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Volman Style (70-tick chart)

  • #181
  • Nov 1, 2018 4:16am Nov 1, 2018 4:16am
Quoting vegeta12
greetings where can I find a reliable indicator which will convert my MT4 chart to 70 tick chart best regards
That tick data will be unreliable . Either use Prorealtime or NT with FXCM data.
  • #182
  • Nov 1, 2018 5:51pm Nov 1, 2018 5:51pm
Quoting vegeta12
greetings where can I find a reliable indicator which will convert my MT4 chart to 70 tick chart best regards
Simple really ovo.cz premium ticks and derateable to 4 digit for Colman trading just the best , get the free demo and you won't look back.
Pho
  • #183
  • Jan 25, 2019 10:08am Jan 25, 2019 10:08am
Hi
How many traders do you get with Bob’s methods per day on average? And don’t you think that most of the time 10pips Take Profit is a bit too big like for eur/usd ? Don’t you think 5-6pips would be better?
  • #184
  • Mar 7, 2019 3:35pm Mar 7, 2019 3:35pm
Quoting kajetan255
Hi How many traders do you get with Bob’s methods per day on average? And don’t you think that most of the time 10pips Take Profit is a bit too big like for eur/usd ? Don’t you think 5-6pips would be better?
Hi.

I have traded sometimes according to Bob Volman's but I finally opted to give up because I was not finding a lot of good trades per day. I am not saying the technique is wrong, I have almost always found his price action analysis is right and it works.

I don't think that Bob Volman strictly means to stick to the 10 pip or 10/20 pip strategies (each of his books shows a slightly different bracket).

And yes, in my opinion, the TP level must be very well defined for each trade because the probability of reaching a certain level decreases exponentially the more you get away from the entry point. So If I would still be trading Bob's strategy I would study the number of pips that price moved and how it did it in previous setups to estimate the most likely TP level I want to set.

Take the following chart as an example.

You can see different TP sizes depending on the structure you want to trade. For the smaller you can expect to be right aiming 30pips while the longer one of this 30M chart at this specific time and date should not be longer than 60-70 pips for instance.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 67 KB
  • #185
  • Mar 7, 2019 4:24pm Mar 7, 2019 4:24pm
I stopped Volman-style scalping for a similar reason. I found it mentally tough to watch the charts for several hours to try to catch one or two setups, only to see Brexit volatility wreck everything. But while I was trading this way, I was seeing pretty decent results. My account went from $2200 to $2800 in about 6 weeks. But that was a really hard way to make $600.
  • #186
  • Apr 12, 2019 7:21pm Apr 12, 2019 7:21pm
Is anyone interested in starting a dialogue about trading Bob Volman's 70T method. I've been trading a modified version of his method for the past few months alongside my day job, and I enjoy it, but I can't find any active threads on the subject.
  • #187
  • Apr 14, 2019 5:08pm Apr 14, 2019 5:08pm
Quoting mattchao
Is anyone interested in starting a dialogue about trading Bob Volman's 70T method. I've been trading a modified version of his method for the past few months alongside my day job, and I enjoy it, but I can't find any active threads on the subject.
You would be better off starting a trading journal on this forum if you want to generate some conversation/interest
  • #188
  • Apr 15, 2019 11:19pm Apr 15, 2019 11:19pm
Quoting mattchao
Is anyone interested in starting a dialogue about trading Bob Volman's 70T method. I've been trading a modified version of his method for the past few months alongside my day job, and I enjoy it, but I can't find any active threads on the subject.
Well it seems you could carry on posting here, I am sure there are still followers who will get email advisors like myself, and if there is any interest it will pick up speed, I don't see much point in starting another thread. Happy pips.
  • #189
  • Apr 15, 2019 11:29pm Apr 15, 2019 11:29pm
[quote=scherzi;12090020]{quote} Hi. I have traded sometimes according to Bob Volman's but I finally opted to give up because I was not finding a lot of good trades per day.
How many trades do you need 1 or 2 can be plenty you can increase the lot size.
Also if and when I trade Volman I use a trade manager to take profits at 3, 6, 9, pips and then leave 25% to run with a trail and of course BE early , if you are having successful entries that's the whole point get to BE at the 5-10 pip target and leave it to run even move to a time chart , trail etc there are many variations to extend targets. Happy pips
  • #190
  • Apr 16, 2019 7:19pm Apr 16, 2019 7:19pm
Thanks for the reply, photize! I'm thinking that posting my daily results will be a bit much, so I'll share my weekly results at the end of the week. I'll give some thought to where best to post or share.
  • #191
  • Apr 19, 2019 7:22pm Apr 19, 2019 7:22pm
Quoting photize
{quote} Well it seems you could carry on posting here, I am sure there are still followers who will get email advisors like myself, and if there is any interest it will pick up speed, I don't see much point in starting another thread. Happy pips.
I decided to post my weekly summary on Twitter if you're interested in following - https://twitter.com/MattC_Trading
  • #192
  • Apr 28, 2019 10:46pm Apr 28, 2019 10:46pm
Quoting mattchao
{quote} I decided to post my weekly summary on Twitter if you're interested in following - https://twitter.com/MattC_Trading
Just posted notes from my trades last week on Twitter. Report card... 9 error free trades | 12 missed trades | 1 error | 4 pips error cost
  • #193
  • Apr 29, 2019 2:37am Apr 29, 2019 2:37am
Quoting mattchao
{quote} Just posted notes from my trades last week on Twitter. Report card... 9 error free trades | 12 missed trades | 1 error | 4 pips error cost
Hi
I am very interested in you results. What did you modified? What is your average week pip takings from when you have started? And how many valid trades you can usually see per week? In the book Bob said that with as little as 25pip per week and compounding you can make huge amount of money. With your current experience after this few moths do you think it is hard to get to that level? I have been studying Bob's charts from a few months and I am going to open small live account in about 2 weeks and trade his methods very conservatively at the beginning and lets see what happens.
Kind regards and lots of green pips mate
  • #194
  • Apr 29, 2019 4:06pm Apr 29, 2019 4:06pm
Quoting photize
Quoting scherzi
{quote} Hi. I have traded sometimes according to Bob Volman's but I finally opted to give up because I was not finding a lot of good trades per day. How many trades do you need 1 or 2 can be plenty you can increase the lot size. Also if and when I trade Volman I use a trade manager to take profits at 3, 6, 9, pips and then leave 25% to run with a trail and of course BE early , if you are having successful entries that's the whole point get to BE at the 5-10 pip target and leave it to run even move to a time chart , trail
...
If you divide your trade in 4 parts, you will loss the whole amount when triggering your SL while your target profit is only 1/4.

