ant

Email, Line 23 is not what I thought it was. One problem that others have had is that when the variable "i" is used as a subscript in the arrays used by the code, it is not surrounded by square brackets. Go through the code and make sure the arrays use square brackets. For example, you should have Bid and Ask, and not Bid<i> or something else. Hope this helps.

Good suggestions Tams!

Hi Email, What's on line 23? Is it the line with the "TickSize" variable? If so, maybe Multicharts already defines "TickSize" so that variable definition is not required. If I'm referencing the correct line, try deleting it and compile it again. If that's not the right line, then post the 23rd line of the indicator and I'll do my best to help. Regards, Antonio

As others have stated, TPOs are usually a good proxy for actual volume. However, if the value area differs between a TPO and volume-based profile (e.g., during a trend day), I would defer to the volume profile. Volume always rules. If the value area differs by a tic or two, I wouldn't sweat it since trading isn't an exact science anyway. Having said that, I think most traders that use MP use TPO-based profiles. Volume-based profiles are very CPU intensive to run and many volume-profiles in charting software are just an approximation. For example, charting software will take the volume of a minute bar chart and then divide the volume across all the prices that traded during that minute interval.

You can open an account directly with Dorman, but they won't compete against their IBs in terms of offering lower commissions. Dorman has their own in-house brokers too.

Frank, below is a Rotation Factor indicator using EL code. Hope it helps. vars: RotationFactor( 0 ); if CurrentBar > 1 then begin if Date <> Date[1] then RotationFactor = 0; if Date = Date[1] then begin if High > High[1] then RotationFactor = RotationFactor + 1; if High < High[1] then RotationFactor = RotationFactor - 1; if Low > Low[1] then RotationFactor = RotationFactor + 1; if Low < Low[1] then RotationFactor = RotationFactor - 1; end; end; Plot1(0,"ZeroLine"); Plot2(RotationFactor,"RF");

You can also trade with Dorman directly without using an IB.

I currently use a 30" monitor for my charting platform and three 19" monitors for order execution and some other charts. I really like the clean look of the 30" monitor which has no bezel in the middle of it like a multiple monitor setup and that I can stack decent-sized charts one on top of the other. I also like the high resolution, but this could be a negative for some people because the text is quite small. The 30" monitor provides a native resolution of 2560x1600. But if you already have two 24" monitors, I wouldn't upgrade to 30" monitor because two 24" monitors provides more screen real estate and I couldn't really justify the expense. However, at some point, I will consider replacing my three 19" monitors with another 30" monitor.

Thanks for the explanation Dogpile. Do you scan for stocks or are you working off of some "bigger picture" theme?

The high volume area around 1570 did provide resistance the first time it was visited this morning. I wasn't aware of that area until you mentioned it in your post above. Why did you think that that level would provide strong resistance given the other conditions you mentioned (b shape, higher value, etc)? There were two long trades today that set up at the VAH and the POC with bullish divergences. But I agree, that the second trade was difficult to take. I think that the breakout day on 10/5, followed by a 'b' shaped profile yesterday, and the higher value today helped me maintain a long bias. I wouldn't rely solely on value migration for a bias. Not sure if you're saying that you would.

Today is a rotational day with higher value, as Dogpile noted, I plan to get long if the ES trades below today's developing value area for a play back to value. If the ES trades below 1558, I would not go long.

cjstrader5, I'm using my own MP indicator.

Reference the chart below for the post above.

Hey Dogpile, Today's trading occurred on very light volume because of the holiday. I wouldn't put much weight on today's action, but it held above Friday's low and the previous balance area high at 1561. So I would say that the uptrend is still intact and would be looking for an opportunity to get long tomorrow. I agree with your "lack of seller conviction" assessment. I will be monitoring prices between Friday's buying tail and today's low for a possible long entry, if it trades there. If we trade above today's POC, I will be looking to get long on a pullback above today's value area, or possibly near today's POC around 1562. Again, the balance area high from 10/1 to 10/4 around 1561 seems to be providing good support. My short-term long bias would change if we trade below today's low with conviction. We'll see what happens in the overnight session.

