Bob Volman Price Action Scalping

frostbliss said:
Hi Matt Chao,
I use interactive brokers, but it only have time base chart, so instead 70T i used a 5sec chart to improvise. Not sure if that's a good idea.
Click to expand...

Hi, Frost. Welcome to the forum. I actually don't use my broker's feed but pay for a data feed separately. I use Kinetic/Ninja Trader but most of the guys on the forum (including Volman) use ProRealTime.com. Certainly the principles in this method apply to more than just the 70T chart, but I'd recommend checking out Bob's first book to find out more. It's a pretty easy read compared to many price action books.
 
Sharing Charts

Sorry for the duplicate post. I see cha-ching has already answered that last question.

Another question for you all... Do any of you share your charts or trade logs with a partner? I've finally been gaining some traction with this method, but I think it would really help my development to have a fellow learner to share results with once per week.

I don't propose sharing P&L reports, but rather a short log of trades taken, which ones were valid or not, how many good vs. bad exits did you take, and other qualitative things having to do with your method. I think it would help keep me honest and alert during my trading sessions knowing that someone else will see the trades I take. I'm sure it would be encouraging to share each week's problems and progress as well.

Anybody want to try it for a couple of weeks? If so, send me a private message.
 
On another subject,

Do you guys feel that it's easier to trade the 5 min charts right now because of the higher volatility on EUR/USD? This is the first time I'm in the plus since I have started trading and I don't have the time to trade a lot.
 
Giorrgi said:
On another subject,

Do you guys feel that it's easier to trade the 5 min charts right now because of the higher volatility on EUR/USD? This is the first time I'm in the plus since I have started trading and I don't have the time to trade a lot.
Click to expand...

This is a very personal choice. If you feel comfortable trading M5 and you believe your personal situation will not change dramatically in the future then you probably need to stick to it and get better. Later if vol goes down you can add more pairs or try a faster time frame. With time charts it's easier to do back testing so why don't you back test two years historical data and see how many valid entries you can get every week during your normal trading hours? And do the same for other pairs.
 
Matt Chao said:
Sorry for the duplicate post. I see cha-ching has already answered that last question.

Another question for you all... Do any of you share your charts or trade logs with a partner? I've finally been gaining some traction with this method, but I think it would really help my development to have a fellow learner to share results with once per week.

I don't propose sharing P&L reports, but rather a short log of trades taken, which ones were valid or not, how many good vs. bad exits did you take, and other qualitative things having to do with your method. I think it would help keep me honest and alert during my trading sessions knowing that someone else will see the trades I take. I'm sure it would be encouraging to share each week's problems and progress as well.

Anybody want to try it for a couple of weeks? If so, send me a private message.
Click to expand...
Hi Matt,
Sorry for the long overdue reply. And thanks.

I only read about Bob Volman's method here, caught my attention n maybe sime of his insights n ways can help in my trading.

I do keep trade logs as image files on EURUSD, mostly M1 n 5aec charts. I like comments, ideas n comments. Wonder can this be done without going to public forum or group.

Leave a msg or pm me, my reaction time much longer these days until things return to norm hopefully quickly.

Regards,
Frost
 
morpheous455 said:
Hello,

In pic 2 (March 30 EU morning) of week 14 charts Bob comments about the "the blockier the action on it, the more likely your break is likely to fail"

what does blockier action mean?

Thanks
Jim
Click to expand...

Hi Jim

I think he's talking about the small block (range) formed after the break out (at the arrow labelled "tricky"). After the break below the trendline price pulls back to the drawn box at the 20ema. Instead of continuing down it forms a small block of about 7 bars just below the box.

This action is more likely to break back into the box then continue in the direction of the initial break out. "Blockier" would probably refer to the number of bars that make up the block. Would probably need to be an experience call.

Cheers
Greg
 
Hi

I just started learning about Bob's method. I have been mainly focused on Al Brooks to date.

A couple of questions:
1. Do we know Bob's intention for writing this second book? Is he saying that a five min approach is a better approach now?

2. If I have read his second book do you recommend going back and reading his first book as well?

Thank you very much
 
A quick question for ProRealTime users: Is there anyway to keep the y-axis fixed?

Thanks,

Cha-ching
 
Szd, I don't believe either approach is better than the other. They are simply different. Both books are worth reading regardless of how you trade.

Cha-ching, if you click and hold on the y-axis and move the mouse up or down you can increase/decrease the height of the bars. Once you size them the way you like, click and hold anywhere on the chart and move it up or down slightly. Once you let go the y-axis will remain fixed.
 
matty_dunn said:
Szd, I don't believe either approach is better than the other. They are simply different. Both books are worth reading regardless of how you trade.

Cha-ching, if you click and hold on the y-axis and move the mouse up or down you can increase/decrease the height of the bars. Once you size them the way you like, click and hold anywhere on the chart and move it up or down slightly. Once you let go the y-axis will remain fixed.
Click to expand...

Hi Matty_dunn, thanks for your reply. What you said is actually what I usually do, but if I move the charts left and right the y-axis will change again, especially if price suddenly goes up or down quickly y-axis will shrink such that the 20 pip lines will become 50 pip lines. I just wanna know if there's any better way to really "lock" the axis.
 
matty_dunn said:
Szd, I don't believe either approach is better than the other. They are simply different. Both books are worth reading regardless of how you trade.
Click to expand...

I totally agree. I am re-reading FPAS now and found many things make much more sense to me now. I'm also re-studying Bob's weekly charts back from 2012 and many things which I didn't understand in the past are now clicking.
 
cha-ching said:
Hi Matty_dunn, thanks for your reply. What you said is actually what I usually do, but if I move the charts left and right the y-axis will change again, especially if price suddenly goes up or down quickly y-axis will shrink such that the 20 pip lines will become 50 pip lines. I just wanna know if there's any better way to really "lock" the axis.
Click to expand...

Well it works for me and stays locked when price shoots off the chart or I scroll back or forward. Don't know what else to tell you. Good luck
 
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