Why do not you just enter with one trade and let it run till the end?

Maybe you are setting take profit levels beyond a reasonable level.
  • #195
  • May 7, 2019 7:30pm May 7, 2019 7:30pm
Quoting kajetan255
{quote} Hi I am very interested in you results. What did you modified? What is your average week pip takings from when you have started? And how many valid trades you can usually see per week? In the book Bob said that with as little as 25pip per week and compounding you can make huge amount of money. With your current experience after this few moths do you think it is hard to get to that level? I have been studying Bob's charts from a few months and I am going to open small live account in about 2 weeks and trade his methods very conservatively...
Sorry for the delayed response. I need to setup email alerts for this thread. My day job got busy last week, so I didn't have much to report on my trading. I haven't looked at my pip totals in about 4 weeks as part of an effort to focus only on lead measure and quality improvements in my performance. Earlier this year I was basically breaking even, but I believe if I take my eye off the P&L for a while and just focus on the craft, that will improve. I started trading this strategy part-time 4-5 years ago, but took a break for a couple of years during a career transition. At the end of last year, I started over from "square one" with studying and backtesting until I had worked most of the kinks out of my system and dealt with the holes in my approach.

Bob's method is a good fit for certain personalities. I hope you'll like it. When I got started a few years ago, the market volatility was quite low, so I gained more experience on Bob's ranging setup... range breaks, inside range breaks, etc. Those are the core of my strategy. I'm still working on "qualifying" myself on the faster trend following setups. I made modifications to the exit strategy to adjust for times of low volume and trades where a more specific target than the generic 10 pips makes more sense. Besides that, I did not change much...

(1) In his first book, Bob categorizes all his trades as one of 7 entry setups. But this was a bit misleading at first, because these "setups" can be seen all over the chart all the time. I quickly realized that Bob had a mental storehouse of bigger picture "chart scenarios" and lots of experience just reading charts. So, I spent time getting to know these bigger picture scenarios (like "boundary bounce", "trend reversal", "counter-trend failures", etc.) and learning to read the charts from a broader perspective. I made a short list of the scenarios that I studied, and only when a trade fits one of these "scenarios", do I start looking for an entry setup. Of coarse, in Forex, most of these scenarios revolve around the testing and breaking of 20-levels or the 50-level, which Bob discusses here and there throughout his book.

(2) Then, I codified a short list of "adverse conditions" that can invalidate a potential entry... (like "trading away from a 20-level", "trading from the edge of the daily range", "lunchtime trades", "trading into potential resistance", etc.). Bob introduces this topic at the end of his first book but goes into greater detail in his charts on the Trade2Win forum. I captured a few dozen snapshots of failed setups from studying recent months' charts, categorized them, and distilled them into checklists which I use while trading to help me wait for the right moment when there are adverse conditions present (which is most of the time).

