Trading with Market Profile
- Thread starter They
- Start date
Hi They, Vince and the gang. I want to share a story with you great guys. I went to a financial forum on the weekend and they had all these booths with traders and scam artists and great stuff ect. So I came across a guy selling software giving a demo to about ten people and I peeked over and the guy starts to pick on me (that is their tactic to get the people to think they are cool) and said "hey I can even teach this turkey to trade".
So I sat down and had a look at the screen, and started to play around and have a look at the indicator list and hey he had MP , so I clicked on it and started to have a good look at it. Well, after about five minutes the price was coming back into the value area, (down) and it kept going down, at this point I told the guy and the all the people present that this sucker was going to go all the way down to (I can not remember exactly what the number was now, but it was the bottom of the value area) and this guy started to laugh and say what the hell you talking about and insisted that it was any minute now going to turn up.
Let me tell you that I told him to hang on and that I was going to go have a coffee and would come back in about an hr and collect my fifty bucks and they all laughed.
I did go back after a while and this guy never closed the window and was still yapping to these people and guess what happened....yes exactly what I told him. Anyway I took the fifty from him and donated to the guy at the tsunami thing desk and proceeded to walk around, well, God these people that were watching at the booth started to follow me and acks all these questions, hey who are you , where do you trade, are you looking for students and on and on.
Anyway, THEY, thanks for starting this thread, I owe you one or two. I forgot to mention this guy did not even know what Market Profile was.
Cheers,
Email
So I sat down and had a look at the screen, and started to play around and have a look at the indicator list and hey he had MP , so I clicked on it and started to have a good look at it. Well, after about five minutes the price was coming back into the value area, (down) and it kept going down, at this point I told the guy and the all the people present that this sucker was going to go all the way down to (I can not remember exactly what the number was now, but it was the bottom of the value area) and this guy started to laugh and say what the hell you talking about and insisted that it was any minute now going to turn up.
Let me tell you that I told him to hang on and that I was going to go have a coffee and would come back in about an hr and collect my fifty bucks and they all laughed.
I did go back after a while and this guy never closed the window and was still yapping to these people and guess what happened....yes exactly what I told him. Anyway I took the fifty from him and donated to the guy at the tsunami thing desk and proceeded to walk around, well, God these people that were watching at the booth started to follow me and acks all these questions, hey who are you , where do you trade, are you looking for students and on and on.
Anyway, THEY, thanks for starting this thread, I owe you one or two. I forgot to mention this guy did not even know what Market Profile was.
Cheers,
Hi,
first of all, thanks very much for this thread. I am very new to MP (less than 1 month) and am trying to figure out the most basic set ups. Unfortunately, Mind over Markets does not clearly explain the set ups as well as it explains MP components and day types.
so here is what i have gathered so far, and i am asking if those who are more experienced could correct or add to what i have:
Basic setups:
setups using the Open:
O Above Value------Buy the previous day's Value area High
O Below Value------Sell the previous day's Value are Low
O Within value------ Fade the extremes
Set ups when there is Range Extension:
R.E up--------- Buy today's Value area Low
R.E down----- Sell today's Value are High
Set ups for Single prints:
fade the 1st leg of singles
now, can anyone add in simple language like i have written above some more basic high probability set ups?
Thanks and cheers
first of all, thanks very much for this thread. I am very new to MP (less than 1 month) and am trying to figure out the most basic set ups. Unfortunately, Mind over Markets does not clearly explain the set ups as well as it explains MP components and day types.
so here is what i have gathered so far, and i am asking if those who are more experienced could correct or add to what i have:
Basic setups:
setups using the Open:
O Above Value------Buy the previous day's Value area High
O Below Value------Sell the previous day's Value are Low
O Within value------ Fade the extremes
Set ups when there is Range Extension:
R.E up--------- Buy today's Value area Low
R.E down----- Sell today's Value are High
Set ups for Single prints:
fade the 1st leg of singles
now, can anyone add in simple language like i have written above some more basic high probability set ups?
Thanks and cheers
I haven't tested the probabilities of the other setups but I'm working on a forward simulated test of the single prints and have set up rules and am documenting it during this month here and am using the ER2 as the trading vehicle.
Guy,
I just want to say again that your work is nothing short of amazing. You are very detailed and very open with your knowledge. You are certainly an asset to ET and we appreciate your every post here. I'm beginning to incorporate more technical aspects to my trading style and feel that I run into you wherever I find something of interest.
Thanks for contributing.
