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Bob Volman - Price Action Scalping
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Bob Volman - Price Action Scalping

  #11 (permalink)
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kevinkdog View Post
I recently picked up the book:

"Forex Price Action Scalping: an in-depth look into the field of professional scalping"

by Bob Volman.


I'm curious - is there anyone out there using his approach with success (or without success)?


Thanks

Very good thread.

Look forward to seeing more.

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  #12 (permalink)
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kevinkdog View Post
kingk -

Based on what I've read so far (most of the book at least once, some parts twice), it is a very good trading book. He trades the EURUSD pair with a 70 tick chart. 7 unique setups.

I think the key in getting those setups to work is in identifying what Volman calls "unfavorable conditions," and avoiding trades during those times.

My guess is at least 3-6 months of heavy practice is needed to see the possibilities of this method, which is why I was curious if anyone uses the method. Why waste time if it doesn't work? Big Mike says people are successful with it, so that is encouraging for me.

I dont use his method, per se, however, I use Al Brooks as referrence for many of my setups on the CL, and Volmans explanation on price action shares many similarities, tho he uses different terms and trades the EUR/USD.

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  #13 (permalink)
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I was actually looking into this method last night based on a recommendation in my journal and will be ordering the book soon.

Does anybody know how this would translate to EUR/USD futures (6E). Would the 70 tick chart still be used?

Looking at TOS, the smallest tick chart they have as a default option is 133. I haven't dug deeper to see if there is a way to get to a 70 tick chart on the 6E manually.

Thanks.

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MisterGopher View Post
I was actually looking into this method last night based on a recommendation in my journal and will be ordering the book soon.

Does anybody know how this would translate to EUR/USD futures (6E). Would the 70 tick chart still be used?

Looking at TOS, the smallest tick chart they have as a default option is 133. I haven't dug deeper to see if there is a way to get to a 70 tick chart on the 6E manually.

Thanks.

Bob Volman uses ProRealTime.com for charting, and claims that during the most liquid hours the 70 tick chart is approximately equivalent to 30 second chart (120 bars per hour). I started counting the number of bars in each hour since last week (I only count bars between 8am and 12 noon EST, the London/NY overlap) and I found that 9-11 seems to have the most number of bars last week:

Monday 10/15 9-10 (84 bars), 10-11 (94 bars)
Tuesday 10/16 9-10 (92 bars), 10-11 (107 bars)
Wednesday 10/17 9-10 (112 bars), 10-11 (106 bars)
Thursday 10/18 9-10 (85 bars), 10-11 (112 bars)
Friday 10/19 9-10 (106 bars), 10-11 (118 bars)

You can get a free 7 day trial from ProRealTime and compare your (x)-tick 6E charts with its 70 tick charts. Good luck,

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It is my understanding the chart size is mostly irrelevant. Trade the size most appropriate for your account and your personal trading style, setups should remain the same on any time frame.

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The key to understanding the language of the markets is "Price Action"..........

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Bob Volman - Price Action Scalping-6e-12-12-2000-tick-10_25_2012.jpg  
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MisterGopher View Post
Does anybody know how this would translate to EUR/USD futures (6E). Would the 70 tick chart still be used?

I asked him about this before, and here's what he said:
".....If you want to trade the CME then just experiment until you come up with a tick number that looks doable and produces bars of around 2-4 pip in height on average. The 70 tick in my book is nothing more than a nice setting to work with. Recently, I have had many feed back from traders who are doing just fine applying the principles from the book on a 1 minute chart, even on the 3 and 5. The trick is to produce a chart that overall shows nice setups, ranges, trends and pullbacks on an intraday basis, and that also aligns with your psychological make-up. ..."

I didn't have much success with his method. However, every time I asked him any question, I got quick replies and most of them were often 5+ paragraphs long with very detailed explanation. He really tries to help others, and I really appreciate it.

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Any updates from anyone trying his setups?

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Not yet, but my plan is to give it a go.
I let the style and I think it's doable but only if I can control myself.

Regards,
Neil.

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kevinkdog View Post
kingk -

Based on what I've read so far (most of the book at least once, some parts twice), it is a very good trading book. He trades the EURUSD pair with a 70 tick chart. 7 unique setups.

I think the key in getting those setups to work is in identifying what Volman calls "unfavorable conditions," and avoiding trades during those times.

My guess is at least 3-6 months of heavy practice is needed to see the possibilities of this method, which is why I was curious if anyone uses the method. Why waste time if it doesn't work? Big Mike says people are successful with it, so that is encouraging for me.

Hi @kevinkdog -

Any updates? I ordered the book the other day (intrigued by the low TF and simplicity of the charting described), and was curious about your impressions.

Luck is what happens when preparation meets opportunity. ~ Seneca
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