Bob Volman Price Action Scalping

[samich1262]

No problem here with the second SB. The higher lows in the pullback are not on particularly strong bars, and you waited for the SB, which followed a lower high. Seems like a good opportunity to me. When in doubt, you could have waited for a breakout pullback, which occurred a few bars later.

John

You're right, but for some reason I haven't ever taken advantage of a 2nd chance entry that isn't another setup. I really need to start paying attention to that, cause right now, if I miss a setup and it doesn't come back to the entry price, I usually skip it.

 

[vanica]

Hi

I'll start posting my live trades from today. For some reason prorealtime squeezed them a bit so maybe they don't look that clear. I'll try to change it later. Will be grateful for any comments and critique.

Thanks!

 

[samich1262]

Hi

I'll start posting my live trades from today. For some reason prorealtime squeezed them a bit so maybe they don't look that clear. I'll try to change it later. Will be grateful for any comments and critique.

Thanks!

Here are my thoughts: On that 2nd trade, I think you need a bigger buildup or more extensive BB to break that 50 level. The BB you have marked is shorting into both the 50 level and a double bottom. It's kind of tough trying to figure out how much buildup is going to be enough to crack a level like that. If this BB either pulled back further or stacked up right against the 50 with more squeeze, it would have looked better.

 

[vanica]

To me it looked like a mirror copy of the BB on chart 10.1 p.113. The only difference I can spot is the strength of a preceding trend.

 

[samich1262]

To me it looked like a mirror copy of the BB on chart 10.1 p.113. The only difference I can spot is the strength of a preceding trend.

It's similar, but that 50 level would cause me to skip for sure. Unless the BB was a lot lengthier.

 

[samich1262]

It's similar, but that 50 level would cause me to skip for sure. Unless the BB was a lot lengthier.

Almost forgot, the trend on P. 113 was a lot stronger too, it went about 30 pips. The pressure on that BB today wasn't as strong.

 

[samich1262]

Here's what I'm seeing this morning:


I think that first box is valid, there's a similar example in the book with a triple top and lower top. All signs pointed to a valid trade, but since it was sort of countertrend, I didn't take it. However, since price couldn't get up to test the round #, it looked like a retest of 1.2880 was very likely.

The second box looked pretty good. There was some possible resistance to keep an eye on below the range. This trade did make it 10 pips if you did not get hit with slippage.

Will be keeping an eye on the beige book announcement this afternoon.

 

[vanica]

One afternoon trade for me. Wasn't at the screen when the IRB formed. Didn't feel like I was chasing the move when I took this ARB. Suppose channeling market doesn't help the results.

 

[vanica]

Samich, the first box does look good setup-wise but trend was definitely strong at that point. Obviously cannot argue with the results of this trade if it was taken, but thinking in terms of possible outcomes longer term, transition from strong buying to selling is usually more gradual.

 

[stehlikpetrmsncom]

Here's my chart, but please keep in mind that the arrows DO NOT mean it's a good entry, I simply mark all my entries so that you can view both my good and bad trades.

There are two setups on the chart that I think were good, both IRB's. I missed both and as a result traded impatiently and impulsively for rest of the day. However, because I learnt to not commit to my mistakes, I ended up with only -3.3 pips for the day. It remains to see if this exit approach on bad trades will influence my proper management technique on valid trades.

It's a very nice chart today though, I'll study it some more and come back a better trader tomorrow

P.S.: Is the Beige Book likely to move the market? I'd love some more opportunity to trade today.

 

[samich1262]

P.S.: Is the Beige Book likely to move the market? I'd love some more opportunity to trade today.

I'm not sure, it's marked as high forex volatility on the DailyFX calendar. I think I've seen some good moves in the past afterwards, but I really can't remember for sure, lol.

 

[stehlikpetrmsncom]

I'm not sure, it's marked as high forex volatility on the DailyFX calendar. I think I've seen some good moves in the past afterwards, but I really can't remember for sure, lol.

Interesting, it's just medium on forexfactory calendar. We'll see.

 

[BLS]

Hi

For some reason prorealtime squeezed them a bit so maybe they don't look that clear.

