Understanding Price Action by Bob Volman (notes and examples)

Points to consider for tomorrow:

 

1. Take the trendline in into consideration when taking your position
2. Best wait for confirmation to prevent any fake breakouts
3. DO NOT MOVE MY TP TARGET UNLESS I CHANGE MY MONEY MANAGEMENT STRATEGY (this cost me 9 pips)

If there are any questions or pieces of advice I welcome open discussions

See you tomorrow

DAY 2

 

1. -14 pips
2. +1.5 pips
3. -6.8 pips
4. +20 pips

NET: +0.7 pips

Trade 1: I entered the trade here due to a breakout from the box, I felt that the magnetic pull from the round ’50 would help guide the price down along with the yens volatile nature it would also extend further to reach a TP of 20. However, this reached a point of consolidation and I knew a breakout was imminent however price had hit my SL

Trade 2: The USDCHF was looking promising having watched a consolidation built up from the US open I knew a breakout was only round the corner. However, I had to leave the trade early due to the announcement that was set to commence

TRADE 3: USDCAD This trade was a loss, I was waiting for a possible retracement to the upside

Due to missing the UK open I went on to trade the Asian markets where I took out this trade



I am going to next focus on making some tighter stop losses and continue to enter trades only on confirmation

Hi Forexin,

What chart do you use ? 5 min or tick charts ?

I use the 5 min charts

I have made some slight changes to my strategy:

 

1. I will only be using the strategy on the following pairs: EURUSD, USDCHF, USDJPY, USDCAD because these provide a good amount of pips during all three markets (UK, US and Asian)
2. I will be taking more trades than usual

Monday: No trades taken

I WILL BE STOPPING THIS THREAD AND STARTING A NEW THREAD WHERE I WILL STILL BE POSTING TRADES BASED ON BOB VOLMANS BOOK

HERE IS A PREVIEW:



SEE YOU ON THE OTHER SIDE

I have read both books but have not actually traded them. Do you actually trade either his tick method or his 5 minute from the second book? Do you trade more than the EURUSD?

Volman is known more for his 70 tick chart stuff.

here is a setup of combi breakout pattern break the only wrong with this setup is against dominant pressure

this trade in Aud/jpy continuation setup for uptrend see Understanding price action Figure 5.8 to have more information.

continuation setup in USD/CHF 09-09-2019 pattern break

another continuation setup in usdjpy 15min 09-09-2019

first setup i catch in Pattern Break combi it is for gpbcad 2019-09-10

Pattern break pullback nzdjpy

This setup is Pattren Break in gbpnzd in 30 min time frame .