To be honest, it's a pretty steep learning curve, and I have a lot of hours invested. I had no experience with trading prior to this, but for those already familiar with the markets, the learning curve should be much shorter.

**To answer your specific questions...

  1. I see about 3 trades per day on average. I trade only the US morning session and sometimes lunch. I watch EUR/USD and USD/JPY concurrently.
  2. You only need 15 pips per week, but my mental goal is 5 pips per day. If you are risking 2% of your account balance on each trade (maybe 3% at the beginning), then 5 pips per day will run up a small account in a few months. Open up Excel and plug in some formulas to see for yourself... it's quite impressive.

I should be back on-line Friday to post some more... good luck this week!

  • #196
  • May 8, 2019 1:00am May 8, 2019 1:00am
Quoting mattchao
{quote} Sorry for the delayed response. I need to setup email alerts for this thread. My day job got busy last week, so I didn't have much to report on my trading. I haven't looked at my pip totals in about 4 weeks as part of an effort to focus only on lead measure and quality improvements in my performance. Earlier this year I was basically breaking even, but I believe if I take my eye off the P&L for a while and just focus on the craft, that will improve. I started trading this strategy part-time 4-5 years ago, but took a break for a couple of...
Really good feedback, much appreciated.
  • #197
  • Edited 2:47am May 8, 2019 1:49am | Edited 2:47am
Quoting mattchao
{quote} Sorry for the delayed response. I need to setup email alerts for this thread. My day job got busy last week, so I didn't have much to report on my trading. I haven't looked at my pip totals in about 4 weeks as part of an effort to focus only on lead measure and quality improvements in my performance. Earlier this year I was basically breaking even, but I believe if I take my eye off the P&L for a while and just focus on the craft, that will improve. I started trading this strategy part-time 4-5 years ago, but took a break for a couple of...
in your paragrpah (2) you mention trade2win "Bob introduces ... but goes into greater detail in his charts on the Trade2Win forum" but could not find Bobs actual comments there. Do you have a link please. Found the forum "Bob Volman Price Action Scalping" but dont think that is where you mean.

Would like to see your check lists, i have started making notes from Bobs book but only half way through. Just getting into the range related stuff.
Again, appreciated

edit, just found Bobs Drop Box.... https://www.dropbox.com/sh/1amxmi9af...P4TJRPwWFLrlja
edit 2... perhaps I should have read the early posts!!!!!
  • #198
  • May 9, 2019 9:05am May 9, 2019 9:05am
Quoting mattchao
{quote} Sorry for the delayed response. I need to setup email alerts for this thread. My day job got busy last week, so I didn't have much to report on my trading.
All good stuff Matt, Allan at wall st to easy street, also liked to include time and sales to assist the momentum achieving 96% over a year , he seems to be spenfing the profits lately though Lol.
But a momentum indicator , tick speed or some insight can help.

I personally do not trade without a good session open times indicator with horizontal lines try one you will find it the most important tool, (include pit open).
Happy pips
Pho
Dont forget the 4 digit volman tick charts from ovo.cz
  • #199
  • May 12, 2019 6:20pm May 12, 2019 6:20pm
I've mostly been doing practice sessions lately because my day job got busy and I'm studying for a trade exam, but I traded on Friday. I realized that I don't have a protocol in place for this particular situation…

I was attending to my daughter for about 30 seconds while in a trade. The trade moved to target faster than expected, and I missed my opportunity. My automatic T/P was also not triggered (since I don’t trade with my broker's charts, the automatic T/P doesn't always line up perfectly with my trading charts; so if I'm shooting for a specific price level, the manual exit is best).

The trade turned into a small loser because I got mentally anchored on my original target and just couldn't bring myself to execute at anything less (even though the logical half of my brain told me to). I like to make sure that situations like this don't happen twice, so I created a new protocol:

If target is missed for some reason…

  1. move my automatic stop loss forward to a logical spot to keep the trade from becoming a loss and so as not to rely on a manual exit
  2. wait for a second chance at the original target
  3. if the price action warrants creating a new, reduced target, adjust the automatic take profit so as not to rely on a manual exit

Attached Image (click to enlarge)
Click to Enlarge Name: 05-10 (2).JPG Size: 148 KB
  • #200
  • Jan 28, 2020 12:06am Jan 28, 2020 12:06am
Quoting photize
{quote} Simple really ovo.cz premium ticks and derateable to 4 digit for Colman trading just the best , get the free demo and you won't look back. Pho
How do you convert pips to 4 digit with this ovo for Volman style trading? Are there any youtube video showing the process?

Thanks !
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