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Book Discussion: Bob Volman - Understanding Price Action_ Practical Analysis
Currently reading Bob Volman - Understanding Price Action_ Practical Analysis of the 5-minute time frame (2014). He likes trading buildups and some of his stuff helps to understand Brooks better.
Those who have read it already, what has been helpful and what begs for questions? Are there people who use his approach with success?
Also looking for recommendations on Volman's 2 books. What is the difference between them. I know one is forex based on 70t and this new one is 5 min charts but shouldn't the information be about the same ?
I am reading "Price Action" right now. Definitely a worthwhile read if you are trying to understand markets.
The volume is the detailed description of this author's trading methodology. Very detailed, getting into a lot of nuance. As the title suggests it is based on 5-minute bars. However, the principles seem to be valid for virtually any time frame. Support, resistance, breakouts, false breakouts, tease breakouts, breakout build ups and so on.
It is not very valuable for algo traders as Volman's methodology is quite complex and hard to code. I am sure, it's not impossible, but not as simple as "buy at highest high of 20 bars" etc. Backtesting as such is possible, but you will have to do it manually. Good news is that you don't need too much of a sample, because Volman's methodology focuses on higher probability trades.
What I like most about this author is his absence from any media. If you search for "Bob Volman" on Youtube you get plenty of videos, but none of them feature him personally. There are no interviews or even a bio. He wrote two books, both are super detailed, but that's it. He doesn't sell courses or software, the fact I particularly like.
I agree but I wonder if he used his real name. I mean he could be working as an accountant or a plummer, or maybe his wife is paying the bills. But yeah, that doesn't matter so much as his books are certainly good for learning price action.
Hello, after trying countless systems and indicators, I can say that I have returned to studying Bob Volman, and it's truly valuable. I analyze EUR/USD charts in 70 ticks and 5 minutes, and it's the only method that is yielding results for me. Regards
