Market Profile Plus by bolter

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Bolter,

Thank you for your generous sharing of your insights. I can understand if you do not want to continue to post and keep up with this thread. I have personally gleamed what i needed from your post and has helped me.

So just a personal thank you.


Lotus 7
 
Hi Bolter,

Thanks for the great posts.

Does range extension and/or the type of day(ie normal, trend, etc) impact your trading decision?

Thanks,
Luc
 
PaperTrader,
Would the trading in the first hour today change your bias.... with 1288.50 becoming resistance?
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See my wrap-up for comments.
...with 1288.50 becoming resistance?
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Key point here, S/R levels are completely independent of bias, POC, VA etc etc. If the price is above a S/R level it will act as support, and resistance if below, regardless of what bias you may have. Hope this is abundantly clear (now). Stick with it PaperTrader, you're on the right track.

bolter
 
luckyhonda,
Does range extension and/or the type of day(ie normal, trend, etc) impact your trading decision?
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Range extensions are especially important. With my style I'm always looking to trade at the "edge", where the bigger opportunities are, whereas scalpers are generally more comfortable trading around the "middle". Sometimes I'll fade a range extension, other times I'll trade with it.

I'm always try to figure out at early as possible what "type" (in MP parlance) of day it is likely to be so I know what to expect. I form an opinion pre-market and then monitor it as the day progresses.

Hth
 
tortoise, golablue,
Thanks guys I appreciate it.

I think these words from Lotus 7 really epitomises why I want to wind up this thread.
I have personally gleamed what i needed from your post and has helped me.
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In essence I really don't have a whole lot more to add to this thread in terms of incremental knowledge. This thread contains a complete framework for a profitable trading methodology.
 
Here's my warp-up for yesterdays action.

We got a helluva gap fill trade on the ES. The market traded up to the overnight high and then rolled over. Closed the gap and just kept going, blew thew all my levels without a blink. I covered at 1286 (remember that level from the other day? - I got my revenge!). Since we were then well below the VA I shifted bias to negative, and shorted at the LVA. We bounced off S/R at 1288.50 and then hit my target of S/R at 1283.50 (took forever to get filled). As you can see we then bracketed between S/R and the LVA for the rest of day. If you've taken more points than the daily range you know you've had a good day!

a>


YM traders had a similar scenario today. Sold off to S/R and then bracketed off the LVA for the rest of the day. I didn't trade the YM today - I was studying the ER2 (where we also bounced off the LVA).

a>


Just a word about todays action. What looked like responsive selling at the open (response = normal behaviour, ie: selling above the VA), was in fact initiating selling (agressive selling through the VA and beyond), as evidenced by the market action. I said yesterday that the open looked like a setup for a reversal, but I didn't believe it. I still don't believe it, but the initiating selling is a little troubling. However, what I saw going across the tape yesterday and what was happening on my charts did not reconcile. Either I'm getting bad T&S data or there were some games afoot in the pit yesterday. Tomorrow should prove interesting.

bolter
 
I'm going to thank Magna for his excellent moderating work on this thread (not so much as one nutter or moronic post), and request that he shut it down.

Thanks to all you guys for your interest and participation and I hope you've gained as much as I have from this exercise.

I'll see you around.

bolter
 
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