Thought I would start posting Bob Volman’s weekly charts.
Here’s the link again to his drop box https://www.dropbox.com/sh/1amxmi9af0fk6ej/VA5_ZrjQF1
Here’s last weeks file Week 39.zip (643 KB)
Also from I personal note I have switched trading software. I have become a ProRealTime convert. Never thought I would leave MT4 but it could be just be the right tool for the job. When in Rome…
On for the day New York Open. Been using a technique I believe is called the last kiss. Apparently its good for picking tops and bottoms. Suppose time will tell. Entered short at 1.27005. 10 pip SL and TP
Well, can’t win them all. Nice to get the week away with a win but it’s not going to happen every time. Missed my TP by 1 pip.
Now I could blame myself for being slow on the trigger and not getting on as quick as I should. Maybe because I was trying a new technique. But I would only be lying to myself. Simply where I went wrong was I traded with bias in a market that was obviously counter trending. Should of not traded at all or looked for a long entry.
Actually a long entry did pop up and if I had been patience and waited probably would of called it. I’ll zoom in a little.
But tonight goes down to a dumb trader. Best of luck pip hunting this week
My little boy has been sick for a few days, so I have struggled to get any time on the charts. I took some rushed trades on Monday, all ended up losers. Today I didnt get a chance to take any. I am not convinced tomorrow is going to be any different.
Bit late but here are last week charts by Bob Volman
Week 40.zip (1.37 MB)
Now for me, I’ll be going quite for the next month as I’m experimenting with higher tick charts so 1000, 2000, 5000, 8000. Hope to report back some positive findings. Still be here but if anyone has questions.
Happy pip hunting
Bob
OMG, I though nobody sharing TICK CHART trading here. Just notice bro have this thread. Thank’s for sharing your experience. I am trying to walk into TICK trading level.
By the way bro, would you mind sharing which TICK you use more on your trading? I seen a lot of chart that posted by bro are 70. I am trying to personalized by combining 100 TICKS with M15 and M30. It do improves a lot on my entry and exit. Hope you don’t mind sharing.
I do all my trading using this strategy on the 70 tick chart. It’s a very specific strategy designed to work day in day out for the next 10 years. All you have to do is get 3 from 5 trades a week.
Feel free to experiment with what tick volume works for your strategy. I’m looking to play with 1000 to 20 000 over the next few weeks just to see what hidden powers lie within the tick charts.
Have a look at todays trade which has happen as I type.
Top chart is 20 000 ticks about 2 to 4 hrs worth of trades. Bottom chart is the 70 tick where I took my short trade. Together they tell a much more complete story we can use to make our decisions.
Please feel free to share your experience here. This thread is designed so anyone can come share their thoughts or journal their trades. Makes a great reference to come back to.
All the best bro
Bob
John Carter’s book Mastering the Trade has a chapter called “Box Plays” wherein he describes a strategy like this. He explains it in this video:
Mastering the Trade - Chapter 18 Box Play
How do YOU quantitatively define a “box”? Your definition must be simple, objective, and clear. I think a lack of this definition is the source of most of the trouble for traders looking to employ this strategy.
Hi Bro,
Hope you don’t mind I use the same chart as yours for example. I am still relatively new on TICK chart actually, but its work pretty well. I use as combination with M30 for double confirmation for the entry and exit of trade.
We have actually almost the same, keep away from those big boxes, hence more patience needed.
Let’s take an example with the same chart you have. I think bro have some perfect entry there, but I used to be wait for more confirmation.
The 1st 3 bearish candle to break out from the boxes, I will consider it as 1st BREAKOUT and most of the time 1st breakout, a retrace must occurs. Usually, I don’t trade there to avoid false break until the retrace occurs. So the retrace did occurs which I have drew it with YELLOW TL.
Once it breaks the YELLOW TL, I will consider it as a 2nd break and a confirmation of entry.
In other hands, on those RED and BLUE channel. I will keep updating those TL, and there’s my exit play in roll. Once the TL from the top broken which a BULLISH full candle, it is a signal to me this trade has end it’s trending.
So the whole concept are cut the losses small, and run the profit till its end. But I use more on 100 TICKS, still I have to rely on TF chart because I am relatively new as I mentioned earlier.
By the way, bro using IG? I am using ProRealTime as well, using IG.
By the way, I didn’t trade EU today as it is still in UP Trend. I applied the same in GJ since yesterday with 110 pips by the time I am typing, and the trade was still running. I won’t exit until the upper TL is broken.
I’m with IC Markets bro. Just converted to ProRealTime but so far I like what I see.
Seen this method before and it caught my eye. Thanks for sharing. Really easy to understand what it is your trying to do. Be fantastic if you post a few trades and journal your mindset. Provides a great reference to go back to. May I suggest 140 or 144 (fib #) for your entry and even 1000 tick for 15min and 2500 tick for 30 min for MTF. But its good to experiment for what it is you need to see.
