Bob Volman Price Action Scalping

[kulpio]

It is hard when we see peices shoot and not imagine it continuing to the moon. When i saw the trade of allen and then it shot, i had to calm my self to not jump and assume (bias) that it would continue. Your first trade is quiet aggressive ( valid in the right environment) and the second is better. But when the market is within 10 pips for hours and then shoots 40pips, it is better to not jump on any continuation. That's what i'am slowly learning......as well as not feeeling betrayed by the market in this cases.
I am having my little mental technic that i'm developping.
I am training Bonsais since a year.
It helps me to train my patience.
What i do when the market moves without me and when i have missed a trade and that my blood starts to heat up, i think of my bonsais. Did anything relatively changed in life while the market moved and while i was getting pissed of at my chart? Nope, nothing. And my bonsai did not moved an millimeter.
It just helps me to be more relatif and to learn to chillax

 

[BLS]

Charts from Volman. He apologizes for the delay.
https://www.dropbox.com/sh/1amxmi9af0fk6ej/VA5_ZrjQF1

 

[mynaus]

Thank u BLS.
It's astonishing how my view (and my trades) of the market is different from Bob's one.
But it's very helpful.

 

[matty_dunn]

Charts from Volman. He apologizes for the delay.
https://www.dropbox.com/sh/1amxmi9af0fk6ej/VA5_ZrjQF1

Thanks Bob and BLS

 

[Mitch91]

Hi,
I've been following this thread for several weeks now and I wanted to thank you all for the very interesting posts. I'm a newby in forex scalping, trying to use Bob's way of traiding, but the learning curve is steep and seeing others facing the same issue I face is very encouraging. And a special thank you to BLS and Bob and his weekly charts. Very useful and unvaluable. I'll try to bring my own views to what you do here but keep in mind that I still have a lot to learn.
And by the way, I see a lot of french guys here, so this is just another one joining.
Cheers
Mitch

 

[kulpio]

Hi Mitch,
Welcome to the thread! I wish you good luck in our very hard task.
See you

 

[kulpio]

My two losses of the day

 

[mynaus]

Two losers today again. There was a good opportunity at 8:40AM GMT but I wasn't in front of my computer.
As for today, the first trade was aggressive, not the second. But the activity was thin.

 

[mynaus]

The same trades as Kulpio !

 

[kulpio]

The same trades as Kulpio !

Hi Mynaus,

I think they were valid trades. It's nice to see same trades, because at least we don't feel like we are seeing things that are not there. It was a shame that the break of 1.35 1h30 before didn't have enough squeeze, I had the finger on the trigger, but I was waiting for at least one more candle to form a proper squeeze.
I hope the market will start to offer us more and better entries after this shutdown.

Have a great day.

Kulpio

 

[mynaus]

Hi Mynaus,

It was a shame that the break of 1.35 1h30 before didn't have enough squeeze

The trade seems great in hindsight but you have to consider that there was the 80 level with a lot of support plus the fact that the German Zew would come 20 minutes after.

Update: my comment is not relevant. It was aimed at the breakout of 1.3560.
For the bo of 1.35 you had a (debatable) IRB just before

 

[Traderallen]

Set on your hands

I don't want to sound like I have all the answers because I don't. But for God sakes traders you need to be familiar with the market your trading. So give you an example of how my trading day went. Of course I'm in the US and on Eastern time so I get up in the morning I'm looking to trade with the UK traders when they come back from lunch and on through the US session. Now I get up this morning I take a look at the overnight trading and I see that the Eurodollar tanked overnight. Now we dropped over 100 pips in less than 24 hours and most of it like a falling knife. Now that tells me just from experience and screen time that the US session is most likely going to be backing and filling all day. That's prime whipsaw time for scalpers. So I'm done I turn the computer off and go play for the day. It's almost like playing hooky from school. For us to succeed we need high probability low risk trades. We are not going get those on days where the market is taking out like a rocket or backing and filling. You can't just learn a few setups. And expect to be able to trade with no knowledge of the market you're going to be trading in. Forex is not for the timid your trading with not just the big fish but with the sharks and they were eat you alive if you don't learn how to avoid them.

If you're going to be trading the Eurodollar you need to learn everything about the Eurodollar. If you're new to trading during times of great instability like right now with the problems in the US Congress if you're new and just learning to trade you should be setting on your hands and watching.
Taking the day off I'm not worried about trade there are many many more to follow. I want to trade when I have an edge and to quote Bob Volman during times of favorable conditions.

 

[kulpio]

Obviously that is our problem! that is exactly what we are talking about, we need to better assess the market condition. We are all here to learn, some get it faster and better than others. But yeah, obviously we don't know well our market... but it doesn't we won't.
Only time will tell..
Thanks for this ''straight to the point'' feedback.

 

[Mitch91]

Hi,
Just took one trade yesterday. A classical RB in the morning of european session and a 10 pips winner.
Then I didn't want to take any continuation trade and I waited for a new range to be built. And then, as Allen mentioned, market didn't really move anymore so I stopped trading. But all in all I'm happy.

 

[Mitch91]

Two losers today again. There was a good opportunity at 8:40AM GMT but I wasn't in front of my computer.
As for today, the first trade was aggressive, not the second. But the activity was thin.

I'm avoiding breakouts during lunch hours as I've learned the hard way that most of the time follow through is not there. Instead I now practice meditation and it's also very profitable... but in different ways.

 

[garageboyFUJI]

Hi.

I don't understand what's wrong with me this trade before now.
Please help me somebody, I'm confused a little. I thought it's nice price action.

 

[mynaus]

You have a lot of resistance at 1.3520 (look at a 15minutes chart).
Moreover, the market is crappy these days because of the US issues: it seems nobody (amongst the big players) wants to enter unless the Congress and the Senate agree. Let's say you can't have a classical build-up with these conditions.

Nevertheless, according to the RB setup rules, I think your trade is valid.

Hi.

I don't understand what's wrong with me this trade before now.
Please help me somebody, I'm confused a little. I thought it's nice price action.

 

[kulpio]

Three trades for me, two winners (+20)and one looser(-2).

 

[kulpio]

Hi.

I don't understand what's wrong with me this trade before now.
Please help me somebody, I'm confused a little. I thought it's nice price action.

Even if the condition is right and the setup is right, it is not guaranteed to work. This is why it is called probability. Trades go sauer every time.... But as Mynaus said rightfully, the condition these days are very tough to assimilate.
But it is a great period to assess and understand those conditions. (I'm right in it, paying to learn...)
Have a great day

 

[mynaus]

I took the same trades as your first and third one.
My view for the third one is below.

I have noticed that we don't have exactly the same candles.

Three trades for me, two winners (+20)and one looser(-2).