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I see no one posted a chart of the boxes for today, so the NQ range is from 1958 to 1978, with the midpoint at 1968, and the ES from 1390 to 1400 (it's already testing the bottom of this range).

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Where do the odds favor rotation back to the bottom? I'm going with the break of minor support, plus a little, around 1380. There's already been a minor false break with potential confirmation from the wide range down bar (with volume).

5aa70e69199ac_INX.thumb.PNG.2f22ca0cc83c811b107a3b36a8e40577.PNG

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I see no one posted a chart of the boxes for today, so the NQ range is from 1958 to 1978, with the midpoint at 1968, and the ES from 1390 to 1400 (it's already testing the bottom of this range).

 

Yes but we opened outside of yesterday's range ( below )

erie

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Correct, and, as I said, it was testing the bottom of the range. Given the time of the post, I thought it was clear that the test was coming from below.

 

As a side note, we came within a tick of the NQ midpoint.

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I see no one posted a chart of the boxes for today, so the NQ range is from 1958 to 1978, with the midpoint at 1968, and the ES from 1390 to 1400 (it's already testing the bottom of this range).

 

I've gone over some of my charts from the past, and although I've only on occasion used the word 'midpoint', I've noticed how often I have lines drawn on that particular level to indicate 'potential reaction'.

 

Your boxes provide an interesting (new) way of representing information. It prevents traders from having too many lines on their charts, although personally I still pretty fond of my horizontal ones...

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Correct, and, as I said, it was testing the bottom of the range. Given the time of the post, I thought it was clear that the test was coming from below.

 

As a side note, we came within a tick of the NQ midpoint.

 

Looking at past charts for the ES, when the cash opened below previous day's range, it was mainly a buying opp, not so for today..........therefore a failed test :)

erie

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In other words, how extended will the range extension be? I can't say. And I don't know if MP addresses this. I buy support and sell resistance. But if those trades don't work, and the price breaks out of the range instead, I'll buy the breakout if there's anything behind it. The target then becomes the extreme of the wider range, if there is one. If I can't determine the next level of S or R, I'll let the demand/supply lines and swing points guide me. When the range extensions are then established, I have benchmarks for further trading.

 

As for the ES, it's dropped below the last "major" (to a daytrader) trading range which occupied the first two weeks of May. Below that is the range that occupied the last two weeks of April, from 1370 to 1400. Whether it reaches 1370 or not is anybody's guess, but I'd keep my eyes open for my favorite reversal signal, whatever that might be.

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Looking at past charts for the ES, when the cash opened below previous day's range, it was mainly a buying opp, not so for today..........therefore a failed test :)

erie

 

Si. Db's Cajas Famosas say that test of Caja from below is shorting opportunity.

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Your boxes provide an interesting (new) way of representing information. It prevents traders from having too many lines on their charts, although personally I still pretty fond of my horizontal ones...

 

Nothing new, really. Just a variation on the MP distribution, which creates it own SD lines, if one wants to draw them.

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. And I don't know if MP addresses this.

 

I've seen mention of closing back within value gives that range control again. The composite is SPY from 1/22-present.

5aa70e692f134_SPYMP.thumb.PNG.2bcab0cda35e2e6e3c5a40f2cbab2fde.PNG

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The last chart was from MarketDelta and their composites always include the present bar. I prefer to leave out the last swing so here's the SP500 again. The value area is a little different.

5aa70e693c8a3_SPXMP.thumb.PNG.b1ecf5719cd5aad77a4025868b085969.PNG

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I've seen mention of closing back within value gives that range control again. The composite is SPY from 1/22-present.

 

Yes, but it depends on how one defines "range". From a macro POV, the "range" is from 1260 to 1400. So within that context, one could look forward to a return to 1260. No particular reason not to. I was going to point out that the ES dropped out of its trend channel a couple of days ago, but I had decided to reserve the macro comments to the weekends.

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I also prefer not to include the minor extension above 1400 and have moved back the last border of the profile. The blue area is value for anybody not familiar with this chart.

5aa70e69496d1_SPX1400.thumb.PNG.ca3c4ca76a2e65dc0094a9885029c1eb.PNG

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Hi, Nic.

 

Your technique is so sophisticated compared to my hand drawn charts from 98-99 based on MP from the Eng book, I think it was.

 

Are the colored areas standard deviations of VAP for the entire area (except for the last swing in one case) or calculated based on where you have drawn lines?

 

Thanks.

 

TannisM

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Hi TannisM,

 

They are just the 1st (value), 2nd, and 3rd standard deviations based on price. I wish it was derived from volume but they are usually very close.

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Firewalker-

Any chance you can walk me through how to install these into the platform?

I have not a clue how to put these into the platform.

Thanks!

Aaron

 

Actually, I've only installed MetaTrader a week ago, just trying things out myself. I now use it to track what wasp is doing in FX.

 

I've just placed those files the "experts\indicators" directory and they showed up in the indicators list. Menu Insert > Indicators > Custom. Then just click market profile, set the right start date and you have something (see attached chart).

 

Experimenting with it myself right now. One of them seems to work fine, the other not really... but I suspect those familiar with MP will probably be able to tell more.

es_mp_tst.thumb.GIF.df6c8f8aa28c4ee4b79ef55fd4c9bf91.GIF

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The last chart was from MarketDelta and their composites always include the present bar. I prefer to leave out the last swing so here's the SP500 again. The value area is a little different.

 

So now we should be at a potential support point according to the distribution on the SP500?

 

erie

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So now we should be at a potential support point according to the distribution on the SP500?erie

 

I agree. It could then become a spring of the May lows and is why I'd like to see more of what develops.

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