Bob Volman Price Action Scalping

Sorry, DD means double doji; FB means First Break; SB means Second Break; BB means Block Break and RB means Range Break, in case you didn't read the book.
 
kulpio said:
Well, in the book, continuation trades like DD, FB, SB an BB were taken often. Nowadays, you better stick with RB unless very strong trends and textbook setups. See for your self in previous posts or in volman recent charts. Maybe they would still work, but surely for less than 10 pips... My opinion...
Click to expand...

Thanks
 
kulpio said:
Well, in the book, continuation trades like DD, FB, SB an BB were taken often. Nowadays, you better stick with RB unless very strong trends and textbook setups. See for your self in previous posts or in volman recent charts. Maybe they would still work, but surely for less than 10 pips... My opinion...
Click to expand...

it's really will more a matter of understanding market conditions. You can only take what the markets willing to give. That is why you need to have a full understanding of all seven trading setups for FPAS. So you can understand and be ready when the markets trending pullback entries will work well when the market ranges rage breaks will work well. These are not rules but more like guidelines. Market conditions can change many times throughout the day since we are scalping. So give you quick example early-morning New York Time, US markets are closed. European traders are going to launch markets flatten out. When they come back from lunch and/or when the US market opens. The first trade may be range break from the lunchtime doldrums. However the next trade may be a pullback as volume kicked in and the market starts to trend for the US session.
You need to be accurate in determining current market conditions which is not hard markets are either making new highs and new lows, or they're not. Whichever they are doing expect them to continue doing just that until you see this change. You have to have enough screen time and/or know the market your trading to know when these changes are likely to take place. You need to know when markets open, markets close, news events come out, and when mandatory order flows should be kicking in. All these things are easier to learn since these times never change their the same every day every week. Nothing can replace screen time, yes again be boring. But it also sucks being a 9-to-5 job working for somebody else.
 
Traderallen said:
it's really will more a matter of understanding market conditions. You can only take what the markets willing to give. That is why you need to have a full understanding of all seven trading setups for FPAS. So you can understand and be ready when the markets trending pullback entries will work well when the market ranges rage breaks will work well. These are not rules but more like guidelines. Market conditions can change many times throughout the day since we are scalping. So give you quick example early-morning New York Time, US markets are closed. European traders are going to launch markets flatten out. When they come back from lunch and/or when the US market opens. The first trade may be range break from the lunchtime doldrums. However the next trade may be a pullback as volume kicked in and the market starts to trend for the US session.
You need to be accurate in determining current market conditions which is not hard markets are either making new highs and new lows, or they're not. Whichever they are doing expect them to continue doing just that until you see this change. You have to have enough screen time and/or know the market your trading to know when these changes are likely to take place. You need to know when markets open, markets close, news events come out, and when mandatory order flows should be kicking in. All these things are easier to learn since these times never change their the same every day every week. Nothing can replace screen time, yes again be boring. But it also sucks being a 9-to-5 job working for somebody else.
Click to expand...

Thanks for the input. As a newcomer to this forum it would be helpful to know how you guys are doing. Are you making money on a consistent basis and if so do you follow the compounding plan as outlined in Volman's book?
 
forexspain said:
Thanks for the input. As a newcomer to this forum it would be helpful to know how you guys are doing. Are you making money on a consistent basis and if so do you follow the compounding plan as outlined in Volman's book?
Click to expand...

please look back a few pages and you'll find an answer to this question's already posted.
 
Thanks again Allen for your comments, you always go more in depth. you don't take any disciples by any chance? ;)
I wish you all a great week
 
Hi all, great to find this thread, I got a lot from this book. Still working on favorable conditions and wonder what some of the more experienced think of my reasoning in the attached.

I know the chart show 60 ticks but I try and align throughout the day using the ninjatrader ruler tool to roughly 120 bars an hour, I have just increased back to 70 ticks, and I take my trades with Dukascopy on a separate app
 

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Woodzy said:
Hi all, great to find this thread, I got a lot from this book. Still working on favorable conditions and wonder what some of the more experienced think of my reasoning in the attached.

