Understanding Price Action by Bob Volman (notes and examples)

Here is version 2.0 slightly neater but still yet to include any of his great scalping material...all in due time..

I was having a mentor before I read Bob Volman book, he teaches us a lot of technique especially he was focusing on the dynamic of the market where the moving average plays a big part to filter the support and resistance level, after I read Bob Volamn books I combined 200EMA and different time frames it pays off, it shows clearly the pressure and the direction of the break.

and the harmony in any trade is very important because I need to shun trade when candles exceeded their average span, also when I have resistance in front of the trade or the market is ranging, of course, you read the 7 typical trading error or 7 situations where you need to pay good attention it is in the second book

I set up mt4 platform to list (usdjpy, eurusd, gbpusd, audusd, nzdusd, usdchf, usdcad, eurjpy, gbpjpy, audjpy, nzdjpy and chfjpy) also Bob encouraged us to set up multiple markets, almost jpy pairs move together and easy to spot the correlation and the chart look similar so I pick the trade which makes more technical justification to take a trade like it prints Ww, Mm, arches or squeezes variant between support and resistance or 200EMA obviously easy to detect the buildup but once the correlation is lost the market is sending a message which needs me to pay attention. News also it is very critical because the chart sometimes looks harmony but suddenly stop loss can be hit easily with the news.

The time frames, I go through 4H,1H for support and resistance 30m,15m,5m to draw my pattern breaks or Range break but when I sharp my eyes when the setup is presented in all of them especially from 1H to 5m this where I recognize the big move is coming for sure if the News is not so aggressive to spoil the situation so I prefer to take trades where this is no news at all



Also, something I found it has a merits when the pattern break split in between one or two days some time more, in start no obvious direction until it buildup a pattern split between two or 3 days, so that I'm using separator in the chart this technique show the power of the break because it takes more than one session to buildup this also where I stay vigilant and focus without any disturbance whatsoever the market is going to move aggressively just I need patient and stay alert.


charts are attached for trades where the pattern break split between two days

Hi Craig
I may not be quite on Volman in this evaluation, I do see a pattern but in my rule book M W patterns are more reliable at extremes and S/R (is 00 etc) more interesting on that chart is the previous M pattern break which shows a good momentum break away, followed by a compressed retrace at a much slower rate and obviously fully traded, these obvious price traits should help you see and feel the flow of the money, your pattern was a retest of the former pattern and the breakout was aided by a connection area which then produced the 2 Nd equal leg to the 1st . It may sound confusing but hopefully it may help your future evaluations
Pho

Hi once againTrini
Just to mention you may want to look at US30 or GER s+p and Dad micro CFD charts or indexes they have plenty of daily movement and a recognizable characteur also some brokers are offering the micro which is great for affordable forward testing. Keep in mind time of day for these index especially pit open, I always have a sessions open lines indicator on my charts and treat it with the same respect as 000. That's probably my biggest tip.
Pho

r u using tic chrt?

I'm using a normal mt4 chart without any special customization.

But is it a normal MT4 tick chart or a normal MT4 timed chart?

Look at his picture he posted ? Check the tab

Here also today setup worked very nice pattern breakout in 30 min nzdusd

same trade on eurusd pattern break 15 min chart

Hi Clfever, I just finished reading Bob Volman's Understanding Price Action. I see that some of your trades are quite far from EMA on the timeframe shown. ARe you trading on a lower timeframe shown with the trade nearer to EMA? Thank you

Which forex trading strategies are beneficial for beginners?

As a novice, I use price action trading strategy. I have some points that show how price action is the best choice for me.

1. Price action analysis provides traders with an ever-relevant market perspective.

2. When you learn to trade using price action analysis you can rest assured that your method is relevant because it teaches you to decipher the core working of any market; price movement.

3. Price action setups are easy to test on demo accounts.

4. Price action strategy factors in all market variables.

5. Allows for profitable use of higher time frames.

6. Price action strategy helps you maintain an objective market mindset

So, what's your view? please let me know.

The price action tries to guess from one candle what is seen after switching to a shorter TF.

Hi, clfever I recently completed sir bob volman's price action book. I tested it on two pairs Eur/usd and Gbp/usd with 100 trades each. could you tell me what is the configuration of the two moving averages that you use on your charts and how many times you back tested your strategy on each of the currency pairs you have chose to trade on?

@clfever long time with out any upgrade, have you stil used this method to trade

Hi, was away from forex factory.
I'm still using Bob Volman method with different TF than 5min follwing trade was in 30min nzdjpy

another trade opportunity PB

Did u have any updates sir?
Thanks a lot

Hello everyone!
While searching more about Bob Volman's method, I found this group. I hope the group is still active and sharing knowledge with each other.
I am a newbie and I quite like Bob's trading style (both M1 and M5 scalping, 2 good books of his).

Opened European session with a reversal pattern. The first ARB setup was not really good (in my opinion), so I kept waiting, and the second SB/ARB setup appeared.