Bob Volman Price Action Scalping

[patong]

Hey patong,

If you click and hold on the price axis on the far right, then move your mouse up or down, you can change the height of the bars to something more suitable (you can do the same thing with the time scale beneath the chart). Also, if you wish to have the 20 levels marked on your chart (like Bob does) go into "Chart Settings" and choose to display the horizontal grid, and select "low" for vertical scale density.

And if you wish to thicken up the candles a bit (again as Bob does), go into the price settings and change the candle width to one size thicker.

Hope this helps, and welcome.


Matt

Hi Matt,

Thats heaps better. Thanks alot.

 

[Woodzy]

I wanted a test today of holding a trade until either 10 pips or tipping point, and I bloody got one, nearly an hour watching this

 

[matty_dunn]

I wanted a test today of holding a trade until either 10 pips or tipping point, and I bloody got one, nearly an hour watching this

Nice display of patience.

I think one of the greatest benefits of exiting on either a 10 pip target or a well managed tipping point is being confident in knowing what you will do, instead of second guessing yourself or acting out of fear or greed. I find a greater sense of calm in doing so.

However, it cannot be denied that there are times when market conditions are simply not conducive to a 10 pip run. And in this case it may be best to stay out all together; that, or modify your target - can get a little messy at times though.

Interested to hear how others feel about this and how they approach it.

 

[Traderallen]

I have been following this conversation closely ever since Woodzy. I was quite surprised in what he is pointing out about how his trades went on to get the full 10 pips, and how it's negative effect on his emotions. Then Yorkshire Terrier post a comment right after basically feeling the same way about polling trades early. I almost felt shocked reading his comments because I realized I used to think the same way before I became a profitable trader. But I never really thought about it until reading those two posts. I trade exactly the opposite while I like to hold onto a trade for 10 pips I'm not concerned if I close the trade early. My focus is not on profit it's on not losing. It's far different psychological and very hard to explain. We have to remember we are scalping and not daytrading. The profits come from catching a change in the order flow. Or jumping in as new orders are coming in. When I entered trade my focus is on not losing a pet if I can help. If you look back at my trades you see many that are closed out early. Yet at the end of the month I rack up hundreds of pips. I have almost no drawdown because my focus so intently on protecting my money. I'm currently sitting over 90 pips for the month yet I have several trades that were closed with only two or three pips profit. What Woodzy is doing is trading in hindsight and you can't do that that's the exact reason why indicator trading doesn't work. Sure when you look back at his two charts they went on to make 10 pips. But you didn't know that at the time that information wasn't there, and you have no way of knowing. My suggestion is to protect your capital at all costs. This is how I became profitable. You get a valid set up take it, you get a valid tipping point exit, you get 10 pips exit immediately or at the next sign of weakness, in that middle zone watch the trade intently if you get the feeling that the order flows are drying up in the market may turn against you take your profitable pips and get out. Put the pips in your basket and move on to the next trade. You hear all the time people saying focus on the losers the winners will take care of themselves. This is absolutely important. Although I did not even fully realize how important it was until I read Woodzy's comments. Since focusing intently on this method I've had 137 trades 92% was a profitable trade. Many were closed out with only a couple pips profit but still my trading account is growing exponentially. So don't worry about getting those 10 pips they will take care of themselves. Focused on not losing. Do whatever it takes not to lose. And I guarantee your trading account will start to grow.

 

[Woodzy]

Great post Traderallen, a frank lesson. I will think about the post and your suggestions.

I know I should not feel any emotion when trading, but I admit I do, and I know this is the major challenge I need to overcome.

I wonder did you just change your feelings with time and experience, or was there a process, or a book (Trading in the Zone?) which made you change?

 

[Woodzy]

Nice display of patience.

I think one of the greatest benefits of exiting on either a 10 pip target or a well managed tipping point is being confident in knowing what you will do, instead of second guessing yourself or acting out of fear or greed. I find a greater sense of calm in doing so. .

You are so right. I fill stupid why I have ignored the tipping point at times. I did feel calmer during the trade, I knew exactly where I was exiting, no second guessing the market as you say. I will work on keeping that discipline in future trades, and I hope in time I will have the mind-set like TA, and what Bob talks about.

 

[matty_dunn]

You are so right. I fill stupid why I have ignored the tipping point at times. I did feel calmer during the trade, I knew exactly where I was exiting, no second guessing the market as you say. I will work on keeping that discipline in future trades, and I hope in time I will have the mind-set like TA, and what Bob talks about.

Woodzy, let's not kid ourselves... To make money consistently is not an easy task no matter what anyone says. It takes years of dedication and f&$@ing hard work (well for most of us anyway).

As for emotions - you ARE going to feel them; you're a human being. The point is not to eliminate them or deny their existence, but to do what needs to he done regardless of their presence .

My advice, for what it's worth, is to try different things and see what works FOR YOU. Use what makes sense to you and devise a strategy that fits with your view of the markets, that way you'll have confidence in its implementation.

Have a great weekend! I'm getting married in about 3 hours! Wish me luck!

 

[Yorkshire Terrier]

I wanted a test today of holding a trade until either 10 pips or tipping point, and I bloody got one, nearly an hour watching this

Hi Woodzy

Yes i agree with matty a nice display of patience, but on a live account i personally would not have any finger nails left & the courage to sit there and watch the trade fall 8 pips on the next pull back , I know it was only experimental on your part but more often than not you would get shafted has would of been the case in the FB on the chart I've posted. Here price came to turn at 1.3899 1 pip short and Hit stop 15 Min's later, the reason i only got 1 pip out of that was because after seeing the two large bars in the 50% retrace which broke below the 20 ema had me poised like a striking rattle snake, so much so when the signal bar was broken & shot off i inadvertently double clicked the mouse so was in & out of the trade .