For me this trade was all about timing. Note the time. Bang on 9am New York. The market often gives itself away in that last 5 minutes of the hour at several points throughout the day. It’s not hard to figure out if you think about it form the markets perspective. Time of day is probably the best filter when it comes to applying this particular method.
Oh IC do use ProRealTime as well. I don’t really know that, but ProRealTime really good view in it, especially for me who don’t use a lot of indicator.
I did try before to get use on fib, but it just don’t work out for me. So other than some MAs, I just use Trend Line, Channel Line and some ranging boxes. That’s all what I need so far in my trading career, and I feel satisfied with my current result.
But of course, I am trying more experiment on others to implement on it for getting more significant result, that’s why I move forward to TICK chart. I will try sharing some of my trade, but it might be confusing for someone who don’t know what I am drawing. I am graduated in accounting, maybe bro might know accountant likes to write a lot of figures in a paper, and only themselves could understand better what their actually writing on.
I really didn’t notice the time there, because I am purely and fully technical person. Frankly to tell, I know nothing about Fundamental. Maybe NFP, ECB, FOMC, Janet Yellen, Mario Draghi etc, I know who are they but no idea at all what they are talking about. Usually I just avoid those fundamental high impact news if there are any, and if those Fundamental with 100 pips of impact, I will keep out for maybe 1 or 2 days to allow the price correct itself before looking a direction.
Funny huh? But that’s the truth of my trading behavior. I don’t mind to sit there for a week with no trade at all if my analysis shows me nothing.
Hey Bob,
Glad to see your still at it. What books have you read, or recommend for price action, or anyone else recommend as well…
hoping for something with concrete examples, as far as how to identify all the price action signals etc… pin bar etc…
G’day my old friend. See this is what happens when you go off and get married and leave me alone to test a bot. LMAO. Bro I had way to much time on my hands and this is the end result. Labor intense yes, rewarding doubly so. Fun factor 11/10.
Books, Bob Volman is a must. Also “Naked Forex: High-Probability Techniques for Trading Without Indicators” by Alex Nekritin and Walter Peters and “Beat the Forex Dealer: An insider’s look into trading today’s foreign exchange market” by AgustinSilvani.
[B]
[/B]Any of the threads on PA here at BabyPips are good. Also Google and YouTube. It’s all out there somewhere but bro, you have to filter through some crap first. Heres the key from an early post
To me price action is literally everything a securities price does in relationship to time. It is purely subjective and no two speculators will interpret price action the same. Most users of PA trade on higher time frames but it is a legitimate analytical tool on the tick chart.
But please remember I have become very specialized in what I do now and this works for me. Its probably not for everyone. But I think tick charts hold a secret that has long been overlook. So what ever it is you do on a time based chart, just do it on a tick chart instead.
All the best my friend.
Hello Bobb,
I’ve just found this thread and I appreciate you sharing your technique,
FXdaytrader from FF posted this indicator for tick chart have you ever tried it? what do you think about it, is it good?
Here’s a Tick Chart For MT4 @ Forex Factory
Hi all. Just thought I would journal my activities for the week and show a new strategy I have been working on. One key point most will agree upon and is also one of the hardest to implement is to stick with your plan. My current plan is fairly solid but there’s always room to improve. As discussed here and elsewhere the cost of trading this method is relatively high. Having the ability to let a trade run on would significantly reduce those cost and also reduce risk. With that said I have focused on educating myself in “seeing” what the market is doing in the larger picture to identify those trades that have potential to run on. Now we’re starting to talk picking tops and bottoms of micro trends. A much harder task.
So I have applied the same theory as MTF analysis and have come up with this plan. First I’m using three charts, the 70 tick, 700 tick and 7000 tick. I have selected these on the Logarithmic scale. On the 700 and 7000 chart I have donchian channels set at 10. Again 10 being the base of the Log scale it means I’m seeing the high and lows of the next higher tick chart. It’s to help train my eyes on each timeframe.
I have also applied a custom indicator from ProRealTime. It simple’s calculates the range in pips of the donchian channels. Again I have this set on 10 to represent the bar on the next higher timeframe. Finally on the 700 and 7000 tick I have a 4,6 MACD histogram. This helps identify current trend and therefore trade direction. On the 70 Tick chart I have removed the MACD and reduced my donchian channel down to 8 so making them a little more sensitive. Important to note that the donchian channel indicator is just there to help train my eye. PA is still my main weapon and I will trade accordingly. I hope to eventually remove this indicator.
Here’s a screen shot of what it is I’m looking at
In the next three posts I will break down the role of each tick chart
The MACD serves no other purpose except determine our market bias We are strictly trying to keep to our methodology. The MACD indicator is an oldie but a goldie and early on I was shown how to “supercharge” it by using a 4,6 setting. We are not interested in the signal line, only in the histogram.
