Bob Volman Price Action Scalping

[TraderEyal1]

I am, but just posting here, for me there was only one good trade so far and it was before EU open.

Today has been very complicated to follow, there have been two other, but very low quality, trades. At this point I'm looking only to do an ARB or RB out the bottom of the sessions lows or highs 1.1811 or 1.1833. Everything in between until UK lunch is a mess right now.

I had one loser BB long at around 10:20 European time (GMT+2). I am also not seeing much now, maybe if it sets up an RB at the session lows before lunch comes in an hour and half.

 

[vsaliner]

I dont think Bob Volam fossilized his method and cast it in stone. I also have not claimed I have taken this trades. I said I am willing to work with Volman followers to find an edge and I am particularly thrilled to work with Volman enthusiasts within a live environment. To find an edge, I focus on Volman setups within a range especially where a range can give 5 pips profits.

I am grateful that you have observe the quality of my candles to be poor compared to prorealtime. Part of what I do here is to learn from others and see what can be improve with hindsight before I plunge in realtime trading. Now that you tell me the deficiency of my datafeed, I will do 2 things. I will subscribe to prorealtime but I will also check with Oanda. I will check 70tick charts across 3 platforms.

Now, would you be willing to post more of your trades. Select and focus on few trades like I am doing within a range. I am going to read up Volman and see especially ARBs as they are best suited to my selection.

I also think you are on the right path in many respects. Once you are able to overcome your tight stops and early exits, its just a matter of size to make it big.

Thanx Fpas. I will stick to Volman classics and around 00, 20 and 50 levels. I was looking for critigue to improve and like your comments.

Looking at your charts and the trades you've posted you seem to have developed your own style of trading using his basic principles. Our styles are therefore completely different. From my personal perspective none of the trades you've posted so far really make sense to me, because I'm using 20 levels/50levels and the 20EMA to pick out clues from the market in terms of its direction exactly how Bob does.

For you to follow what I'm doing you would need to use the same style or set up as I am and also proreal time. I've noticed from your charts your platform/feed suffers from the same issues that MT4 with my feed does - you only are getting about 60% of the candles printed in comparison to prorealtime. This was a huge difference for me because you get so much more information when there are more candles.

If you are profitable trading how you are doing, stick with it. However if you are not, I'd say set your chart up like Bob's and follow exactly what I did and within a couple of months you'll be reading the charts in the same way Bob does.

At that point it is just fine tuning, for me, I would have made 50p in the last 2 days for only a single issue - I'm not taking all the valid trades I find. Getting the confidence to do that is my last hurdle to bumping the lot size up to 5-10 per trade and disappearing.

 

[vsaliner]

If someone is familiar with DISCORD app, I suggest that we all look at discord to start a Bob Volman forum. Discord is a dedicated traders tool and I have seen stock forums where a lot can be automated to assist members. I still suggest that we should increase the agency of posting charts so that we can identify more setups in realtime.

 

[fpastrader]

I had one loser BB long at around 10:20 European time (GMT+2). I am also not seeing much now, maybe if it sets up an RB at the session lows before lunch comes in an hour and half.

I think I see where you entered (1.1819 area)? It so you went against the AB bearish swing, which is a trap candidate.

Vsliner, the only advice I can personally give is to follow in my foot steps per my original post. Bob's book I feel is like a reasonable introduction to his method, I don't think you can trade his method just from his book.

As he says in the book you can only learn from analyzing hundreds if not thousands of examples, but these examples do not exist in the book itself. So he provided years of every single day trading and the key is held in these charts, that you can analyze after you've read the book (only then will you understand them).

Group them into each type of trade, study what characteristics each trade has. To the untrained eye he is taking them and ignoring others at random but I promise you he is not.

For example on every single IRB he takes there is a clue that the market shows before he takes it, from my notes here are a couple, but there are many many many of these:-

7.) Multiple attempts to reach 60 level, where the original top boundary was, and failing by one pip
8.) Rejected 00 level, but couldn't reach 20 level above after a good build up - puts in double top
9.) head and shoulders bottoming pattern onto 20 level


Until you do the analyze and learn these clues, you are trading the market blind with respect to Bob's methods.

In addition to sets of rules that give clues to take a trade, he has a set of rules where you don't take a trade i.e "trap candidates". You have to learn these areas too. For example breaks through session lows at lunch time, if there is one direction during lunch don't try an do a continuation trade immediately after the new open, don't go against an AB directional pressure breakout etc etc etc.......

Dawgee, earlier in this thread, saying Bob's methods are rubbish over and over again, he is the reason I made this account. It is someone like him that doesn't understand the aforementioned in this post and will never learn to trade this simple, yet intricate method, because he doesn't understand these details.

 

[TraderEyal1]

I think I see where you entered (1.1819 area), you went against the AB bearish swing, that's a trap candidate.

I actually saw a bullish A-B there

Here's my chart. The buildup quality wasn't that great, but a somewhat W bottom BB, and figured with news behind and the strong A-B it was worth a shot. Apparently I was wrong.

