Bob Volman – Forex Price Action Scalping


Forex Price Action Scalping by Bob Volman When I first started reading Bob Volman's book Forex price action scalping I was actually quite surprised. The first thing I noticed right off the bat was that the book was written by a real trader, not just someone who writes books for a living.

The following is among the preferred booklet I please read on foreign exchange together with As i recommend the idea.

Forex Z Trading Info

Bob Volman UNDERSTANDING PRICE ACTION intraday tactics on forex - applicable to all markets Practical Analysis of the 5-Minute Time Frame.

I like how you write about things, about people trying to steal your cash. To trust only yourself. You have helped me in the past and I appreciate it a lot. Finally making some steady money, --Mark.

I have read our Brooks books and find they contain a lot of information that is informative to price action trading. They are little bit hard to read, as he seems to go on and on.

I do find that they contain his honest interpretation on how to trade. I think are well worth reading. When you have some idle time.

By his own admission he does not run is webpage so I'm not sure about the information presented there. Brian's book is very clear, well-written, and easy to understand.

I like the way he explains using indicators as more of a guide and a trading system. There are plenty of charts to help you understand the messages he's trying to convey to you. After reading this book and understanding what you are being taught you'll know all you need to know about technical analysis.

The book does resemble a textbook which is part of the appeal of the book. The first section will learn about market cycles. The second section you'll learn about how and when to buy. The third section gets a little more advanced for the beginner but it's still easy to understand.

And the fourth section is where he brings everything together in a nice easy to understand package. The book is well worth reading. And although it's a little bit more pricier than other books it's a much better value for your hard-earned trading dollars. I read the first one several years ago and even read the update.

Although some of the stories are interesting I find no value in these books for the retail trader. If you want to book to read in your idle time then give it a try. But if you're looking for tips and information on how to improve your trading you not find it here. An example would be I don't think that putting a monitor in my bathroom as one of the wizards has is going to improve my trading.

This leads me to believe that the majority of people that tout these books as a must-read for your average trader have never actually read the books themselves are just repeating what other people have said. Maybe instead of putting the monitor next to the stall I should put a copy of the book. Since it will probably make good reading there. Especially those trading accounts for larger than the average retail trader. You cannot trade the way they do because you don't have the money to manage the way they do.

The first thing I noticed right off the bat was that the book was written by a real trader, not just someone who writes books for a living. I found the book very well written and easy to read. The first section of the book covers basic scalping and was well worth the price of the book alone. Section 2 is all about entry setups Bob goes into great detail and explaining his setups backed up by plenty of charts so you can start to visualize the information he's trying to pass along to you.

The next section is on trade management and the second most important section of the book. However section 4 is all about unfavorable conditions and is the most important section of the book you have to learn when to set on your hands.

The last section is about proper account management which is also very important to understand how to keep from overtrading your account. Overall I found this one of the best written books about currency trading and should be on every traders desktop. At the beginning of my fiscal year I was using an Acer P3. However I found the lack of a touchpad sometimes irritating. So I started my search for a replacement.

I actually went to the store to purchase a Yoga tablet but started playing with the Microsoft Surface Pro 3 that they had just gotten in. I was not sure about using the Surface pin, but since it could be purchased with a keyboard and touchpad I decided the pen would be an extra that I probably would not use.

I have since found the Surface pin to be a delight. It's highly accurate and makes order entry fast and easy on the touchscreen. If you plan on trading over Wi-Fi while being on the go, the Windows service Pro three is a must-have. Your videos and website have inspired me to pick up scalping again - Jacob. Forex Secrets by Tim LuCarelli I thoroughly enjoyed reading this book and have no problem and adding it to my must read category.

It is very informative, and very thorough. It truly is a very different approach to Forex scalping. I have tested this method on my live trading account and it works very well when I don't have any scalping setups on my 70 tick chart. I always switch to this and look for some valid entries. This is one of only two methods out of the hundreds that I've tested that have a positive expectancy while this method is a little bit more complicated in its design it is quite profitable.

The first two chapters give you the background information you need. The third chapter on money management is probably one of the most important chapters to understand. The next few chapters that you set with the advanced knowledge that you need.

Then I chapter 9 you move into the technical aspects of trading. Unlike most trading books the last few chapters of the book package everything very well in an easy-to-understand format. This methodology can be adapted very easy with meta-trader 4 or ninja trader.

OK you are a complete newbie and you want to learn to trade currencies. You better be prepared for a journey that is as emotional as a love affair with your high school sweetheart. I think trying to create a narrative of current and overall price action helps keep me focused and helps me see the entire picture more clearly.

What sometimes may look like aimless price action will actually have a lot of helpful clues in terms of possible direction if I just take to time to look for them. Jul 11, , 8: Jul 11, , Originally Posted by Kalp. Jul 13, , 3: Sorry, I don't have time to write up all of my trades but I'll write up the best one from today.

