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Post by traderAllen on Aug 10, 2014 19:13:01 GMT -5
This is the heart of my trading method. I learned this method from Bob Volman.There are seven basic setups that I use for my scalping. Although I've modified the money management a little bit to fit my personality.
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Post by fxoutlier on Aug 12, 2014 4:00:34 GMT -5
Read Volman twice over a year ago, but never found much other info on using tick charts on the internet. Bob Volman doesn't appear anywhere else on searches but this can possibly only be a good thing as unlike other authors he's not writing a book to sell a course. Brilliant book.
Just come from trader Bill's webinar. He's just started them again and now is using a system called DTS with renko bars and tick charts. Felt a bit guilty leaving the webinar a I don't think many are in there. I'm not sure I want to go that way myself as I can see more the logic behind the Volman method. Like the addition of order flow from the level II screen.
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Post by traderAllen on Aug 15, 2014 3:36:00 GMT -5
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Post by fxoutlier on Aug 15, 2014 4:15:37 GMT -5
Brilliant.Just downloaded a dropbox onto my computer and then all the files cheers. It's going to ages to get through them.
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Post by steve on Aug 15, 2014 8:42:32 GMT -5
Dropbox. So kool. More charts to look at.
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Post by thelastseven on Aug 29, 2014 13:02:00 GMT -5
Hi Allen,
I hope some question about trading plan. I hope you can help me.
Do you just trade US session with Bob Volman system? How many trade in average do you have for a week?
And Do you just trade Bob Volman method purely without any other analysis system or you have add some more analysis to get the entry?
Thanks!
Thelastseven
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Post by traderAllen on Aug 30, 2014 21:58:58 GMT -5
I prefer to trade the US session from 8 AM to 11 AM New York time. I trade all the entry methods the Bob Volman talks about in his book. But I want to make a point here on systems. You cannot trade someone else's system. You can learn it, but you have to incorporate what you learned into your own personality and make it your methodology. First I analyze the overall market to determine if I should be trading at all and if so what direction is the likely path of least resistance. Then I will start looking for my entries.
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Post by traderAllen on Sept 1, 2014 10:11:46 GMT -5
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Post by thelastseven on Sept 7, 2014 19:46:01 GMT -5
Thank you for your reply, Allen.
So you have developed a trading style and methodology which is suitable for you base on the Bob Volman's scalping method. I found that you have a completely different trade management from tipping point of Bob Volman's method. How do you manage the trade?
Thanks!
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gats
New trader
Posts: 10 
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Post by gats on Sept 13, 2014 23:50:07 GMT -5
Just to say thanks for the stuff you post/tweet , I like the way you operate , no BS just solid advice , I am following and see benefit
in mirroring what you do , if I can ... (-: (mirroring so much more polite, than copying)
Cheers ...
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Post by traderAllen on Oct 10, 2014 10:50:52 GMT -5
If I had to pick one trade set up in the Forex price action scalping method that I disliked the most and will hesitate to take, that trade would be a block break that is at the high point or the low point of the trading day. Unlike a block break in the middle of the days range which is more or less a hesitation in the current Cycle. The block break at the high point or low point of the day seems to be more or less an unwillingness to move higher/lower and a sudden break more often than not is a tease followed by a retracement. So as I think back over my last year of trading, this set up is the one trade that sticks out in my head that I now try to avoid.
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Post by traderAllen on Oct 31, 2014 10:18:39 GMT -5
This weekend I will be reviewing Bob Volman's new book "Understanding price action: practical analysis of the five minute time frame" Once I'm done reading it I will post my opinion here and on my review page of my website. I have a quick link at the bottom of my review page right now if you want to check out the book before I review it.  Link to book
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Post by fxoutlier on Oct 31, 2014 13:47:11 GMT -5
Didn't know about a new book. I'm straight to Amazon, it's a must. Very exciting!
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Post by traderAllen on Nov 2, 2014 16:21:15 GMT -5
My first impression of Bob's new book was"wow what an intense read" just like the first book it will require several complete reading to absorb all the information. It's like the first book on steroids. I think most people would be better served reading and understanding all the information in the first book before moving on to the second. The concepts and the first book are very basic and straightforward. The concepts and the second book require much more subjectivity, this will make it more difficult to learn. The book however is loaded with tons of great information and a year's worth of charts which alone is worth the price of the book.
I really feel this book was meant to be a companion to the first book. However, since price action is universal I think it was modified to a five minute chart to appeal to a larger audience. This is in no way faulting the book or Bob. If anything it's allowing his work to reach out and help more traders. I think applying the additional learning material from this book to the concepts already used on the 70 tick chart will increase the when rate of the scalper. Also I think it may be better served being used on say a 512 tick chart instead of a five minute chart. But that's just my opinion.
This book is not as complete of a trading methodology as the first one, therefore I do feel you should read and understand Forex price action scalping first. Then once you're getting decent results and wanting to improve upon them take on the task of the second book. One thing I would like to note is he does a much better job at describing buying and selling pressures in this book which is very important.Also I like the way this book mirrors more of my trade management of exiting based on fading buying and selling pressure versus a hard fast target.
In closing my final comments is Forex price action scalping is still my number one must-read book. This new book understanding price action is now moved to number two must-read book where it's taking over the spot from Mark Douglas's book trading in the zone.
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Post by fxoutlier on Nov 2, 2014 16:37:28 GMT -5
I can't wait for the book but think it sound advice to really get to grips with fpas first. I was a little worried I might get side tracked after putting a lot of work in on the first book without any practical experience. Still if I give the second book a relaxing read whilst concentrating on the first it shouldn't pose too many problems.
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