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Tradovate's Ask Me Anything (AMA) w/Rick Tomsic (Founder) and Brian Weis (President)
Excellent presentation of the higher level market profile concepts by Trevor Harnett, Bastian Smit and @Tradovate.
Four years ago when I first started out knowing nothing, I recall all the FIO big hitters talking about context. It has taken a significant amount of time, effort, and money to finally get to a point where I finally feel I have a decent understanding and grasp of the subject. Understanding profile and what it means is something that would have been of great benefit had it been discovered earlier.
There is a lot to be said for being able to see the bigger picture. Always learning here... and this is my personal opinion, but if you struggle with consistency, direction or even just being able to see past the last five ticks as a discretionary trader, I would strongly recommend having a close look at these tools.
Once the concepts are understood, they provide a grounded framework for the market, expectations and results. Auctions and profile in it's various forms provide market generated information that can be used to improve your trading in nearly every conceivable way. My .02
Thanks again for the feedback and additional questions. We had a chance to share these with Trevor (the presenter yesterday) and wanted to share his feedback below:
- Justin asks, "Do you generally take trades within [the Initial Balance Range] or wait until after?
It depends. If the market is gapping open outside the prior range I am likely to take trades while the initial balance is forming. If we open within the prior range I am more likely to let the initial balance develop before getting involved. For me it all relates to balance and imbalance.
- John asks, "When you see a buying/selling tail, at what point do you feel comfortable to trade against that area?"
Great question. I take into account a few things. First, is the level a support or resistance level that I was previously aware of. If so, I am likely to get involved sooner. If not, I tend to wait longer and let it develop. If I miss the trade, I miss the trade. I also watch the tempo of trade at that area. That is hard to describe, but it can provide key information to trade against.
- @tonybm asks, "[Are] you daytrading [for] scalping, intraday swing or longer term trades?"
A majority of my trades are day trade scalps. Less than 20 minute hold time. A few will be intraday swing trades. I don't hold overnight.
- @teamtc247 asks, "What are your thoughts on overnight inventory?
I note the overnight inventory on my trade journal prior to the open, but unless it is heavily skewed I don't utilize the information. A good example of when I give it more weight would be if we are gapping open higher and the overnight inventory is 100% long. That is a case where longs would be preferred, however, if price were to fall back within the prior range it can provide a great shorting opportunity because I know there are lot of stuck longs from overnight. Bottom line it is worthwhile information to make note of.
Another user asked about a PPT or PDF of the slides. We do have a copy, we're just working on what would be the best way to make these available for anyone who is interested
Just as a quick follow-up to this post. We made an Add-on available today (under Application Settings>Add-ons) which will allow you to load up to one year of tick history in your chart
