does anyone in here use market profile?
Ewj: elliott wave
- Thread starter mu200411
- Start date
Market profile to me is a structured based way to look at the market not an indicator which are based off of some moving average etc..... It is a common sense approach to the market and what the market is trying to do. I only was introduce to it a short time ago but have become reliant upon it for doing my analysis. I use market profile nightly to find levels of interest and then i watch the market develop during the day and trade accordingly. I wish I had know it when I owned my local firm on the floor. There is a posting I did last night in the MP section basically responding to some idiots comments about profile and its users attached to the comments i posted a chart showing my levels i was going to use for today (the black lines) well I actually had a great day in Bonds today i hit the low and the hi....first let me say this before everyone jumps on me yes could have been lucky and yes i sis have 125'26-125'28 as a level.....hers ny response ---I dont trade the overnight EVER i wait for all market participants to be present in anything i trade. Also i only trade my levels the first time touched so the 125'26-125'28 area worked. I puton multiple cars and scale out my profits. Then Bonds traded down to 125'015 (my level which is on the chart was 125'02....which held then went on to touch my upper target of 126'04 which was in all intensicve purpose the high.... Now im not here to preach but was looking to talk with someone who tries to incorporate elliot wave and Market Profile.....here the link to my post i was referring to
http://www.elitetrader.com/vb/showthread.php?s=&threadid=9727&perpage=6&pagenumber=76
http://www.elitetrader.com/vb/showthread.php?s=&threadid=9727&perpage=6&pagenumber=76
Here are my levels of interest in each product I trade.
Here is my basic logic about how i use the levels:
I donot look for these levels precisely i watch the market coming to those levels look for the market to show signs of slowing and pausing in the area then I enter my trade...... ONCE AGAIN I GIVE MYSELF A MARGIN OF ERROR SOMETIMES I ENTER EARLY SOMETIMES I ENTER SLIGHTLY AFTER BUT THE ROUGH AREA IS WHERE LOOK. I DO USE PROFILE TO IDENTIFY WHERE MY INFERENCE WOULD BE WRONG AND THEN A PLACE A STOP THERE
By the way this is not a service or a solicitation of one I want to add elliot wave to my arsenal and am looking for an understanding of it.
ES 823 812 808 801 793-796 778-781 767 759 740
NQ 1226 1202 1183 1151 1141 1125 1108 1090-1095 1065
Bonds 129 128'20 128'04 127'12 126'19 126'05 125'15 125'02 124'08
Crude 48.4 46.8 45.2 44.3 43.5 42.7 41.6 40.6 39.7
Notes
ES After working the upper part of the range for the last 2 days expectation would be for the bottom of the range to be worked
Otherwise why did they bring them back down here --- 2 things either shake out weak longs or to test the lows either way I donât
expect to stay in this 4 day bracket of 739 - 778 and expect a breakout either today or Monday
A break below 739 in ES by 7 pts I would expect any retracement back up to 740 area to fail and ES to have a major breakdown
A break above 778-781 would expectation would be for price to work towards larger bracket top area of 796
NQ Price in Nq has had less of an up move than the ES over on 2/26 while ES was testing the top of its bracket and its prev days high NQ
was unable to auction to its previous days high of 1183 falling short by around 8 pts and continued thru out the retracing lower than prior day as well
A break below 1190 in the NQ would get us back into a huge tail from 1065 - 1092. 1065 was the breakout of the initial balance
A period high of 1064. This range is no mans land and anything could happen so I would be watching the ES and Bonds for direction
Bonds Bonds gapped down thru a multi day low of 126'06 to press a major support level of 125'02 where price was rejected and retested
the previous multiday support (now resistance). 2/26 appeared to be a consolidation day Any major breakdown in ES should cause the
Bonds to start working its way back toward the upper quadrant of the bracket
Crude Crude gapped up to break above 42.70 price rotated from 43.5 to 45.20 and consolidated nicely closing on its highs of the day
expectation if price breaks out of the 45.2-45.5 area is for price to reach 46.8
Here is my basic logic about how i use the levels:
I donot look for these levels precisely i watch the market coming to those levels look for the market to show signs of slowing and pausing in the area then I enter my trade...... ONCE AGAIN I GIVE MYSELF A MARGIN OF ERROR SOMETIMES I ENTER EARLY SOMETIMES I ENTER SLIGHTLY AFTER BUT THE ROUGH AREA IS WHERE LOOK. I DO USE PROFILE TO IDENTIFY WHERE MY INFERENCE WOULD BE WRONG AND THEN A PLACE A STOP THERE
By the way this is not a service or a solicitation of one I want to add elliot wave to my arsenal and am looking for an understanding of it.
ES 823 812 808 801 793-796 778-781 767 759 740
NQ 1226 1202 1183 1151 1141 1125 1108 1090-1095 1065
Bonds 129 128'20 128'04 127'12 126'19 126'05 125'15 125'02 124'08
Crude 48.4 46.8 45.2 44.3 43.5 42.7 41.6 40.6 39.7
Notes
ES After working the upper part of the range for the last 2 days expectation would be for the bottom of the range to be worked
Otherwise why did they bring them back down here --- 2 things either shake out weak longs or to test the lows either way I donât
expect to stay in this 4 day bracket of 739 - 778 and expect a breakout either today or Monday
A break below 739 in ES by 7 pts I would expect any retracement back up to 740 area to fail and ES to have a major breakdown
A break above 778-781 would expectation would be for price to work towards larger bracket top area of 796
NQ Price in Nq has had less of an up move than the ES over on 2/26 while ES was testing the top of its bracket and its prev days high NQ
was unable to auction to its previous days high of 1183 falling short by around 8 pts and continued thru out the retracing lower than prior day as well
A break below 1190 in the NQ would get us back into a huge tail from 1065 - 1092. 1065 was the breakout of the initial balance
A period high of 1064. This range is no mans land and anything could happen so I would be watching the ES and Bonds for direction
Bonds Bonds gapped down thru a multi day low of 126'06 to press a major support level of 125'02 where price was rejected and retested
the previous multiday support (now resistance). 2/26 appeared to be a consolidation day Any major breakdown in ES should cause the
Bonds to start working its way back toward the upper quadrant of the bracket
Crude Crude gapped up to break above 42.70 price rotated from 43.5 to 45.20 and consolidated nicely closing on its highs of the day
expectation if price breaks out of the 45.2-45.5 area is for price to reach 46.8
