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Volman Style (70-tick chart)

  • #481
  • May 8, 2023 12:35pm May 8, 2023 12:35pm
Traded Gold today and got an unlucky spike. Shit happens i guess.
Anyways nice to see that it is actually going into my direction. Analysis was right.
Attached Image (click to enlarge)
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If you have to look hard for a trade, it is probably not there
  • #482
  • May 8, 2023 12:57pm May 8, 2023 12:57pm
Hello PA WIZARD! I hope you doing great! Yes i think you was unlucky ! The price seems like he retest the angular line resitance (a classic breakout/retest) + the low barrier of your box range. I think you made the good choice to scratch this one. You could probably tolerate a retest of your upper barrier but not much more... But like you said your analyst was good because the price going up after the retest. Did you trade with tick charts or 5min charts ? or more. Have a great one and you will be back stronger tomorow
  • #483
  • May 8, 2023 1:16pm May 8, 2023 1:16pm
Quoting Eurusdforex
Hello PA WIZARD! I hope you doing great! Yes i think you was unlucky ! The price seems like he retest the angular line resitance (a classic breakout/retest) + the low barrier of your box range. I think you made the good choice to scratch this one. You could probably tolerate a retest of your upper barrier but not much more... But like you said your analyst was good because the price going up after the retest. Did you trade with tick charts or 5min charts ? or more. Have a great one and you will be back stronger tomorow
Except the spike im doing OK so far. Happy about my analysis the last few setups. Gold seems to be a good instrument.
Maybe i will reenter when the box get tested again or we see another pattern.
It is actualy the 1 hour chart of gold. Im working full time as an engineer, that way i cant keep up with tick charts or the 5min. I even think about to change to the 1day to not miss anything good.
If you have to look hard for a trade, it is probably not there
  • #484
  • May 9, 2023 1:29am May 9, 2023 1:29am
Hello guys,

I think the spike was to due to some bears trading the earlier strong move for continuation, it's reasonable that they try. Indeed, I'm not sure I would have traded that setup personally, for this reason. It depends on the earlier price action which is not visible in the chart. Anyway, yes it happens and maybe you will be lucky to find another opportunity to hop on, as you said.

As for the timeframe, it's only a personal preference. D1 is interesting also for historical reasons, I think it's the most used timeframe of all time if we go back to some decades. I think the patterns would be very reliable.
Anyway, you can also opt for tickframes large enough to resemble the timeframe you like. For example, I know I like candles that last 30-40 seconds on average so I choose a tick setting that resembles that, rather than trading the 30s timeframe. That's why I use XAU/USD 240-tick, because in terms of time it's basically the same as EUR/USD 70-tick which I used to trade before.
Another note, why do you trade XAU/EUR and not XAU/USD? The latter is much more liquid and volatile. I also explored XAU/EUR but I didn't like it. XAU/USD seems to be much better. I don't know for larger time/tick-frames, though.
  • #485
  • May 9, 2023 6:55am May 9, 2023 6:55am
Quoting GC-Finance
Hello guys, I think the spike was to due to some bears trading the earlier strong move for continuation, it's reasonable that they try. Indeed, I'm not sure I would have traded that setup personally, for this reason. It depends on the earlier price action which is not visible in the chart. Anyway, yes it happens and maybe you will be lucky to find another opportunity to hop on, as you said. As for the timeframe, it's only a personal preference. D1 is interesting also for historical reasons, I think it's the most used timeframe of all time if we...
Main entry reason was that the downward channel/trendline was broken and price closed above the ema and a major resistance (fine dotted horizontal line).
Wasn't lucky to get another entry, price had a nice bullish rally since then

You are right, a high enough tick rate may be interesting as well, time based charts are my comfort zone atm

I trade it because it is in my trading "timezone" I always try to stick to the EUR as much as I can. In my case, the spread, commissions and swap rates are much better on XAU/EUR
If you have to look hard for a trade, it is probably not there
  • #486
  • May 9, 2023 6:55am May 9, 2023 6:55am
Good morning folks! I hope everybody going great today