I know the chart show 60 ticks but I try and align throughout the day using the ninjatrader ruler tool to roughly 120 bars an hour, I have just increased back to 70 ticks, and I take my trades with Dukascopy on a separate app
Click to expand...

As far as the first trade set up if you would have watch my video"power of the 50 magnets"you would see exactly how I trade that set up like that as it applies to 00 level as well. Me being fairly conservative I would not have taken the second trade as there's no real direction at this point. I would however be looking to trade the break of that big gray box you have drawn on the right side in your chart.
As far as how many bars per hour I would be focused on a number since that is going to change several times throughout the day. Best to use Bob's method in such a chart up during US market and leave it alone for the remaining markets, doing this aids in seeing when the markets are thin.
 
I'm having quite some success with the trend-setups, on other pairs too (i have added usd/jpy and gbp/usd for those), but totally not getting warm with the range setups. I'm only paper-trading those for now. I think its way easier to determine if conditions are good for a trend-setup and catch a pull-back in an already moving market than to anticipate a move in a slow/erratic market. Unfortunately that means less trades too of course.
 
I'm on vacation this week, however I've still found it is profitable to trade this method while sitting in a hot tub on the side of a mountain with WIFI. Two good RB trades today.
 
Hey guys,

quick question regarding NT. How do make sure my charts are set to a 1 pip increment per Bob's settings? Thanks,

Post script: I think I got it. Tools-->Options-->Date--> Set Quote (you can only do 1 pip, .5 or a tenth of a pip (which is what I think most platforms use including MT4)
 
Last edited:
Dammit Jim! I'm a traitor not a movie star

Just took a few minutes to show y'all how to trade from your hot tub okay will not necessarily from your hot tub but that's where I was. So if you think you need a lot of equipment to trade the wrong! Simple is better I've had some great success this week with nothing more than a touch screen laptop. Anyway I made a new YouTube video that should be ready in a few minutes. This is another description of an RB trade and also tipping points. It's titled "a range break trade" at my blog http://wallstreet2easystreet.blogspot.com For those of you who don't already know. Hope you find this informational and helpful.
 
Good JOB garageboyFUJI! Keep focus on good trade setups and pips. you have a positive expectancy so keep improving.

I have 10 trades for the month for a total of 73.3 they were 6 RB/ 2 news/ 1 DD/ 1 50mag.
 
Traderallen said:
Good JOB garageboyFUJI! Keep focus on good trade setups and pips. you have a positive expectancy so keep improving.

I have 10 trades for the month for a total of 73.3 they were 6 RB/ 2 news/ 1 DD/ 1 50mag.
Click to expand...

Thanks.
That's great that total of 73.3 this month so far, you are good trader.

Thanks to you, I could try new idea, and I feel good. thanks a lot, Traderallen.
 
Traderallen said:
Just took a few minutes to show y'all how to trade from your hot tub okay will not necessarily from your hot tub but that's where I was. So if you think you need a lot of equipment to trade the wrong! Simple is better I've had some great success this week with nothing more than a touch screen laptop. Anyway I made a new YouTube video that should be ready in a few minutes. This is another description of an RB trade and also tipping points. It's titled "a range break trade" at my blog http://wallstreet2easystreet.blogspot.com For those of you who don't already know. Hope you find this informational and helpful.
Click to expand...

Thanks for the videos I noticed one of your other videos that you seem to have a different way of entering BB RB entries to the book. In the book unless I’m mistaken the horizontal barrier line in these setups are the trigger and we enter 1 pip above (long) / below (short). You seem to wait for a bar to close over/ under the line and then use that as a trigger bar entering 1 pip above/ below break of that bar. Any reason for this change, is it just your own take on the method and it works better for you?
 
This is just an example of how I merged Bob's method with mine. Since I tend to be aggressive on my range breaks I want to be sure that it's not just a tease. I primarily trade the European/US overlap the markets are moving fast enough and with enough volatility that I can afford to give up the extra pip. In observing the slower markets I think entering on the range break would work just fine if not better since volatility is less you would need that extra pip to make up for a wider spread that occurs with the slower markets.
 
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