jebidaya

Has anyone found an effective way to use market profile with currencies?

It looks like price is testing/probing these areas, to see if it can distribute and move to the next one or create a new one. I am very interested in learning more about how you use the previous day's value areas and significant highs/lows. I use a vp looking back 5 and 10 days yet volume/price is compiled into one big profile. That way I take the levels that jump out at me and use them. Your levels from exact days portrays a more accurate picture of the distinct value areas and hod/lod's.

Thanks for both your reply's, truly insightful. One more question I had though, if IB isn't completed and previous days value area is not in the picture as in Monday 12-8, is this highlighted blue box using just the opening as valid support a long setup either of you may take?

I do that as well, yet take the S&P mini today, where we opened w/ a gap down and rotated up. Since we opened below the previous day's value area I was looking for short setups initially. What told you to change that bias and ultimately look for longs? Picture is attached, disregard prev day's LVL at 868.25. It shifted at close of day and not accurate with previous day's value.

In Mind Over Markets, Dalton discusses "Identifying Timeframe Transition" as a way to determine who is in control or when control may be shifting...from buyers to sellers. This is of particular interest to me on Normal days where I might be selling the UVL (upper value level) in hopes of returning to the LVL. I understand the logic yet in determining who's in control takes time and I use a 5m timeframe. By the time the Volume profile presents the results, ie, buyers have disappeared, sellers are in control, the trade is already fully on it's way to the other extreme. Is there a way to determine quickly Dalton's idea of timeframe transition earlier for shorter timeframe traders?

On trend days I have problem with MP due to waiting for the extreme or poc/vwap rather than the edge or live lvl, 1 std from vwap. I know they're statistically low % of days that actually trend in a month yet seem to occur much more frequently in these volatile times. Any input would be greatly appreciated on how to shift bias to edge from extreme or how someone determines a trend day early on in day.