I can't overemphasize how true this is, at least in my experience. Trying to be a perfectionist in the market is actually a detriment, IMO. The markets never behave the same way twice and that's where trading experience makes a big difference. Also, looking for perfection will cause you to jump from one trading approach to the next - thinking that the grass is greener elsewhere. Find something that suits you with an edge and then stick with it. Develop expertise. For me, it's using price action and Market Profile. My goal is to become an expert Market Profile trader and I don't plan to deviate from that too much. The other key to trading is developing self-understanding. As TinGull pointed out, you'll find that you'll get to the point where you can analyze a market fairly accurately, but the key then becomes "TAKING THE TRADE" and letting the trade play out. MC, I know you've been trading on a simulator, and that's great to practice your strategy and learning to use your platform. But man, it's a totally different game when your money is on the line and your emotions have something to say. By the way, make sure that the simulator you're using is realistic in the way it fills your orders, especially if you're scalping for ticks. You may not get those same fills in live trading. Also, don't put too much emphasis on your win/loss ratio, what really matters is your profit factor. What good is an 80% strategy if the other 20% wipes out all your gains and then some. Drawdowns could also be a big issue, but I'm assuming that that's not and issue here because you're scalping. But if you're going to use Market Profile, think in terms of points, not ticks. I'm just a developing trader like many people here, but this is my current thinking.

My thoughts exactly. My plan would be to stay long until we revisit that selling tail at the bracket high or until we trade on the other side of the high volume area (see chart). Until it reaches the upper extreme, I would buy pullbacks into value areas and buying tails and look to get 2-3 points out of the trades, which is what the market appears to be offering. If the ES trades up to the selling tail, I would most likely fade it the first time. However, I am also aware of the upper limit of a larger bracket (i.e., the high at 1579) right above the market which is what the market may be gunning for. This sums it up perfectly. The low volume and the narrow range is what made this market so difficult to trade today and some of the previous days too. I don't mind trading ranges, in fact, I fade support/resistance a lot more than I trade pullbacks (trend trading) because balance is the market condition about 70% of the time, but give me a wider range that I could sink my teeth into and so that I can justify the risk of being in a trade. This internal trend within the bracket is definitely a grind. It's hard for me to envision this market making new highs from where we currently stand. This move above the previous bracket is just not convincing enough, but I'm getting ahead of myself.

Darth, I took a long in the 1538 area twice.

Here is the trade I am hoping for this afternoon... A trade down to the lower trendline around 1536.50-1537 to draw in some shorts and then go long there for hopefully a breakout of this 6 pt range to the upside. The lower trendline would still be in yesterday's value area which will allow me to keep a long bias. Having learned the hardway, the market tends to do things that are painful for most traders. Breaking out to the upside from here would not trap anyone, IMO, unless it traps the longs (but that goes against my long bias). Thought I would throw this out there just because I'm bored.

Waveslider, I'm not sure I completely follow. Can you give a brief example when time permits? Thanks.

Thanks. Much appreciated.

Dogpile, I really like that scale-in approach so I have a few questions... How far apart are your scale-ins? Typically, where is your stop for each position? How many times would you consider scaling in? How do you adjust your stops once you have taken your full position? As you already mentioned, the drawback, which I do not consider to be trivial, is that when your position moves in your favor almost immediately, you're guaranteed to have your smallest position on. This seems like a good strategy for someone who doesn't like to take too much heat on trades. I still like it, but need to consider the drawback and determine which is the lesser of two evils.

Me too, the market is still offered - there are still paper sellers.

My bias is also to go long because the ES is trading above the high volume area and it starting to look like the ES started an up auction on 9/25. The high volume area is going to attract price like a magnet and then I will monitor volume. I think this market will require heavy volume to get through the high volume area in the composite profile and yesterday's profile. I will be looking for a long in yesterday's value area. I also agree with a trade destination of the selling tail of 9/19. By the way, according to the squawk box, paper is selling right now.

MC, Before forking gover $250 for an MP indicator, I recommend you read one of Dalton's books first, if you haven't done so already, to see if Market Profile suits your trading style. Many traders abandon MP because MP doesn't provide trade setups. It's a trade decision support tool. Just my 2c.

Thanks for the feedback. Writing for me is not a problem at all. In fact, I could go on and on and on... I must admit that posting my analysis publicly has helped my trading more than I expected. As you said, it helps crystallize my thinking since I'm putting "pen to paper," so to speak, and want other knowledgeable traders to understand my rationale for my market position. I agree with you here too Dogpile. IMO, the key is to first apply market logic and then identify the appropriate setups. It's this part of the trading process that I wouldn't mind having a more mechanical approach. My only requirement is that my entry/exit is not so delayed that I miss most of the move because of a mechanical approach. I want to be as fast as "price" when making trading decisions, theoretically. From posts I've read on trading forums, it's obvious that most new traders, even experienced traders, skip the part where they apply logic and think for themselves, and jump right into looking for patterns/setups without considering context. I can't imagine that that would work well over the long term.