It's right what Traderallen says and I'm pretty sure will agree you should grab what ever profit you can 2, 4 or 7 pips but because this method uses seven setup types the more chart time you put in the more you will train your eyes to the way price moves & should be able to spot when good build up & squeeze of PA will give you a better chance of hitting full target or just shooting for a few pips.

All the best

YT.

 

[Yorkshire Terrier]

My advice, for what it's worth, is to try different things and see what works FOR YOU. Use what makes sense to you and devise a strategy that fits with your view of the markets, that way you'll have confidence in its implementation.

Have a great weekend! I'm getting married in about 3 hours! Wish me luck!

My thoughts exactly.

Good luck and best wishes for the big day :cheers: arty: :drunk:

YT:clap:

 

[novicean]

Hi,

i'm new to Bob's method. I've tried setting up the chart but it does not seem correct. from the chart postings that i have seen in this thread, it seems that all your candles are formed through price movement in pips. by from my chart, it seems that the candles are formed based on price movement in pipettes(fractional pips). Please correct me if i am wrong and may i know how to set the chart based on pips instead of fractional pips/pipettes?

also can you please advise which time zone is your charts based on?

Thanks in advance!

 

[Forexmospherian]

Have a great weekend! I'm getting married in about 3 hours! Wish me luck!

All the very best to you and your new wife

I should forget trading for at least a few days - and enjoy your honeymoon :clap:

Regards

F

 

[Yorkshire Terrier]

Hi,

i'm new to Bob's method. I've tried setting up the chart but it does not seem correct. from the chart postings that i have seen in this thread, it seems that all your candles are formed through price movement in pips. by from my chart, it seems that the candles are formed based on price movement in pipettes(fractional pips). Please correct me if i am wrong and may i know how to set the chart based on pips instead of fractional pips/pipettes?

also can you please advise which time zone is your charts based on?

Thanks in advance!

Hello Novicean

Welcome to the thread, Pro RealTime dos not show price in pipet's you need to adjust your chart, Matty dunn covered it in a previous post 2823 as for time zone i use GMT+1.


Hope that helps
All the best

YT.

 

[novicean]

Hello Novicean

Welcome to the thread, Pro RealTime dos not show price in pipet's you need to adjust your chart, Matty dunn covered it in a previous post 2823 as for time zone i use GMT+1.


Hope that helps
All the best

YT.

Hi Yorkshire Terrier,

Thanks for your reply. I did exactly what Matty Dunn said in post 2823 but i think my candles and ema20 are different from the charts that you guys posted. check out the screenshot of my tick by tick list compared to the tick by tick list i saw in ProRealTime website. my tick by tick list shows the prices of each tick in fractional pips/pipettes while the one on ProRealTime website shows prices in pips.

if you pull out your tick by tick list, are the prices in pips instead of fractional pips/pipettes?

I guess the ProRealTime chart that i am currently using is different from you guys as mine is from the forex provider instead of from ProRealTime direct and the candles seems to be based on fractional pips/pipettes

 

[Yorkshire Terrier]

Hi Yorkshire Terrier,

Thanks for your reply. I did exactly what Matty Dunn said in post 2823 but i think my candles and ema20 are different from the charts that you guys posted. check out the screenshot of my tick by tick list compared to the tick by tick list i saw in ProRealTime website. my tick by tick list shows the prices of each tick in fractional pips/pipettes while the one on ProRealTime website shows prices in pips.

if you pull out your tick by tick list, are the prices in pips instead of fractional pips/pipettes?

I guess the ProRealTime chart that i am currently using is different from you guys as mine is from the forex provider instead of from ProRealTime direct and the candles seems to be based on fractional pips/pipettes

Hi novicean

I see if its a broker charting package then they will be using there platform data as apposed to proRealTime (PRT) uses a combination of different sources i think & display in full ticks.

I have looked at using certain brokers because they have PRT charts but has you mentioned they dont support full pips, my current broker/ exchange is the same so i use PRT for charting and dealer ticket to place orders.

I Know its a bit of a cost when you are testing a new system to use PRT but i think there are some members on here that use free charts, ninja trader is one i think.

Hope that helps,

Regards,

YT.

 

[Yorkshire Terrier]

PA slow today typical Friday it may shake up a bit around US new time but i'm off out to the pub to celebrate Matty's wedding.
:clap: :clap::cheers::drunk:arty::drunk:

All the best

YT.

 

[matty_dunn]

Thanks for all the well wishes guys. Appreciate it! Was a good day/night. Head's a bit sore though...

No kids for 5 more nights!!! Love 'em but nice to have a break.

Have a great weekend all!

 

[sean1963]

I have just read the book and I have been wondering about higher time frames. Does anyone have any experience and/or opinion of trading these set ups on higher time frames like the 1M, 5M or 15M?

 

[BLS]

Week 15 charts from Volman:
https://www.dropbox.com/sh/1amxmi9af0fk6ej/VA5_ZrjQF1

 

[Traderallen]

Thanks as always

 

[Woodzy]

Maybe a bit eager with the first trade, but felt price had found support at the 50 level and previous resistance area the arrow points at. Taking the loss I waited for the 50 level to play out and when the lower high under formed, took the RB short