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Market Profile -- who needs it?
- Thread starter tortoise
- Start date
Good explanation of price action at support/resistance.
Each trader has his/her own style and ways to trade. Whatever works best for you, just stick with it. A thousand ways to skin a cat.
Each trader has his/her own style and ways to trade. Whatever works best for you, just stick with it. A thousand ways to skin a cat.
Quote from bighog:
Well, since i am weaning self from forums i will just say a few words and drop off the planet for this thread.
MP is just repackaged support and resistance/support. Anyone ever hear of the BELL CURVE? Sure you guys have.
What is support and resistance anyway? From eyeballing the ES 5 minute chart and all the previous price movements you can see the days decisions plotted before you. OK, now the mkt consolidates and your main objective is to avoid whipsaws and visualize the next intraday trend probability. (range traders are excluded in this discussion, i go for breakouts and avoid trading what i consider indecisive noise).
Ok, the bell curve excluded, HOW can you visualize the next intraday trend move? Well, the range breakout will be your first clue, someone, something has forced price to extend beyond the range border, which side is immaterial.
You now are faced with this: is this clue a valid start of a new leg or just STOP gunning? So you want to see some breakout followthrough or else the brk out will fall back to the brk out point or back into the range...... you just took a small loss if you entered.
Ok, forgetting the bell curve again, hahaha, price moves away again from the range and this time you are long and looks good, you have slapped in a non-loss trail stop bit still close to being hit, AGAIN you need follow through.
What are you looking for? You are looking where the previous up move stalled and reversed, resistance. You are looking where the mkt got nosebleed last time and reversed. That spot represents FEAR from the previous traders, forget reasons why, all you know is last time it scared the longs and also must have brought in shorts bailing out at that point. OK, cool, now you have clear sailing from the range brk out to THAT point. That is your objective. If and when it gets to the last FEAR point you watch mkt action and see how there trade reacts.
MP is just something rehashed to sell software, books etc.
Understand FEAR and you have can move up a drawer or a few to get higher. KISS is not a slogan, it is condensing all the garbage into something tradable and easy to spot.
Remember when you were a teen-ager and went to a dance, you knew who you were looking for, you had the objective in mind. You took the fastest moves to get to the objective, no fooling around with dancing with the dogs first, you went for the gusto befire someother guy beat you to the prise. Trade the same way, see what you want, forget the fancy lines (she heard em all before). Good trading, MP is nothing new. same ole, same ole.
fearless9
Lets put it this way. I am going to avoid answering or commenting on nitwit questions from raw newbies. There are some fine traders in forums but many need to read Trading 101 before asking stupid questions.
Agreed, MP is a tool, maybe even a good tool for its purpose. Maybe i would be fair in saying that as many traders progress and as time passes they can see more and more about price itself and use less indicators. I think that is a natural progression of the learning curve. Like moving averages, you know when a trend is above/below a mov avg without plotting it on the screen. Same for range, channels etc, you know they are present without seeing the lines on a chart.
Thks, have good day. game time again
Lets put it this way. I am going to avoid answering or commenting on nitwit questions from raw newbies. There are some fine traders in forums but many need to read Trading 101 before asking stupid questions.
Agreed, MP is a tool, maybe even a good tool for its purpose. Maybe i would be fair in saying that as many traders progress and as time passes they can see more and more about price itself and use less indicators. I think that is a natural progression of the learning curve. Like moving averages, you know when a trend is above/below a mov avg without plotting it on the screen. Same for range, channels etc, you know they are present without seeing the lines on a chart.
Thks, have good day. game time again