Bob Volman Price Action Scalping

This is a discussion on Bob Volman Price Action Scalping within the Forex forums, part of the Markets category; Glad to see some more of Bob's charts, last week's set got me to pay a lot more attention to ...

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Old Sep 30, 2012, 11:31pm   #652
Joined Aug 2012
Re: Bob Volman Price Action Scalping

Glad to see some more of Bob's charts, last week's set got me to pay a lot more attention to trend continuation and larger pullbacks. I think they are extremely helpful, really appreciate his time and input. I was really glad to see his take on those big moves on Friday. I wondered if I was missing setups on moves 2 and 3, but I didn't see an entry that looked safe.

friday-action.png

3 looked like it could have been a bear flag but it broke too early to be valid. Not in the average, not a long enough pullback, no good BB entry. It was a good place to watch for a setup, but nothing tradeable appeared.

I skipped #4. Looking at it after, that was an obvious trade. I don't know why I didn't take it. Strong downtrend, retest of the 70 level, price is pushed back under the EMA... I took a similar setup earlier in the week that failed, but it was in a much weaker trend. That was me not evaluating and thinking too much about patterns. But overall, I feel like I'm starting to consciously shift more towards overall conditions. Still need a lot of "repetitions" so that it comes naturally though. Right now I'm consciously watching 00 and 50 levels, watching pullbacks and looking for trend continuation opportunities. I still don't pay hardly any attention to 20 levels, so I will try to add that to my focus for this week, especially after reading Bob's comments on last week's charts. I need to shift to where I'm aware of what levels are nearby at all times. I think I was able to spot about half of the setups that Bob showed us, but I was bummed at myself for only taking 2 setups this week. I am starting to get a feel for spotting valid setups and throwing out bad ones, so here's to hoping this week I can make myself get in on every valid setup that I can spot in time. However, during my backtest, I still took 2 or 3 of the aggressive setups because I wasn't paying enough attention to price action near the 20 level, so I definitely need to start being more aware of that.

I have found that I manage all of my trades the same way, but I think some trades require tighter trailing. One thing that I'm going to try to do this week is know going into a trade whether or not I need to trail tight or leave it more room to work. Seems like RBs that have weak followthrough require close trailing. Setups in a significant pullback often don't require as strict of management, depending on where they show up on the chart.
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Old Oct 1, 2012, 12:25am   #653
 
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Re: Bob Volman Price Action Scalping

@samich1262
You have set yourself some nice execution goals for the week. Exactly like Brett Steenbarger and others recommend. As they say, focus on the execution and the PnL will follow.
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Old Oct 1, 2012, 7:30pm   #654
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Re: Bob Volman Price Action Scalping

I think I was too aggressive with my two trades today.
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Old Oct 1, 2012, 8:33pm   #655
 
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Re: Bob Volman Price Action Scalping

Quote:
Originally Posted by BLS View Post
I think I was too aggressive with my two trades today.
Thanks for the charts. The missed ARB happened 8 minutes before news. Were you concerned about it even if your broker doesn't widen the spread during news? Or you only avoid NFP and Bid Rate? OANDA widened spread to 5 pip at release time.

I noticed your E2 as well, viewed it as DD but was intimidated by price breaking daily high as well as the double top (Though Bob had an example in the book where he disregarded the double top, Figure 14.9, page 266). If the buildup for BB in your chart were better maybe that double top could've been disregarded as well? For example, Figure 15.6 p293, last arrow vs. the skipped arrow.
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Old Oct 1, 2012, 9:24pm   #656
 
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Re: Bob Volman Price Action Scalping

Two trades today, traded much shorter time then usually, handled it much better then usually.
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Why not relieve ourselves from the fruitless task of prediction and let probability do the thinking.
- Bob Volman
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Old Oct 1, 2012, 11:49pm   #657
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Re: Bob Volman Price Action Scalping

Quote:
Originally Posted by cha-ching View Post
Thanks for the charts. The missed ARB happened 8 minutes before news. Were you concerned about it even if your broker doesn't widen the spread during news? Or you only avoid NFP and Bid Rate? OANDA widened spread to 5 pip at release time.

I noticed your E2 as well, viewed it as DD but was intimidated by price breaking daily high as well as the double top (Though Bob had an example in the book where he disregarded the double top, Figure 14.9, page 266). If the buildup for BB in your chart were better maybe that double top could've been disregarded as well? For example, Figure 15.6 p293, last arrow vs. the skipped arrow.
Bob says he doesn't worry about news releases unless it's the major ones so I'm trying to do the same (I do take note of all "high impact" releases as marked by forexfactory). I was a bit worried about that double top too but then I thought it was kind small. I would consider it an aggressive trade. I may have hesitated if only two bars formed before the break.
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Old Oct 2, 2012, 11:03am   #658
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Re: Bob Volman Price Action Scalping

Hi,

Would appreciate any thoughts on entries and stop placement.

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Thanks.
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