But what of the other indicators, what can they tell us. Let’s look at the donchian channel first. I like donchian channels because they help train the eye to see what the highs and lows are doing and gives a brilliant indication of trend. When combined with the MACD a clear definitive explanation of what the market is currently doing. If both match we are in a trending market and here the greatest opportunities lay to let a trade run on. If the MACD is opposing what the donchian channel then the market is correcting and in a counter trend. Opportunities still exist but we have no room for error in our trade execution.
A final observation on this relationship. Have a look at the price action in the square marked as market indecision. See how it contradicts the MACD signal. A clue that the market has just about exhausted this current run and is getting ready to reverse. This can be tricky time to trade and a lot harder to spot in real time than on a post dated chart.
The final indicator in use is like a range indicator and is a very useful tool. It measures the difference in pips of the two donchian channel levels. On the 70 tick chart we will use the value to identify the box pattern for entry but on the 7000 and 700 tick we are more interested in the pattern the indicator makes and the strength of the pattern. Lets walk through the indicator
The chart starts off at A. in a strong uptrend. The indicator builds in value as new highs are formed in this strong push up. At B. the push stops and a new high is formed. It might just be a peak more often it’s a flat like this example as the lower donchian channel catches up to current market conditions. Remember all indicators lag and when interpreting a indicator this must be taken into account. At C. it does and we see a narrowing of the range as the market settles into range at D.
Ranging periods are typified by this pattern at D. Long flat periods of low range value with the odd peak and valley followed by another flat period. It marks indecision in the market. Again still plenty of opportunities will present but we are aware of this indecision in the markets and would be hesitant to let a trade run on. As D. comes to an end we see the range narrowing. Typically the game players are now positioning themselves ready for the next move. Never the bulls or the bears want to show their hands and the pressure starts building. Eventually something gives and in this case it’s the upper channel and the price breaks through at E. This push is short lived and at F. the indicator flattens out as the price can’t from new highs and the lower channel plays catch up. Then we get a conflicting signal at G.
Here the indicator is catching up to the current market and the value falls sharply to reflect it. This should mean a range is developing like back at C. and D. But PA shows that in fact the upper channel has been breached and a strong push up has occurred. This conflict in meanings is a sign the market is up to something and since our MACD has also given conflicting signals we have been given the heads up that things are about to change. There are no more bulls left to continue this current movement.
A final pause at H. and the market reverses at I. and J to M shows the pattern reversed for a downward movement.
This indicator is also great at assessing the potential of a trade to run on. The beginning of a strong trend is almost always typified by a small range value. Like it or not, the real players have their own rules to play by and they do leave evidence behind in PA that can be decoded. How I have done it here is just one way. So trades taken at the beginning of runs A,E, I and K have the greatest potential to run on. Now we are starting to pick our swing tops and bottoms. As the trend comes towards an end at B,F,J and L respectively we must be more pessimistic about the potential of each new trade.
So in summary we are using our 7000 tick chart to determine in essence our market bias. Primarily this is determined by the MACD histogram but the skill comes down to the ability of the speculator to interpret all the information the market can supply.
Interpreting the 700 tick chart is exactly the same as the 7000. Bearing in mind that things are happening 10 times faster and more false contradicting signals will be generated. Here we’re are going to determine whether the market is trading with bias (trending) or against bias (counter-trending). Again the rule is going to be quite simple, if the signal on the 700 tick chart is the same as the 7000 tick chart the market is trading with bias, if they oppose then the market is trading against bias or correcting. As you can see there is no difference in the chart themselves.
What we are look for from the 700 tick chart is being able to assess the quality of our trade and what reward it could deliver. As reinforced though out this thread, this methodology works best during a trending market so trades entered into under these conditions have a far greater chance of running on than trades taken during a correction. Referencing PA against the donchian channel and range indicator shows where about in the current cycle the market may be allowing us to further assess the trades potential to earn. End result a trade taken with bias at a valley low have the greatest potential to run on and earn for us.
Here’s where we will look for our entry signal. The only indicator’s I have added to this chart are donchian channels and the range indicator except I now have their value set to 8. Just to make them a bit more sensitive. I’m going to use this to tell me when my box pattern is broken.
The donchian channel is there more to help me train my eye to the formation of highs and lows. Obviously if the channel is trending down and a buy signal is generated then I would simple skip it. So it does serve other uses.
Our entry is exactly the same as what I have been describing through-out this thread a break in the box pattern. As defined our box is formed when 4 or more bars form within a 3 pip range. For this trial I have extending that definition out to 8 bars so basically I want the pattern to develop a little bit longer, the theory is the break out should be more powerful. When the value of my range indicator touches or falls below 3 pips then I can confirm a box pattern has been formed. When this signal shots back above 3 pips then I can confirm a break which should also be seen as a break on a donchian channel in the main chart.
It is then up to me and me alone to assess the quality of the signal and whether or not to enter the market. Get it right I’m a genius. Get it wrong I’ve only myself to blame.
The following chart highlights all entry signals. It doesn’t define quality. It’s just there to demonstrate the technique
