Market Profile Plus by bolter

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I'm really pleased with the way this journal has progressed so far. It has really helped me to crystallize alot of my thinking and the rigour of making a daily call before the open has kept me honest whilst paper-trading this month. It has been nothing but constructive dialogue. Thanks to Magna, our under-appreciated moderator, for doing an excellent job of keeping out the nutters. Having said that I feel that in another week or so I want to wrap up this thread. That should give me enough time to cover a few other important areas. Nothing worse than a good thread that slowly degenerates into a farce. After that I want to sink back into ET ingnominity and focus on trading.

bolter
 
Bolter,

A remaining question on MP.

If price is selling off and approaching LVA. What are you looking for to decide to exit your short position and go long, or add to your short position?

Or, what, if anything, are you looking for to confirm that the price will stay within the VA or break out?

The obvious would be tick, price momentum, number of previous tests of the LVA, etc., etc.. Have you discovered something that is more helpful than these? An indicator that is helpful?

Thank you,
 
slacker,
If price is selling off and approaching LVA. What are you looking for to decide to exit your short position and go long, or add to your short position? Or, what, if anything, are you looking for to confirm that the price will stay within the VA or break out?
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If I have a bullish bias for the market I will reverse from short to long at the LVA almost always, providing I am confident the LVA is still just that.
The obvious would be tick, price momentum, number of previous tests of the LVA, etc., etc.. Have you discovered something that is more helpful than these? An indicator that is helpful?
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I've covered the indicators I use in some detail. I don't know what more help you need than these to pull the trigger, but I do know that another indicator will not solve the problem.
 
Sorry Slacker that was a bit harsh.

As far as buying at the LVA what you need is not another indicator but a healthy dose of "belief". Take yesterdays action on the ES - it looks incredibly bearish as it's approaching the LVA and you think there is no way this will turn-around - right? Well I knew there was also strong S/R at the LVA, and I had planned to make that trade before the open (check my post). I had resting orders for this trade. So when we got to the LVA, the indicators were confirming that we were oversold on that bar. It was a perfect setup. All you need is belief that trade has a high probability of success, and that if it fails your stop will minimise the damage. As long as you execute according to your plan/method/rules you should not be afraid of a losing trade.

I takes belief to be a successful trader. Belief in yourself and belief in your method.
 
Quote from bolter:

Having said that I feel that in another week or so I want to wrap up this thread.

After that I want to sink back into ET ingnominity and focus on trading.

bolter
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bolter,

I, for one, can't thank you enough for starting this thread and sharing your thoughts on MP.

Good luck with your trading although I doubt a man with your knowledge and trading ability needs much luck.

Once again, a heartfelt thank you and I look forward to any additional nuggets of trading wisdom you share with the group before you sign off.

PaperTrader
 
Thanks a lot for the thread.

The question was very simple (but not trivial). I was wondering if you had discovered anything that helped at the 'commit' decision price levels.

Good trading next month! Please consider continuing to post as you move from paper trading to trading real funds. Posting as you have this month might bring additional benefits.

I am sure it would be a closely followed thread.

Either way, all the best!
 
....velocity does not exist in volume chart...no time.....no velocity...people may look at volume charts and confuse what they truley represent with velocity...why... cause the brain is almost hard wired to consider the actual movement in these terms....but its not there.no time ....no velocity..no indicators requiring time as a function...simple.....mark j
 
Quote from bolter:

I'm really pleased with the way this journal has progressed so far. It has really helped me to crystallize alot of my thinking and the rigour of making a daily call before the open has kept me honest whilst paper-trading this month. It has been nothing but constructive dialogue. Thanks to Magna, our under-appreciated moderator, for doing an excellent job of keeping out the nutters. Having said that I feel that in another week or so I want to wrap up this thread. That should give me enough time to cover a few other important areas. Nothing worse than a good thread that slowly degenerates into a farce. After that I want to sink back into ET ingnominity and focus on trading.

bolter
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Hey Bolter,

Following this thread has been a wonderful experience - especially for discretionary traders like myself who are used to making most decisions AFTER the market opens. It has been great to get a very different view on things from a skillful trader like you.

Thanks for all the fish and best of luck.

P.S. If you have some time, I would definitely be interested in reading your views on position-sizing / Money Management?
 
Hey Guys,
A bit premature for a tearful farewell, I did say I wouldn't close it down for a week or so. But anyway many thanks for your kind words. Believe me, I have benefited as much as anybody has from this thread. Thanks to you guys for your input and participation.

LMeyers - Risk/Money Management is the one big outstanding topic that I have yet to cover, and I promised would. I have mapped out a plan of what I want to post. This could be a task for this weekend.

bolter out!
 
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