 

[fpastrader]

I was looking at a completely different place, apologies for the confusion. The trade on your image - the AB is correct however, it originates from nothing. There was no build up to cause this AB swing, therefore you would not try to trade a continuation from this, rather, you would trade the failure of an attempted continuation. Or at least not trade the first break, to gauge how the market perceived the initial AB.

Irrespective of this, the trade itself lacks proper build up, it has higher lower yes - but there is not a collection of candles in between the EMA and the boundary, price simply comes from beneath the EMA to break the boundary - which is a trap candidate itself, irrespective of the way the AB run occurred.

We should always allow for a squeeze to occur, per 99% of his examples in the drop box or in the book.

 

[TraderEyal1]

I was looking at a completely different place, apologies for the confusion. The trade on your image - the AB is correct however, it originates from nothing. There was no build up to cause this AB swing, therefore you would not try to trade a continuation from this, rather, you would trade the failure of an attempted continuation. Or at least not trade the first break, to gauge how the market perceived the initial AB.

Irrespective of this, the trade itself lacks proper build up, it has higher lower yes - but there is not a collection of candles in between the EMA and the boundary, price simply comes from beneath the EMA to break the boundary - which is a trap candidate itself, irrespective of the way the AB run occurred.

I have seen Bob trade in this way a few times, but those are special circumstances and complicated to spot. We should always allow for a squeeze to occur, per 99% of his examples in the drop box or in the book.

I see what you mean. Thanks for the feedback.

 

[TraderEyal1]

And another loss :-( IRB this time.

 

[fpastrader]

I see what you mean. Thanks for the feedback.

You're welcome. I just took a short, another IRB, target 1.807. It moved 5p within a few seconds, just hoping it goes all the way now.

EDIT: closed 1p off target, 2 trades so far today, both closed in profit, total 15p

You can see where the price was when I posted this post, where it was when I took this print screen and that checking the chart shortly after it went on to hit the originally outlined target above, this is all live....

 

[TraderEyal1]

You're welcome. I just took a short, another IRB, target 1.807. It moved 5p within a few seconds, just hoping it goes all the way now.

EDIT: closed 1p off target, 2 trades so far today, both closed in profit, total 15p


You can see where the price was when I posted this post, where it was when I took this print screen and that checking the chart shortly after it went on to hit the originally outlined target above, this is all live....

I see the trade, thanks for the chart. Too bad I took the earlier IRB. The nuances are extremely difficult for me to pick up on..

 

[fpastrader]

I see the trade, thanks for the chart. Too bad I took the earlier IRB. The nuances are extremely difficult for me to pick up on..

It's all about analyzing the charts Bob posted, I'm personally in the process of listing every single "Clue" he references for a year and a half of his trading.

After a few hundred examples and noting the same things over and over again you just remember the ones he considers significant enough to base a trade off of - the one in the trade i just took I think was one of the ones I mentioned in an earlier post today. It's the same things, same set ups occurring over and over again. The only thing that is new is how significantly the market reacts.

i.e some trades you enter and you hit target within seconds in a couple bars....others just trickle along scaring the life out of you. I cut his examples off after entry, I don't need to know what happens to his valid trades, only what made them valid.

 

[fpastrader]

Please don't send me any PMs, I can't respond, I have to spend 20 minutes clicking on cars and street signs over and over again and it still won't let me respond. Ridiculous.

 

[vsaliner]

I think I agree 100% with you. Hindsight study and analysis can equip the knowledgeable trader with an 6th sense on his way to success. the trick is not to get bogged by loosing streaks and trolls and not to allow yourself to be derailed.

i think you are an oasis of knowledge on this method and i am happy i can tapped into your knowledge.

i also feel before we can put up live forum, we can spent a bit more time here to exchange charts. now that I know i can stand on the shoulders of a Volman, I will group the charts. Who could have guessed one can speed up your knowledge of the setups this way.

i am much more into sync with ARBs as think they are way easier to trade and decipher as u can clearly spot the areas where price is overbought and oversold.

At least I am happy finally that Bob Volman's book does not need to collect dust on my shelves, but can help me nail 5 pips a day. I know a great trader from NZ who only guns for one trade a day and takes only 7 pips from eurusd. he doesnt care if eurusd goes to the moon.

I think I see where you entered (1.1819 area)? It so you went against the AB bearish swing, which is a trap candidate.

Vsliner, the only advice I can personally give is to follow in my foot steps per my original post. Bob's book I feel is like a reasonable introduction to his method, I don't think you can trade his method just from his book.

As he says in the book you can only learn from analyzing hundreds if not thousands of examples, but these examples do not exist in the book itself. So he provided years of every single day trading and the key is held in these charts, that you can analyze after you've read the book (only then will you understand them).

Group them into each type of trade, study what characteristics each trade has. To the untrained eye he is taking them and ignoring others at random but I promise you he is not.

