Trading with Market Profile
- Thread starter They
- Start date
They,
I've loved this thread...prompted me to register today so I could learn a bit more about the use of market profiles..
When you see a close outside of the LVA on the TICK for example...do you wait for a completed 5min bar close back inside of it to signal a buy point? Or do you simply buy upon penetration of any tick reading back above the LVA?
Today I noticed quite a few closes below on the 5, followed by a weak penetration back above that wouldnt have led to any gain and most likely instead to a -2 loss on the emini.
Do you only trade off a level once and then consider it "used up" for the day?
Fantastic thread...thanks for sharing some real and useful on this board...love how we couldn't even get a 1 min close above the POC today to go up and fill the gap and have sold off nicely from that level...I'm going to have to find a way to get MP stats each day if you stop kindly posting them
Thanks!
I've loved this thread...prompted me to register today so I could learn a bit more about the use of market profiles..
When you see a close outside of the LVA on the TICK for example...do you wait for a completed 5min bar close back inside of it to signal a buy point? Or do you simply buy upon penetration of any tick reading back above the LVA?
Today I noticed quite a few closes below on the 5, followed by a weak penetration back above that wouldnt have led to any gain and most likely instead to a -2 loss on the emini.
Do you only trade off a level once and then consider it "used up" for the day?
Fantastic thread...thanks for sharing some real and useful on this board...love how we couldn't even get a 1 min close above the POC today to go up and fill the gap and have sold off nicely from that level...I'm going to have to find a way to get MP stats each day if you stop kindly posting them
Thanks!
They - What is your point in posting these GIF? I appreciate the links for finding out more about MP, but your posts seem like a woulda, coulda, shoulda rear view mirror trades. The fact is - I may be wrong - is that you probably have not taken any of these trades that you post on the GIF's for these magic levels and quick-on-the-draw-scalp trades. Have you backtested this stuff for confirmed entries and exits? Market follow-through?
The purpose of posting the Gif's is for people to see the set up visually (a picture is worth a thousand words)
The Gif's are posted with the levels the day before the trades - the follow up Gif's are posted for reference and inspiration for people to backtest this type of setup themselves- some people can handle larger stops than other people in order to get a higher win/loss ratio - this set up is just one of many in a basket of setups and systems we use to keep the equity curve smooth and upwardly mobile (this trade setup might need to do something different for us than for you)
Your speculation on whether or not I have taken the trades might be an issue for you, it might even be a deciding factor on if you were to trade this type of setup, I don't know- I hope it is not
there is nothing "quick-on-the-draw" about waiting for a level and then trading off of it - of course some people might need some "magic" in order for them to have the discipline to trade levels
If I only want 2 points (cuz of our style for this setup) then naturally we would not be concerned with market follow through - if you are asking me if I think these levels have potential as entry points for longer term day trades, the answer is yes
My backtested results are in the form of profits I can give you my broker's tel. number if you like
If you are a Tradestation/Wealthlab user you could test this concept yourself adding trend filters or whatever - remember there is logic in them there hills - if the majority of $tick 5 min bars touch the POC, your odds of selling/buying tick extremes for a move to the POC are quite high - we just happen to use these extremes
what do you want for nothing? ...a rubber biscuit?
The Gif's are posted with the levels the day before the trades - the follow up Gif's are posted for reference and inspiration for people to backtest this type of setup themselves- some people can handle larger stops than other people in order to get a higher win/loss ratio - this set up is just one of many in a basket of setups and systems we use to keep the equity curve smooth and upwardly mobile (this trade setup might need to do something different for us than for you)
Your speculation on whether or not I have taken the trades might be an issue for you, it might even be a deciding factor on if you were to trade this type of setup, I don't know- I hope it is not
there is nothing "quick-on-the-draw" about waiting for a level and then trading off of it - of course some people might need some "magic" in order for them to have the discipline to trade levels
If I only want 2 points (cuz of our style for this setup) then naturally we would not be concerned with market follow through - if you are asking me if I think these levels have potential as entry points for longer term day trades, the answer is yes
My backtested results are in the form of profits I can give you my broker's tel. number if you like
If you are a Tradestation/Wealthlab user you could test this concept yourself adding trend filters or whatever - remember there is logic in them there hills - if the majority of $tick 5 min bars touch the POC, your odds of selling/buying tick extremes for a move to the POC are quite high - we just happen to use these extremes
what do you want for nothing? ...a rubber biscuit?