Trading with Market Profile

Quote from luke24.5:

Mokwit, TradeMaven has tools that I think you can use to determine what you ask for. also, "Tomh," in the IOAMT hotcomm room designed a program called "Tapereader" that you may be interested in.
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just so everyone can see, here are the TradeMaven volume analysis tools {like the 30 minute bar volume analyzer and the IVF or Institutional Volume Filter} ----

http://www.trademavenllc.com/images/8.png

http://www.trademavenllc.com/images/7.jpg

here is the whole page, click on any image for a better view ---

http://www.trademavenllc.com/tm_pages/professional.html

so people who are not familiar with the IOAMT room --- these are some of the tools that are used by Billy and other market profile traders during the trade day. as the trade day progresses from the open you want to see if the volume traded is "net" short or long, and also when mass covering takes place and there is a "flip" in the net long or short volume situation --- you want to see where the "positioned volume" shifts take place.
 
For you folks who are the real pro's with Market Profile...

When do you decide to start using the Developing Value area from the current day? I have "heard" some say that they only use it when we gap open and others use it only when we don't have two sided trade from the opening price etc....It seems like you could have a lot of LINES on your screen if you use the previous days VAH, VAL and poc...then if you start using the current days Value Area High, Value area low and poc..then we add some standard pivots, some fibs etc...It seems like we are bound to hit some number....it makes for a very "Busy" screen...just curious really as to when the current days Value should take priority over yesterdays value..thanks for the help with this...
 
The Initial Balance will set the stage for the day. Generally the H, L or both are established in the first hour. The first area of the day to watch is where the current day trades in relation to the settlement bar (last 15 min bar) of the prior day. At least this is my starting refernce. Your mileage may vary...
 
Quote from luke24.5:

The Initial Balance will set the stage for the day. Generally the H, L or both are established in the first hour. The first area of the day to watch is where the current day trades in relation to the settlement bar (last 15 min bar) of the prior day. At least this is my starting refernce. Your mileage may vary...
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Luke can you expand on your thoughts relating to the settlement bar. I have often noticed that when price in todays open trades through the high or low of the last hour range from the previous day, you get some good trades. Can you give me some context as to how you relate these signals to the previous days UVL, LVL and POC.

Thanks in advance,

Runningbear
 
The settlement bar is where after a full day's trading, the market settles at a fair value for current conditions.

Overnight and the open will see the market try to facilitate trade by moving one direction or the other away from accepted value. If the Buyer or sellers are unable to stimulate enough trade trend in the direction moved, it stands to reason it will retrace to previously established value. Then it will either bounce for another test or trade through the value area to test the other direction. If it trades through the setlement, those who bought there get nervous and cover. This can cause a pretty good move as you say.

Just my limited understanding. Hopefully some of the more esxperienced can chime in.
 
Quote from luke24.5:

Mokwit, TradeMaven has tools that I think you can use to determine what you ask for. also, "Tomh," in the IOAMT hotcomm room designed a program called "Tapereader" that you may be interested in.
More...


true and i had never posted the link ---- sorry!


http://www.mmti.com/TapeReaderInfo.htm


the link will be active on 11/12/05 with all the new tools Billy is using.

here is a screen shot ---- http://www.ttrader.com/mycharts/display.php?p=37264&u=macroevent&a=MacroEvent&id=1511

http://www.ttrader.com/mycharts/display.php?p=37266&u=macroevent&a=MacroEvent&id=1511

http://www.ttrader.com/mycharts/display.php?p=37265&u=macroevent&a=MacroEvent&id=1511
 
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for the person who informed me that the link above is not working, thanks for the info --- it worked fine this morning. i will email the ioamt crew so they can fix this technical problem.

the course is free and an ioamt membership is not required, so i will inform them of the problem --- thanks.
 
OK found out why the link did not work --- you have to register first with IOAMT to then have a username and password to login and gain access to the Market Profile course. once i did this then i was able to gain access to the course link --- works fine now.

www.ioamt.com for free trial registration
 
I've been trying Billy's room for a while, at Macro's invitation, and he is an incredible trader. This morning, for example, with very little price action, he has taken 6 profitable trades in a row, most for a point. It's just under an hour into the regular session. He was just as good yesterday.

The MP stuff, however, takes a while to digest. It also has gone through some permutations since inception, so understanding the original docs and then the new takes some time. I'm not there yet. I think it would take a couple months to feel in the flow. Long term, I will continue with it. Definitely.

In the short term, Franz has enhanced support and resistance levels that seem to work like magic (not-MP, of course), so I will trade with him and learn MP at the same time. (Yesterday, another low-action day, Franz had 5 total signals, for 2 points each.) Franz also puts visible targets on the chart, usually at least 30 minutes in advance, so I know the plan ahead of time.

Billy can find profit in a teacup, so he sure is on his game. He seems to be able to track every minor move. But I can't follow him blindly like I do Franz, because he is so quick and I'm new at following him. Maybe takes a while to get used to his style.

He is definitely worth the attention, though. Thanks to Macro for the invite. :)
 
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