They're a bit hard for me to see. Try saving your images at a higher resolution and try turning off the 3D effect on the candle bars (Options > Colors > Charts > uncheck 3D effect on candlesticks & histograms)(check attachment).

I've had some (welcome) distractions these past few days so I had to take a break from trading. Hopefully the break was what I needed to clear my head.

I only took one trade today but I didn't not manage it well.

 

[Giorrgi]

Guys,

I cannot be near the screen at all times because of classes (and I cannot use Pathfinder in the library for whatever reason). Therefore I'm kinda stuck only trading :

1. either in the morning hours

2. or after 18h (6pm)

(London time).

I either will have to put most of my studying in the morning or in the evening.

What would be the better option in order to practice the most?

My opinion, so far, is that the morning market is quite choppy and there are some setups but there are very long ranges that take a lot of time to develop and break. Therefore if I traded mostly in the morning it would be a lot of times looking at a developping range. On the other hand there seem to be more setups in the evening as the US + European markets are all open.

I'd like your opinion on this please.

thank you

 

[stehlikpetrmsncom]

Guys,

I cannot be near the screen at all times because of classes (and I cannot use Pathfinder in the library for whatever reason). Therefore I'm kinda stuck only trading :

1. either in the morning hours

2. or after 18h (6pm)

(London time).

I either will have to put most of my studying in the morning or in the evening.

What would be the better option in order to practice the most?

My opinion, so far, is that the morning market is quite choppy and there are some setups but there are very long ranges that take a lot of time to develop and break. Therefore if I traded mostly in the morning it would be a lot of times looking at a developping range. On the other hand there seem to be more setups in the evening as the US + European markets are all open.

I'd like your opinion on this please.

thank you

Make it work in the library or skip classes. I skip classes, I have no intention of working as a political scientist, so I rather trade. I still do the minimum necessary to pass, though.

 

[shotgun77]

One afternoon trade for me. Wasn't at the screen when the IRB formed. Didn't feel like I was chasing the move when I took this ARB. Suppose channeling market doesn't help the results.

I think the cluster low is too much support building up before the pullback up leg that built the ARB. ARBs are tough for me so I'm pretty strict on the conditions. I don't like that the ARB block took too long to build before it finally broke to the downside. I like my ARBs to be short. On the plus side, you did have that false break to the upside which is usually encouraging.

The cluster low was also right on top of that bull flag in the up run (on the left edge of your chart) so it was a likely end for the down move and where sideline bulls might look to get in and/or bears to exit.

 

[shotgun77]

@Giorrgi

You don't learn much trading chop and usually random movement. I'd avoid. You want "quality" learning time. Today was a great day for learning in some of the charts I watched and traded. Some missed moves and I need to study and rehearse to do better next time. You also will want to find some good action to learn from.

 

[Giorrgi]

Guys thanks for your input. I'll definitely try to make it work somehow, but so far I'm not ready to quit law school :smart:.

Even though I missed what seems in hindsight like 2 very good trades today, I did stumble across one very nice setup just a couple of minutes ago which I traded on my demo account: the small rectangle, which is a succesful 10 pip block break. I think there's some trend equals trend from the sharp break just before.

I also have a question about the bigger rectangle break. To me it seems like it wasn't tradable (the break appeared without pre-breakout tension and there was no pullback from which to deploy an ARB).

any comments?

 

[shotgun77]

I also have a question about the bigger rectangle break. To me it seems like it wasn't tradable (the break appeared without pre-breakout tension and there was no pullback from which to deploy an ARB).

After the range break, you got a little horiz BB build. It is similar to charts on page 120 and 133. The BB has a jagged (diagonal) top but the bottom is level.

 

[samich1262]

Samich, the first box does look good setup-wise but trend was definitely strong at that point. Obviously cannot argue with the results of this trade if it was taken, but thinking in terms of possible outcomes longer term, transition from strong buying to selling is usually more gradual.

Eh, it's probably aggressive, definitely why I skipped it, but it was pretty close to Figure 10.7 on pg. 128. I tend to try to be pretty conservative right now, at least until I get more comfortable, so I just marked it on my chart and moved on.