There is my first trade today . Sometimes finding a great setup is not always easy and dertermine a valid barrier or a valid patern is not too. But this one cant be more clear (i think) we cant be sure at 100% on trading and we need to keep in mind that everything can happen. But let me say that i think odds was on my side on this one.... What did you think ?
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  • #487
  • May 9, 2023 8:15am May 9, 2023 8:15am
Hello GC FINANCE !!! little question for you. I see much Ww setup on bob volman charts . I want your perpective on this one this morning. I dont take the trade but i just want to have your opinion. I see a tripple bottom + w and breakout. but i think not trading this one was a good choice because the bearish market just hours ago ? maybe to soon to think about long position ? Or taking this one is good and get stop out ? Thank in advance
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  • #488
  • May 9, 2023 8:19am May 9, 2023 8:19am
Quoting Eurusdforex
Good morning folks! I hope everybody going great today There is my first trade today . Sometimes finding a great setup is not always easy and dertermine a valid barrier or a valid patern is not too. But this one cant be more clear (i think) we cant be sure at 100% on trading and we need to keep in mind that everything can happen. But let me say that i think odds was on my side on this one.... What did you think ? {image}
Very well analysed and traded! Looks like one of the perfect examples out of volmans books
I think the first breakout was tradable too, the 3 dojis would be (at least for me) a proper build up.
If you have to look hard for a trade, it is probably not there
  • #489
  • May 9, 2023 8:22am May 9, 2023 8:22am
haha thx men appreciate and yess look like volman charts !! And yes i agree with you the first BO was duable. But like a said i feel more confortable to wait to see real buildup before taking a trade. But if you are a little bit more agressive than me yess the first BO was duable Thank for your reply sir !
  • #490
  • May 9, 2023 8:49am May 9, 2023 8:49am
Quoting PA-Wizard
You are right, a high enough tick rate may be interesting as well, time based charts are my comfort zone atm
You can stay on the timeframes, of course. It's just that for me, once I tried the tick charts, I started appreciating their features and could never go back.

Quoting PA-Wizard
In my case, the spread, commissions and swap rates are much better on XAU/EUR
Interesting, for me it's the opposite (better on XAU/USD).

Quoting Eurusdforex
Good morning folks! I hope everybody going great today There is my first trade today . Sometimes finding a great setup is not always easy and dertermine a valid barrier or a valid patern is not too. But this one cant be more clear (i think) we cant be sure at 100% on trading and we need to keep in mind that everything can happen. But let me say that i think odds was on my side on this one.... What did you think ? {image}
It was great! But what about entering one pip higher at the break of that row of dojis? Did you feel it premature?

Quoting Eurusdforex
Hello GC FINANCE !!! little question for you. I see much Ww setup on bob volman charts . I want your perpective on this one this morning. I dont take the trade but i just want to have your opinion. I see a tripple bottom + w and breakout. but i think not trading this one was a good choice because the bearish market just hours ago ? maybe to soon to think about long position ? Or taking this one is good and get stop out ? Thank in advance {image}
It was a great pattern and probably tradable. The problems were the bearish market, of course, and that row of dojis just before the box which could act as a resistance (and it did). Maybe a little bit more buildup prior the break would have been better, also. Anyway, I think it was good overall and not a bad call to trade it.

Quoting PA-Wizard
I think the first breakout was tradable too, the 3 dojis would be (at least for me) a proper build up.
For me personally, it wasn't. Maybe on a higher timeframe or more volatile instrument yes but EUR/USD 70-tick is very tricky nowadays, I think Eurusdforex did very well skipping it.
  • #491
  • May 9, 2023 8:59am May 9, 2023 8:59am
Thanks alot for your feedback GC FINANCE. and to answer at your question. No I think enter right after the couple dojis get erased by the bar would be perfect too. For my comfort when the price dont break out really far of the barrier I prefer to see how the price will react with the last low. On this one we get 2 little dojis to buildup the breakout I was looking for. I dont know if it make sens ?
  • #492
  • May 9, 2023 9:00am May 9, 2023 9:00am
A couple of charts of this afternoon. I didn't take any trade but I'd like to share my analysis and discuss with you.

The point is that, when the price action is choppy (like it was in the first chart) I don't think it's really worth engaging in any trades. Because the risk of getting trapped in false breaks is very high. Maybe later you also get good trades but will you be emotionally ready after some losses? So overall I'm thinking that maybe it's better to skip and wait for a more clear situation, when highs and lows are more distinctive and outstanding. What do you think?
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  • #493
  • May 9, 2023 9:05am May 9, 2023 9:05am
Quoting Eurusdforex
Thanks alot for your feedback GC FINANCE. and to answer at your question. No I think enter right after the couple dojis get erased by the bar would be perfect too. For my comfort when the price dont break out really far of the barrier I prefer to see how the price will react with the last low. On this one we get 2 little dojis to buildup the breakout I was looking for. I dont know if it make sens ?
Sure, it does make sense in particular when you have "space" for your trade, like in this case the round number below (magnet) was far and the market bearish, so reaching it was realistic. In other cases maybe one pip lower could make you miss the target, but again it depends on the situation and overall I think you're doing well!
  • #494
  • May 9, 2023 9:21am May 9, 2023 9:21am
About your today session heres my tought : Stay on the sidelines when we are not convinced of the situation is the best move we can make !! The side line is the only place that a trader is not in danger. We can stay calm, relax and wait during the price sitatuon became more clear. Why risking our capital if the sitation is not clear ? I think this morning you have done the hardest part of the job. It is certain that we feel not productive but like you said if you take a trade during a time that you are not verry confortable (choppy market) you will not be in ''the zone'' when the valid setup that you looking for will show itself. So just one word too you about this one. Keep the good work and take your time to really see a GREAT setup. On my side I also have difficulty sometimes to not trade the ''so so setup'' but we are learning and improving. So let's go ! and while we're talking about '' the zone'' I dont know if you guys reed TRADING IN THE ZONE by Mark Douglas ? really good book about the psychology of trading.
  • #495
  • May 9, 2023 9:40am May 9, 2023 9:40am
Quoting Eurusdforex
About your today session heres my tought : Stay on the sidelines when we are not convinced of the situation is the best move we can make !! The side line is the only place that a trader is not in danger. We can stay calm, relax and wait during the price sitatuon became more clear. Why risking our capital if the sitation is not clear ? I think this morning you have done the hardest part of the job. It is certain that we feel not productive but like you said if you take a trade during a time that you are not verry confortable (choppy market) you will...
Thank you so much Eurusdforex! I think you're right. The unique problem of this practice is that it can cause you FOMO, so we need to avoid it at all cost and feel proud of ourselves that we stayed on the sidelines!

