Es - 2008

[86834 10]

Just thought i'd share some of my trades on ES to help people new to mp, or wishing to learn more.

 

First of all, on the large time frame, i'm long on this market overall, from a market merge on the 29th where the market cooked off. Buying was initiated on the 5/1 moving the market higher away from previous value. This day (5/1) closed with the a P structure which indicated long term short covering in the market. Overall we knew we wanted to get long on this morning on a retest of previous value.

 

On the 5/6 this happend with price trading down into the POC of the 4/29 merge during the initial balance. I bought my contracts at 1397.75. Market made a high that day at 1422.25 I've scaled some over my contracts out of the market, but overall i'm looking for for the 1430 area. The profile for this trade can be seen here

 

 

 

Today (5/7) i've added profits to my overall long posistion from my scalps on the lower time frame. Yesterday, when the market found value at the top of of the buying tail that was initiated, two over all areas were created to provide levels to trade todaty. The first area was during F to J period (see chart) POC 1415 - this level offered a good scalp in the over night session during european market hours, and has given good support for a long trade in B period (the initial balance).

 

 

 

Exit point for this trade was 1419, which was the poc of the second value area created yesterday between K and N period.

 

1419 was the first area of resistence above us and was a short location. Still currently in this trade.

 

 

In my opinion MP is the most powerful tool you'll use. I hope my trades here have shed some light onto some of the mysteries of mp that face people new to it. I hope you have a good day trading.

 

Regards

 

86834

[bluesky 10]

I can't seem to access the images in the post. Have they been deleted?

[thrunner 10]

The OP neither attached these files nor posted the URL correctly. The following should be correct. Here are the correct URL of OP's MP charts from Investor/RT :

http://www.charthub.com/png.php?png=2008/05/07/MP_ES_3.png

http://www.charthub.com/png.php?png=2008/05/07/MP_ES_4.png

http://www.charthub.com/png.php?png=2008/05/07/MP_ES_6.png

[OAC 10]

The first area was during F to J period (see chart) POC 1415 - this level offered a good scalp in the over night session during european market hours, and has given good support for a long trade in B period (the initial balance).

 

Exit point for this trade was 1419, which was the poc of the second value area created yesterday between K and N period.

 

 

Do you always divide the daily profile into 3 sub-profiles ?

(1) A to E period = 9:30am to 12:00pm EST

(2) F to J period = 12:00pm to 2:30pm EST

(3) K to N period = 2:30pm to 4:15pm EST

 

I find it very interesting that you are using the POC from the F to J period which basically the "Mid-day Doldrum" for future support/resistance, and in this case, an overnight scalp.

[86834 10]

Depends if there is value there. Some days you might find value on 30mins, some days it might on 2 and half hours and so on. You've got to watch keep on watching the market throughout the day, looking for value to be formed and for the market to trade away from it.

 

The key is to have sound fundementals of auction theory and the profile. This will give you flexability, which in turn will make you a better trader. There's no set rule that you can only trade on one time frame. Thats the beauty of market profile, the fact that it lets you watch the market as a whole.

 

I'll post the trades for today when i'm finished.

[86834 10]

Sorry, it's a day late... ended up going to a bbq straight after trading.

 

Monday was a pretty easy trading day, with various trades on various time frames. The first trade that you should of been looking for was the trade from the previous days poc. The 5/9 formed a good area of value on the daily profile. On monday the inital balance opened higher and we traded back down into support (5/9 poc) which was 1388.00. See screen shot below.

 

 

 

The exit target for this trade was 1403. Why 1403? well it was a key sysmetric profile trade. Range of previous day was 10 handles, and the high was 1393. Add the two together and you get 1403. Profit was a clean 15 handels.

 

 

Like i said in the previous post, to be successful at using the profile you must sit and watch the day unfold and look for the developing value areas. So if you missed the first trade, all you had to do was wait for new value to be formed.

 

Buying was initiated in c period with a rotation back down into the high of the inital balance in D period, thus giving a small area of value to trade off. The poc of the value being 1395, which was bought during E period. This was trade number two. See profile below

 

 

 

I'd give you the third trade but see if you can find it yourself. Post the banter you come up with and i'll have a look later.

[BlowFish 10]

Depends if there is value there. Some days you might find value on 30mins, some days it might on 2 and half hours and so on. You've got to watch keep on watching the market throughout the day, looking for value to be formed and for the market to trade away from it.

 

The key is to have sound fundementals of auction theory and the profile. This will give you flexability, which in turn will make you a better trader. There's no set rule that you can only trade on one time frame. Thats the beauty of market profile, the fact that it lets you watch the market as a whole.

 

I'll post the trades for today when i'm finished.

 

How do you differentiate range extension from 'the market trading away from it (value)'. Thanks.

[OAC 10]

 

Buying was initiated in c period with a rotation back down into the high of the inital balance in D period, thus giving a small area of value to trade off. The poc of the value being 1395, which was bought during E period. This was trade number two.

 

It is easy to see in hindsight. But how do you determine whether trade number two should be a buy or sell while you are looking at the small value area around 1395 being formed ? Can you explain a little about your rules for order entry ?

[86834 10]

First level of support as we traded down into 1424.75. Text book trade.

 

[86834 10]

Profit target reached. +14 handels profit for the day.