After that tease break at E1 , the bulls took over the show. They did not foolishly try to make a large run upwards. They carefully built a base of support above the 80 level dotted box , keeping prices above the 20EMA, before trying to move on and attack the upper area of the range.

Prices bounced off my initial barrier lowest dotted line and printed 12 dojis under the barrier. That's a lot of tension but it wasn't enough to crack the highs of 1. The bulls are to be discounted for they created a second base of support with that group of dojis orange line.

Prices dipped below this support and proceeded to test the first base of support 2. Prices promptly bounced off and hit the second dotted line, leading me to redraw my barrier line one pip higher. Prices drop and test the second base of support 3. From there they printed yet another high so I redraw my barrier line to match the cluster at 1. Prices again test the second base of support 4 and make yet another high, matching the highs of the cluster 1. At this point prices are moving quite fast; there's a lot of action and I can see it in the price bars as their levels fluctuate.

The bulls test the new high 1. We see a test of the 20EMA and another bounce to the upper barrier, leading to the classic two doji pre-breakout tension. These are all very bullish signs.

I immediately take the break of the range and reach target in less than a minute. Jul 15, , Your analysis looks a little stronger than mine. Which will be good for me learn along side of you. I started a blog dedicated to mastering Volman's style. All trades shown are live trades using the smallest size possible. Archive I've been surprised how much patience you need to properly trade Volman's style.

But you do start to get a better feel for the rhythm and ebb and flow of the 70 tick chart with more and more screentime everyday. I'm a little bummed to lose Mike from this forum, he had some great posts regarding this scalping style. Hey UC, It's good to have you on board!

The idea of posting here was to post trades and to connect with others trading Bob's method, so I'll def check out your blog, thanks for the links! I often chat with BLS on skype during the session to keep up both focussed on price action and ensuring we are patient.

If you want to join us, regularly or just the one off, it'll be good to have another to bounce the Volman method off in real time. Last edited by Kalp; Jul 15, at Jul 16, , I was looking for a short trade before the bulls wriggled themselves out of that squeeze 3. After a nice uptrend, the bulls printed a double top 1 and 2 and were getting squeezed 3 , but I guess it may have been too early, in hindsight, to even take a countertrend trade.

I was put off by that huge bullish candle 4 because I thought that was a terrible way for the bulls to make a break. I guess I'm still shocked, even after that pullback inside the range, that I hesitate to trade this ARB setup. Prices found support above the 60 level, right above that previous bulls flag dotted box. This trade was perhaps a bit aggressive seeing at the test of the 20EMA and that test of the upper barrier occur in the same bar. The bulls were unable to follow through on the break after such a strong candle so I move my tipping point up to the level of the upper barrier after that bounce created a lower higher.

I get stopped out for a total loss of 3. Jul 17, , 7: The formation at 1 creates a higher high but the bulls are unable to follow through. We can't count them out yet though as the 00 level is likely to bring in sideline bulls ready to enter at better prices. Price bounces off of the 00 level 2 but can't even test the 20EMA before falling under. Bullish support is faltering but the bulls aren't ready to give up yet as they fight it out with the bears right under the 00 level.

It's clear that the bulls lost the 00 level when prices broke out of the dotted box 3. All the bears have to do now is put the squeeze on the bears to create some double pressure.

We can begin to consider a bottom barrier when the lows of 4 and 6 formed but the bottom barrier was rough any way you put it. The bulls find support and manage to test that earlier dotted block 5. All looks well for the bears until the bull print a higher high 7 , where the test that dotted box to the pip.

The following drop is prices suggest there was some double pressure here; perhaps I missed the boat on this one.

The bulls having tried to break through an earlier defense of the 00 level and failing led many to bail out and led some bears to enter. Prices drop 12 pip, straight through my barrier.

I chose to skip that ARB setup S1 because the closest technical stop would be 1 pip above that last swing high, which exceeds my maximum 10 pip stop loss. I was also wondering at this point whether I was asking too much of the market to move another 10 pip or so having already moved 12 pip. I ignored this concern when I saw a more superior ARB setup of the clustering variety form. This setup gave me a technical stop within my reach since the bottom barrier held at the test of it.

The bears are unable to follow through past the 79 level so I move my tipping point 2 pip down when prices pulled back 1 pip beyond the 20EMA and proceed to break back down. I was stopped out shortly 9 for a loss of 3. Jul 17, , 9: A rather aggressive BB setup but given that strong down move it was ok to take this trade.

The problem I had with this was that the nearest technical stop would put your stop at about 9 pip away from entry. Given the speedy price action at the time I was likely to experience some negative slippage, which would have made managing my stop a bit harder. DD here could have been taken here but I find it rather aggressive on account of that disorderly pullback. Prices pulled back into support turned resistance and formed a BB setup. I was not expecting a break at the time so I missed this move.

We don't even get a signal line until the second to last bar.