Soultrader

Let me bounce off some of these ideas with my coder and see what he can come up with. Itll take some time as I am extremely busy at the moment as well but will begin developing this project.

This is because you have not studied mp well enough to be able to use what mp is providing. More than the strategies revolving around mp... you need to first grasp the mp concepts. As traders use candle patterns to trade... mp can be used in the exact way. Familiarize yourself with it and you can see what type of profile we are likely to develop. If you can see the type of day we are likely to have wouldnt this be a tremendous edge? You can easily build strategies around it. MP also helps show participation by the longer timeframe. This is critical information as the longer timeframe traders are the ones that create trends. Compare Trader A who is familiar with mp and Trader B who is not aware of it. Trader A sees a narrow initial balance and plans a trade based on range extension. So basically he is trying to play a momentum of the IB breakout. Trader B is not aware that a narrow IB is easily upset. Hence he tries to fade the test of the low/high only to see price blow right past his entry point to breakout of the range. Another example.... lets say the markets rallied strongly into the close. However Trader A spots that value placement is still lower compared to the previous day. This offers him warning signals that the late afternoon rally may have just been short covering. Hence, the following day he focuses on the short side as he thinks price is weak. On the other hand, Trader B assumes that the late afternoon rally is bullish can continues to trade from the long side the following day just to see price make small bounces and right back down. These are just simple examples of what market profile can show a trader. However, knowing mp will not make you profitable. It is how you develop strategies around mp which will put the odds in your favor. A trader without a plan and strategy is destined to fail. MP simply allows me to create a roadmap for the trading day.... its like having a map in a new location. You can guide yourself alot easier than the person without one. None of this will make any sense if you do not understand mp to begin with.

Hi Hlm, Would it be okay if you post the file in the indicator forum as well? Thanks

Didnt they close down?

Just go with the contract with more liquidity. You will notice the drastic difference in liquidity.. this is your signal to switch contracts.

Slowly picking up the full functionality of IRT. I also use CQG but IRT has most of the features available at tremendously lower costs. Heres a snapshot of my charts to show what IRT can do for you. Pretty neat. The horizontal lines are automatic mp levels.

Hi guys, Ive been following this thread and wanted to seek your opinions. I would like to be able to provide a template system for traders here to plug in trades, notes, etc... which can be shown on our site. (either private or public) I also want to create a system where it will graph whatever you want to input. Building the system should not take too much time. The questions I have is: 1. What sort of information would you like to input? 2. What template format do you prefer? Would you like to see automatic charts for the info you input? 3. Any ideas on how to add credibility to the posted results? Or should this be based on user honesty? 4. Would you like to see a progress/ranking system? Any other thoughts and ideas on the template system is appreciated. Thanks

The candlestick patterns I spot on the 10min in combination with volume reduces the level of noise. 10min timeframe has been working for me mainly because my trading is based on spotting rejection and fading S&R levels. 10min charts allow me to see these setups more clearly than lower timeframe charts. Anything above 10min... and I am way too late going into a move.

Interesting as the saying dont fight the trend seems to be a rule amongst traders. On the other hand, I am a countertrend trader majority of the time mainly because I seek responsive buying/selling. Shaun Downey, author of Trading Time, describes responsive buying/selling as: "Long-term traders dictate the end of the trend by withdrawing initiative activity, taking profits or establishing countertrend positions. They also dictate when the reaction to a trend has been completed." That being said, I use a combination of S&R with MP and volume for countertrend trades but take profits swiftly with somewhat fixed targets in mind.

Fixed. Thanks.

Saw a request on the VSA thread regarding MP and VSA. I saw an excellent opportunity premarket today so made a video. Thanks. CLICK HERE TO VIEW VIDEO Note: Price went on to decline 4 pts or more as soon as I ended the recording. Point here is the combination of MP and VSA but at the same time understanding the past profiles to focus from one side at a time. In other words, based off the past sessions profile a proficient market profile trader should be able to focus only on one-side giving him an edge in terms of market direction. Thus, you can narrow it down to timing.

Good answer Torero. My number one recommendation would be Mind Over Markets. I owe everything to market profile so will be biased

Just added. Thanks! Deadline is coming up this Friday. Remember to send in your reviews!

Interesting... I was at the Tokyo Grain Exchange today for business when I found out John Carter was speaking (total coincidence). I decided to attend his presentation today. One of the things he was covering was spread trading with commodities. Perhaps another type of trading is something that might be challenging? John classifies the type of trading most of us here do as directional trading in which we bet on 1 direction of the markets. However there are other types of futures trading.. spread trading being one of them. Perhaps this may be of interest?

Depends on the contract.... OSE Nikkei has around a $7500 margin requirement. The mini Nikkei on the other hand has a $750 margin requirement.

Yes. The interaction level was relatively low and seems like Dr. Janice is busy with other stuff. I did not want to keep the forum open and leave members wondering why their posts were not replied. Thanks

We do not promote sharing of copyrighted material. Please do not ask these directly on the forums. Thanks

Sure, will add that up right now. Thanks

Saw this today and did not like it at all. The movie was too shallow and mainstream... Rounders still remains my favorite due to the real underground poker scenes.

The Wall Street Jungle explains the corrupt practices of the specialist system. Ney talks about how specialists control prices and how the law of supply and demand is misleading under a specialist system. A stock will simply rise because a specialist has inventory objectives and will drop the price once inventory of his own and his friends are distributed and short positions are initiated. Richard Ney goes into depth through case studies, investigation reports, interviews of specialists, etc... to illustrate his point. "A stock is only worth what the specialist is willing to pay for it." "The money stolen from many is divided among a few." "There is only this difference between the New York Stock Exchange and a dictatorship - the dictator confiscates your money outright while the Stock Exchange conditions you to think you made a bad investment." A very interesting read and worth checking out.

What most traders fail to understand and lose money buying these tests is this: 1. Professionals will liquidate at the top (long positions from below) 2. Professionals will then initiate short positions at the top 3. Professionals will cover 4. Professionals will cover and accumulate So there is the possibility of the first volume spike as short covering and not accumulation. Which is why I tend to wait for the second volume spike before using any kind of "tests" based setups. This is for longs only.

I see no reason why traders need to stick with just market hours. 1-2 hours before opening premarket has enough liquidity in my opinion and offers a few good opportunities. I also watch the Asian markets so tend to create strategies for the US markets depending on price action here in Asia. This I initiate premarket/overnight. Personal note... I see 3 windows of opportunities on the US markets. Premarket (1-2 hours before open), opening session (9:30 to around 10:30), and afternoon (2-2:30pm till close).

Nope. Need to post a review here.

Its up to you. There are traders that are able to trade successfully with just a market profile chart. I on the other hand, need a candlestick chart with volume. My settings: 5min & 10min candlestick chart with volume and 30min mp.

March 7, 2008 premarket ES recording. Had to record this one as it screamed Short! Short! in my face. CLICK HERE TO VIEW VIDEO