Free Download Understanding Price Action: practical analysis of the 5-minute time frame, by Bob Volman
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Understanding Price Action: practical analysis of the 5-minute time frame, by Bob Volman
Free Download Understanding Price Action: practical analysis of the 5-minute time frame, by Bob Volman
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About the Author
Bob Volman (1961) is an independent trader working solely for his own account. He is the author of Forex Price Action Scalping, a book widely acclaimed by active scalpers for its ingenuity and practical usefulness, and in steady demand since its first publication in 2011. Understanding Price Action is his second volume on price technical trading, containing all the insights and practicalities any trader could ever hope to find within a single trading guide. Free excerpts (PDF) can be downloaded from www.upabook.wordpress.com
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Product details
Paperback: 434 pages
Publisher: Light Tower Publishing (October 17, 2014)
Language: English
ISBN-10: 908227860X
ISBN-13: 978-9082278606
Product Dimensions:
6.7 x 1 x 9.6 inches
Shipping Weight: 1.9 pounds (View shipping rates and policies)
Average Customer Review:
4.2 out of 5 stars
48 customer reviews
Amazon Best Sellers Rank:
#57,703 in Books (See Top 100 in Books)
What Bob Volman is saying is simple. Trading increases our irrational behavior. Traders lose because they are not rational, they are driven by desire. They are afraid or euphoric based on their last few trades. They don't see each trade as unique with 50:50 probability like flipping a coin, they must be right every time and will hold losers too long, let winners turn into losers or become fearless and bet the house. According to Mark Douglas in “Trading in the Zoneâ€, trading is like a casino. One spin of the roulette wheel can be a loser for the casino, but the odds are stacked in its favor and over the long run, consistency wins. If you read Bob Voman’s book, where each word is a gem, and understand it, then you will have an edge and over the long run, you will be a winner. Take it from me because I exchanged several emails with the author and each time he answered within a day.
I'm an experienced and active trader. Over the years I've read a mountain of books from some of the best traders in the world. Works from Minervini, O'Neill, Sperandeo, Schwartz, Brandt and many more have all been invaluable in helping me evolve as a trader. These show you trading methods in the bigger scheme of things as well as critical risk management. But whatever time frame you trade, in my case mostly the daily charts (swing trader), it all comes down to price action. This book covers what most others don't, and it does it in a very practical and well written way. I was very surprised at the quality of this book. And it's had one of the biggest impacts to my trading. I apply it on swing trading, when entering and exiting positions on the hourly or 5 min time frames or the occasional day trades. I suggest all traders better their understanding of price action. And this is the book to get. Highly recommended! Big thanks to the author for sharing his experience, it saves us years of having to learn the hard way.
I bought this book together with it's counterpart, Forex Price Action Scalping but despite having gone through UPA several times (the pages have started coming off!) I am yet to read more than 2 chapters in FPAS. The reason for this is just that I am not suited for anything below 5-mins time-frame besides I don't want to purchase a monthly subscription to a chart provider in order to trade using accurate ticks data. This book is definitely not for a once-over read but several reads before the principles can be deeply ingrained in your trading mindset. Bob opens the door of your mind to the 'why' and a bit of the 'what', concepts can be explained but if you don't get the idea behind the concept you would easily become confused when you come across a variant of such a concept hence why it is better understanding the reason behind an idea rather than the idea itself. I found out that I was always coming back to re-read the book after making some mistakes applying it's ideas to my trading and boy! each time do I discover something new like if I was coming across it for the first time! I had been breaking even in my trading before I came across this book but presently I am making considerable profit on a micro-account by applying Bob's ideas in my trading. I hope to upgrade to a standard account once I can maintain my profitability and hopefully pay Bob a visit soon.And for those complaining about the book being too wordy or too archaic...it's a trading book for crying out loud and not a comic book.
Bob Volman's work stands out like a diamond in the rough amidst trading literature. For half the price of the usual offerings in this category, Volman not only delivers valuable discretionary technical trading ideas, but presents them in a way that is both responsibly thorough and extremely comprehensible - a tough challenge with any discretionary method.Key points:* A handful of technical strategies are presented: breakouts (including from sloping trend lines), breakout pullbacks, classic pullbacks, and range reversals (breakouts back inside of a range). The only technical tools used are trend lines and a 25 pd moving average.* Critical technical context is given for each setup in numerous well articulated examples, separating good trades from bad, without cherry picking.* Setups are designed for 'all-in, all-out' trading: a bonus for all one contract traders out there.* Plenty of helpful notes are given to describe the psychological issues of dealing with particular setups and their management.Key improvements that weren't in the prior book, Forex Price Action Scalping:* The key time frame is 5 minute candles as opposed to the 70 tick chart, the former of which is much more popular (a number of tick chart examples are nonetheless included).* There are extensive examples of sloping trend line breakouts as opposed to the classic horizontal line approach.* A consecutive day by day analysis is given over the course of six months - something I have yet to see in any trading book.* Volman discusses more extensive exit strategies including modifying profit taking positions, providing numerous examples thereof.* An entire section is devoted to adjusting to low volatility conditions - another thing I have yet to see properly addressed in a trading book.* The influence of different sessions is discussed (Asian vs Europe vs US).* While the bulk of the focus is the EUR/USD currency pair, several other currency pairs are also presented in the low volatility section, as well as six examples from stock index futures (YM, NQ, ES).Regardless of how good this book is on a first pass, it's critical to understand that it's not made for reading, but for re-reading. You're going to have to go out there and do your own research to make the approach yours, but that is necessary with any trading approach you read about - unless you're copying the code of an automated strategy.Even if you don't follow all of Volman's technical ideas (for example I tend to be more of a counter-trend, failed breakout trader while Volman is more trend and breakout oriented), the most valuable thing this book and its predecessor can teach is the skill of reading into technical details properly and asking yourself the right questions as you design your own approach. This alone makes this book considerably more valuable than its numerous overpriced competitors. This is a book that is as much about concept as it is about content.If you're a fan of Volman's work, you may also want to check out Forex Price Action Scalping. However, I suggest this book first, as it is a bit more rounded and provides an easier point of departure. Also, at the time of this writing there is an active group of Volman followers on the trade2win forum where one of the users posts Bob's annotated 70 tick charts every Sunday evening.
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