For example on every single IRB he takes there is a clue that the market shows before he takes it, from my notes here are a couple, but there are many many many of these:-

7.) Multiple attempts to reach 60 level, where the original top boundary was, and failing by one pip
8.) Rejected 00 level, but couldn't reach 20 level above after a good build up - puts in double top
9.) head and shoulders bottoming pattern onto 20 level


Until you do the analyze and learn these clues, you are trading the market blind with respect to Bob's methods.

In addition to sets of rules that give clues to take a trade, he has a set of rules where you don't take a trade i.e "trap candidates". You have to learn these areas too. For example breaks through session lows at lunch time, if there is one direction during lunch don't try an do a continuation trade immediately after the new open, don't go against an AB directional pressure breakout etc etc etc.......

Dawgee, earlier in this thread, saying Bob's methods are rubbish over and over again, he is the reason I made this account. It is someone like him that doesn't understand the aforementioned in this post and will never learn to trade this simple, yet intricate method, because he doesn't understand these details.

 

[vsaliner]

Dawgee, by rubbishing Bob Volman's goldmine, you seem to have produce a few disciples to take the fight forward.

 

[fpastrader]

i am much more into sync with ARBs as think they are way easier to trade and decipher as u can clearly spot the areas where price is overbought and oversold.

Thank you for your kind words, I am merely a little ahead of you and the other poster on this journey. The only thing I have done differently than yourselves is outlined in my original post.

I started with the RB's, then progressed to ARB's, then progressed to BB's and finally to IRB's.

I strongly advise you learn them in this order too, because each one builds on the knowledge of the previous and is slightly more complex. Bob does not take many of the other set ups, so I did not study them at all.

By grouping the trade types, first RB, then studying each trade - you cannot help but spend a huge amount of time looking at these set ups. This is what I believe was the secret for me.

I'm still in the process of analyzing the IRBs in this same method, but I'm already at the point where I feel that I understand almost every move the market makes.

In the context of 20 levels, 50 levels, 00 levels, double tops, head and shoulders, highs and lows, trendlines / S + R levels and how the price interacts with the EMA and news announcements the EURUSD becomes an open book that you can read.

Jan 2016 Analysis:-
How many trades taken per week:-
JAN: 13,11, 14, 6
How many won per week:-
JAN: 85% , 100%, 93%,93%
How many Block Breaks:-
JAN: 2,3,1, 2
How many Range Breaks:-
JAN: 3, 3, 3, 0
How Many Advanced Range Breaks:-
JAN: 4, 3, 6,3
How Many IRB:-
5, 4, 4,1
How Many Second Breaks/First Breaks/ Double Dojis:-
0,0, 0,0

Per Month:-
Jan: 44 90%+ RB:-9 ARB:- 16 IRB:-14 BB:-8

The statistics above were the same for Jan 17, this method maintains its effectiveness. Just three trades a week I'm shooting for, that means if I become HALF as good as Bob I will achieve double my goal.

As you can see, there is no accident in learning this method.

"Dawgee, by rubbishing Bob Volman's goldmine, you seem to have produce a few disciples to take the fight forward. " - Yes, and to think this ignorant poster almost deterred me from putting in the effort.

 

[vsaliner]

fpastrader

Do you have the grouped Volman charts sorted in folders and available on dropbox. if its easier to have access to your groups it may reduce the learning curve. What you say is that even tough Bob finished posting, we can still use the archives meaningfully.

Did you have any trades for 1 August. Just give the London time and we can spot it up.

fi you have a bit of free time, a picture may speak a 1000 words and will be helpful.

 

[TraderEyal1]

Please don't send me any PMs, I can't respond, I have to spend 20 minutes clicking on cars and street signs over and over again and it still won't let me respond. Ridiculous.

Not sure why you're getting that annoying captcha but OK will not PM you. I just wanted to send you some screenshot of my journal. It's fine.

I think I will take your advice to focus on RB + ARB initially. I've had success with them before, then the more complicated setups wipe out profits and also demoralize me psychologically.

 

[TraderEyal1]

This is an ARB short in Gold futures, using the same concepts. The timezone of this chart is Hong Kong (GMT+8), market "opens" at 1am GMT.

 

[fpastrader]

fpastrader

Do you have the grouped Volman charts sorted in folders and available on dropbox. if its easier to have access to your groups it may reduce the learning curve.

By grouping the trade types , first RB, then studying each trade - you cannot help but spend a huge amount of time looking at these set ups. This is what I believe was the secret for me.

There are no shortcuts from here. Grouping them is most of the learning process.

 

[vsaliner]

If possible and sake of reaching a common standard, can we focus on EURUSD. I was told same and I left my high prob method to focus on .20, .00, .50 levels and pure Volman work on EURUSD. This way we can agree or help correct if someone is wrong.

This is an ARB short in Gold futures, using the same concepts. The timezone of this chart is Hong Kong (GMT+8), market "opens" at 1am GMT.