Picking Tops.

YM is just below the key level--12210.

What's your view? is the mkts still in bullish mood? Yes for me.

Below 12165 is bears territory

17:35 GMT
 
 
Re-evaluation time, i think the writing is on the wall for the next few sessions. Swing low sweet chariots. The recovery was quite strong, but not strong enough, and the sellers moved in. Question is, when will the Santa run start? Be careful.
 
Hi 5Pillars,

First of all thanks so much for your great technical input with your delta aproach.
I would like to ask you if you could show with more detail how do you calculate the MP levels that appear on your charts. thanks in advance. Walter.
 
I use TPO charts of various lengths to chose MP levels (number of days included to cover the current range of price action)............

http://www.charthub.com/images/2006/12/01/MP.png

Levels going into today will be 1404.50, minor at 1395.00, 1389.25, and 1384.50 ............and of course our current years high is at 1411.25 so that is an obvious level too consider also.
 
Thanks 5pillars,

in these example, how much time is considered for this tpo... (parameters) I am not a mp expert, would like to learn how to read does tpo charts.... but I understand that you take into consideration the levels that show maximum and minimum volume on the tpo chart.. ? would they become then critical s&r levels on the next day..? also HOD and LOD would be from yesterday session ?

and one more question: what are the parameters for your delta indicator ? thanks so much for your time. cheers Walter.
 
Quote from walterelite:

Thanks 5pillars,

in these example, how much time is considered for this tpo... (parameters) I am not a mp expert, would like to learn how to read does tpo charts.... but I understand that you take into consideration the levels that show maximum and minimum volume on the tpo chart.. ? would they become then critical s&r levels on the next day..? also HOD and LOD would be from yesterday session ?

and one more question: what are the parameters for your delta indicator ? thanks so much for your time. cheers Walter.
More...
That example was 16 days I think....if I remember right. Yes you can keep track of yesterdays HOD/LOD, but I don't (but I do pay attention to the high of the year at 1411.25). The volume profile I do not officially track, but I do take note intra-day when I see strong action (big order size) at certain price levels.

The delta indicator from Investor R/T is their default settings....nothing custom on my part (buy-sell delta as a two color line).

Overnight had a good signal......

http://www.charthub.com/images/2006/12/01/ES_317_VB_6.png

Today I waited for the news to take additional trades after the open.........

http://www.charthub.com/images/2006/12/01/ES_317_VB_7.png
 
Dear 5pillars I am really enthusiatic about trading your aproach, looks very logic and it has a very clear reading.
I attach a chart from yours today and ask you how do you manage in your experience this "aparent" false signals... do you have some filter for does or just take a small stop... looking at charthub I see that the overrall performance is positive, even taking does "false signals "...
 

Attachments

Quote from walterelite:

Dear 5pillars I am really enthusiatic about trading your aproach, looks very logic and it has a very clear reading.
I attach a chart from yours today and ask you how do you manage in your experience this "aparent" false signals... do you have some filter for does or just take a small stop... looking at charthub I see that the overrall performance is positive, even taking does "false signals "...
More...

I would have been willing to take that signal if it was up at the MP level we had just broken through....not there in the context of that price action and where S/R is. I use a LOT of Market Profile in my trading so the "delta" is not the only thing I use (keep that in mind).

Here was a SHORT that did not work out today that had a reversal to clean up the trade.........

http://www.charthub.com/images/2006/12/01/ES_317_VB_8.png

Remember price can turn on you in a new york second so you just have to be prepared.

Recent SHORT.........

http://www.charthub.com/images/2006/12/01/ES_317_VB_9.png
 
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