Market Profile Plus by bolter

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Another very tradable day. At the open we bounced off yesterdays HOD for the first 15 minutes before heading higher, in what I suspect was a brief short covering rally. By 10:00 we were really over extended - 15 pts in the last 3 hours of trading with the ADX>60, and we were right at my first S/R level. A pause was definitely in the offing. The TRIN start heading north which is a sure sign that the rally was no longer supported by widespread buying in the cash markets. We had one brief push to my second target level at 1277 (which I suspect was a probe for stops) before rolling over and dying. We closed right at the bottom of longer term VA @ 1265, but below the 1268.25 S/R level I mentioned.

For me the appropriate point to shift bias (and this is with hindsight - I was asleep by then) was the break below S/R and then violating the earlier pivot low at 1272.50, just before 2:00. From that point on you were looking to get short.

Catch you later.

Here's my chart FWIW:
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Quote from rshuhart:

omniscient,

Excuse my ignorance for a moment and allow me to make sure I undersand your charts.

The blue bracket represents the value area, with the UVA and LVA market horizontaly, and the white box is the POC.

What does the Pink bracket represent?

Also, what software are you using?

Ryan

p.s. I just bought dalton's book
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you got it.

blue = VA
white = POC
yellow = midpoint
pink = Initial Balance (first two time periods)

and dalton's book is great. you really could use it as a single point of reference and do this. of course, shaping and adapting the concepts to current markets is implicit. as with any resource.

i am using QuoteTracker from www.quotetracker.com

hth

take care :)

omni

BTW: great thread bolter. keep up the excellent work :)
 
Quote from omniscient:

you got it.

blue = VA
white = POC
yellow = midpoint
pink = Initial Balance (first two time periods)

and dalton's book is great. you really could use it as a single point of reference and do this. of course, shaping and adapting the concepts to current markets is implicit. as with any resource.

i am using QuoteTracker from www.quotetracker.com

hth

take care :)

omni

BTW: great thread bolter. keep up the excellent work :)
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I never knew Quotetracker did market profile! Must be a new feature. What is the title of daltons book? Every fixed income trader I know uses Market profile to trade fixed income. Cool to see you guys using it for the ES.
 
Quote from TGM:

I never knew Quotetracker did market profile! Must be a new feature. What is the title of daltons book? Every fixed income trader I know uses Market profile to trade fixed income. Cool to see you guys using it for the ES.
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yeah, the Medveds are really making some fantastic progress on their TPO charts. good stuff and they've got more enhancements in the works.

here's dalton's book:

http://www.amazon.com/gp/product/09...f=pd_bbs_1/103-6912069-8613434?_encoding=UTF8

and Steidlmayer's book:
http://www.amazon.com/gp/product/04...2069-8613434?_encoding=UTF8&v=glance&n=283155

the CBOT manual is still a great resource (though a bit dry):
http://www.cbot.com/cbot/docs/handbook.pdf

a great MP resource hub:
http://www.tradingclinic.com/mpref/mp2.php

an especially attractive aspect of MP is that it is really market/instrument independent. futs, equities, curriences, you name it, you can look for normal distributions and perceived value - both critical components of MP.

hth

take care :)

omni
 
Somebody asked me a very sensible question earlier (Hi Nina) that perhaps one of you guys might be able to help with. Does anybody has any references that describes the use of Volume Profiles? If so can you post it please.

I don't remember seeing it mentioned specifically in Steidlmeyer or Dalton's work (but I could be wrong)? Perhaps it's covered in Jones' work on ODC's? As far as I far as I remember I think I just started compiling them in Excel, then about 5 years ago I saw them starting to appear in charting packages. I think Ensign was the first I saw that could do VPs.

TIA
 
Not seen anything but one area where price/volume* profiles come into their own is when Taylors 3 day (AKA LSS) buy, sell sell short cycle is in evidence. Sometimes you can look at the profile and see that 'they' weren't able to liquidate/reverse their position in one day due e.g. to lack of bid thickness and that it will have to carry over to another day and stretch the cycle out another day.

* I found market delta's bid ask strike profile superior to volume profile as in thin markets like HSI an institutions block going through as a put through distorts the vol profile and the fact is it might be a hedge coming off from 6 months ago (granted someone is taking the other side and maybe feeding it back into the market)
 
incredible journal...so glad i stumbled onto it...been looking at market profile for sometime....but you make it flow better than the books do....and put it into practical application. Thanks. Question...I also am using esignal, do you care to share the efs's that you are utilizing. I think I might have found the tick volume one on esignalcentral...have you found anything that helps with volume profile analysis in efs form? I see sr-analyst has something similar....
 
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