I know the book, but I didn't read it. I will consider reading it! Now I'm on that one suggested by PA-Wizard some posts ago.
  • #496
  • May 9, 2023 9:51am May 9, 2023 9:51am
Yes you are right ! Not always easy but after a day on the side line if you keep your composure and dont trade bad setup you need to be proud because its a perfect move !!! I'm also on the book ''emotion free'' is it the 101 pages book ? Just to make sure i got the good one . Thanks
  • #497
  • May 10, 2023 1:14am May 10, 2023 1:14am
Quoting Eurusdforex
Yes you are right ! Not always easy but after a day on the side line if you keep your composure and dont trade bad setup you need to be proud because its a perfect move !!! I'm also on the book ''emotion free'' is it the 101 pages book ? Just to make sure i got the good one . Thanks
Yeah its the one with 101 pages. Its not that long and you may skip a few parts.

Quoting GC-Finance
A couple of charts of this afternoon. I didn't take any trade but I'd like to share my analysis and discuss with you. The point is that, when the price action is choppy (like it was in the first chart) I don't think it's really worth engaging in any trades. Because the risk of getting trapped in false breaks is very high. Maybe later you also get good trades but will you be emotionally ready after some losses? So overall I'm thinking that maybe it's better to skip and wait for a more clear situation, when highs and lows are more distinctive and...
Great job keeping the patience there and not enter anything that didnt fit into you analysis. As traders, we are in the comfortable situation to stay flat and cherry pick our setups.
If you have to look hard for a trade, it is probably not there
  • #498
  • May 10, 2023 2:03am May 10, 2023 2:03am
Well it's good to ignore days that are choppy if your not comfortable and a certain well known trader said " If it's not blatantly obvious don't trade it" IF. But on the other side of the coin you need to get over not entering, the 2nd chart has some nice PA showing the intent and the benefit of Volman is the tight SL as long as you keep the R:R you can take the trades and BE with 1 in 3 if your not in it you cannot win its an odds game .Don't be afraid to loose a trade it part of trading just keep an eye on the bottom line each week. And enjoy trading. Gold as in xauusd had some great PA and rotations yesterday.
Happy pips Pho
  • #499
  • May 10, 2023 2:15am May 10, 2023 2:15am
Quoting Eurusdforex
Hello GC FINANCE !!! little question for you. I see much Ww setup on bob volman charts . I want your perpective on this one this morning. I dont take the trade but i just want to have your opinion. I see a tripple bottom + w and breakout. but i think not trading this one was a good choice because the bearish market just hours ago ? maybe to soon to think about long position ? Or taking this one is good and get stop out ? Thank in advance {image}
It's just a range and a consolidation they are filling up for a move without moving price outside of their requirements the marked red circle breakout is the typical move even though it's small it grabs (sells into the buy orders) the pending breakout traders and the SL of all the short entries in the range then as always marches off and out the other side for the SL of all the long traders (sell orders) hitch help accelerate the planned move. W and M patterns are great but require to be at an extreme location and will make an obvious break and enter on the retest they are PA for rotation and structure needs to b broken for a reliable trade.
Happy pips Pho
  • #500
  • May 10, 2023 2:25am May 10, 2023 2:25am
Quoting PA-Wizard
Traded Gold today and got an unlucky spike. Shit happens i guess. Anyways nice to see that it is actually going into my direction. Analysis was right. {image}
A too tight a SL you mean but personally I would not have expected too much movement long into that Momentum candle down, just a pullback by some % , that would ring the bell and it's rather obvious.
Happy pips
Pho
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