trades a week that would be almost 25 pip.
In other words not only do I believe this is doable I also believe that it is reasonable to achieve my goal of 20 pip a week, and that is enough to scale up and live on.
So far I have been cranking out trades to acquire the data I need as fast as possible, but that has produced a tendency to overtrade, and I think perhaps I am not alone. So I soon will begin trading with real money with the hope that I will become more selective.
That brings me finally to the reason for this post (other than to encourage others). With the psychological goal of being consistently profitable I have been toying with the idea of profit and loss limits. That is to say I wonder if my trading plan should instruct me to stop trading after X pip in loses or X pip in winners. There are countless variations of this and I’m not sure it is wise to even think this way. That is to say, just take what the market gives you.
For example one idea I have is that if my first trade of the day is a 10 pip winner maybe I should quit right there. After all my goal is only 20 pip for the week. Another idea is to quit trading for the week when I am either up 40 pip or down 30 pip. Or perhaps daily limits are in order?
Anyhow, does anyone care to share their thoughts on that?
I am encouraged to keep at it by a few things. (1) my overall average winners of 9.53 pip and average losers of 7.24 pip means that I only have to get my win rate from 34.5% to 44% to break even. (2) my “valid trades” average winner of 9.9 pip and average loser of 7.42 pip and 50% win rate produce an expected value of 1.24 pip per trade and at 20 trades a week that would be almost 25 pip.
In other words not only do I believe this is doable I also believe that it is reasonable to achieve my goal of 20 pip a week, and that is enough to scale up and live on.
So far I have been cranking out trades to acquire the data I need as fast as possible, but that has produced a tendency to overtrade, and I think perhaps I am not alone. So I soon will begin trading with real money with the hope that I will become more selective.
That brings me finally to the reason for this post (other than to encourage others). With the psychological goal of being consistently profitable I have been toying with the idea of profit and loss limits. That is to say I wonder if my trading plan should instruct me to stop trading after X pip in loses or X pip in winners. There are countless variations of this and I’m not sure it is wise to even think this way. That is to say, just take what the market gives you.
For example one idea I have is that if my first trade of the day is a 10 pip winner maybe I should quit right there. After all my goal is only 20 pip for the week. Another idea is to quit trading for the week when I am either up 40 pip or down 30 pip. Or perhaps daily limits are in order?
Anyhow, does anyone care to share their thoughts on that?