Market Profile Plus by bolter

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Hi FuturesTrader,
I'm looking at the longer term charts to determine S/R areas in products that you don't cover. I noted that your last VP was from Jan 12 in ES, but I'm not sure I follow the logic behind choosing this date. I am thinking that you would look back as far as you need to to find the start of the next swing up or down. So I could look at ES from the turn on Feb 8 or the run up from Jan 3.
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You're absolutely on the right track, but I'm not exactly sure how to articulate my thinking. Perhaps if I give you an example you will understand my convoluted logic? Take the YM. My VP starts on 1/12. This was the start of the preceding intermediate swing down (to 1/20). So I include the data from this swing and then the current up swing. If we take out high I will drop off all history up to and including 1/20. Does that make sense? You can usually tell when your VP starts getting stale because the levels no longer as well.

Out of interest what other products are you looking at?

bolter
 
Whitster,
the reason i use a line chart as well is it offers 1) visual representation of whether the TICK has quickly spiked from the "noise zone" (roughly +600 to -500 or so). if it quickly spikes, it is almost always an excellent fade play. on the other hand, if it stairsteps up, that is generally not a good move to fade. Also, when entering longs or shorts (on gap fades or whatnot), the TICK line chart offers a nice entry on a "TICK hook" when you see the tick line hooking over, that offers a visual representation/cue.
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Great first post on ET. I'm going to add a line chart to my screen and watch for TICK "hooks".
.... I have used the audio feed available for the S&P *pit* contract to help my YM trades. the pit audio can give a good indication of whether moves are sustainable or not based on the volume patterns in the pit, and can be read in the same way that pure tape reading (time/sales) gives you a heads up on price action.
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Excellent point. In the days before the internet you would call your floor broker and tell him to hold the phone up so you could hear how much noise was coming from the pit at critical points. Can you recommend the one you have? If so URL? When I was daytrading previously I used to use MarketCast - but they're no longer around.

b
ol
ter
 
http://www.realtimefutures.com/

has a free trial. you can try the "raw" pit noise and/or the version with a barker who talks over the pit noise and lets you know who is buying and how much...

i like MP because it is pure price action. pure supply demand. i feel the same way about watching TICK, TIME/SALES and listening to pit audio.
 
Quote from bolter:
Trading Techniques
Firstly I download 1 minute data from eSignal and process it through a Matlab program I wrote to create the TPO brackets and crunch the numbers. I then paste the data into Excel and manually format it. I then examine my MP chart, and cumulative volume profile chart (both in Excel) and identify the key levels and my current trading bias.[/B]
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Oops! Missed that part. Never mind question about VP. Got it!
PT
 
Quote from bolter:

Hi FuturesTrader,

You're absolutely on the right track, but I'm not exactly sure how to articulate my thinking. Perhaps if I give you an example you will understand my convoluted logic? Take the YM. My VP starts on 1/12. This was the start of the preceding intermediate swing down (to 1/20). So I include the data from this swing and then the current up swing. If we take out high I will drop off all history up to and including 1/20. Does that make sense? You can usually tell when your VP starts getting stale because the levels no longer as well.

Out of interest what other products are you looking at?

bolter
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OK. Your explanation makes sense. This is how I was looking at it as well, but I was taking it back to different dates, noting the levels and then proceeding to the next swing date, noting those levels and so on. I then try to filter out what looks like a benign level based on how it has traded since the start of the profile. It seemed like a lot of work, but I think it is close to what you have. Unfortunately, CQG doesn't give me the exact numbers for volume to make a numerical study of it. CQG only provides % of total for volume and doesn't allow exporting of the data.

My nightly homework consists mainly of looking at the FDAX, EuroSTOXX, ES, YM, ER2 and Euro. I started to look at the ZB, ZN, Bund and Bobl last weekend. I don't trade all those products; just the index futures. However, if I can detect a pattern in the other contracts, I would like to be able to take those setups in the future when they occur.

Thanks for your reply and best wishes as you go live.
 
Super thread, bolter. Thanks for starting it and being there to maintain it.

Can you please post your Matlab code for creating the VP? I'd like to code up a similar thing in Ensign or Esignal and wanted to see the logic.

I'm also going to look at Quotetracker for their MP charts but I can't even connect it to my Esignal feed.

--opm8
 
Whitster - Quick question re: pit commentary. I am thinking of signing up but noticed they have several different flavors of SP commentary. Any feedback on best commentators or differences between them. thanks.
 
i like ben's commentary and i like the raw S&P pit too. frankly, i don't think i've quite figured out how to interpret the data from ben's calls, but even @ this point it's helpful. the raw pit is definitely helpful on interpreting moves, and even predicting them at times.
 
Good call today bolter. I actually missed your prognosis this morning because I got in to work late but my system told me to buy the 1283's. I did but only took it for 2 ticks. :( Boy was I disappointed. But, the good things that came of it were:

1) I proved to myself that I have my system working

2) I didn't jump the gun like yesterday

So all it takes now is a little patience and confidence so I can get better exit points.

Thanks again for getting me interested in using MP for futures. I believe it will add quite a bit to my trading repetoire.
 
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