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EURUSD 6E Euro
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EURUSD 6E Euro

  #861 (permalink)
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Rad4633 View Post
Hello PB,


In reference to your attached chart
I just started using Gomi Market profile today can you tell me what to look out for on MP per bar as far as poc,VAH,VAL lines as they start forming ie. in a set of bars say there going down how does this reference back to the MP behind this set of bars. Also is that a larger MP on the right of your screen? if so how does this play in?

Thx In Advance- this thing has drove me nuts today :sos:

Well, Market Profile isn't something that can be easily summarized and I would recommend taking the time to learn more about it before actually trying to incorporate these concepts into your trading.

For a good primer on market profile, please read through the attached CBOT's study guide. This will at least give you a better understanding of the concept. There's a lot of information but it's well worth it.

As for how I use MP, it's really for overall market context. Looking for potential rotation areas based on areas of acceptance and rejection. I then incorporate this into my standard trade set up.

Cheers,
PB

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EURUSD 6E Euro-market-profile-handbook.pdf  
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  #862 (permalink)
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FuturesTrader71 will be presenting a webinar this Saturday that goes over Volume Profile, and more.

https://futures.io/traders-hideout/17176-webinar-futurestrader71-volume-profile-methodology-examples.html

Mike

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  #863 (permalink)
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The three zones as I see them.

Basically 1 is 3350-3500. 2 is 3000-3150. And 3 is 2700-2800.

My general rule is if it is moving up, don't short it. Right now it moved up through the last resistance area. I will short it once it moves below it. A short today would require a stop above 3550-3600.

Just my opinion.

Generally speaking, when there are record shorts in the market, and we move higher, it means the bulls are stronger. Yes there is also a short squeeze, but if the shorts were in charge there wouldn't be a short squeeze. The fact that a squeeze has occurred over the last 2 weeks with record shorts in the market, well it simply means bulls are in charge.

Mike


Great analysis Mike.

Fully agree market is very much to the short side and short squeeze markets take some time to unwind if we have new buyers then yesterday's pullback should have presented the opportunity for new wave of buyers to enter the market which should help upside continuation however sometimes this takes takes several pullbacks for bigger potions to get long, which should be evident in price action. Nice to see your thoughts, like a man with a plan.

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FuturesTrader71 will be presenting a webinar this Saturday that goes over Volume Profile, and more.

https://futures.io/traders-hideout/17176-webinar-futurestrader71-volume-profile-methodology-examples.html

Mike

Really looking forward to this...

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  #865 (permalink)
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Euro Update

potential inside day forming

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EURUSD 6E Euro-eu_31jan_2.png  
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  #866 (permalink)
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Euro broke below the supporting bullish trend line today with a big rejection of the high's earlier in the day. Additionally, we finally broke below the temporary support of 1.3078 that held the market two times recently. I'm still not certain that this will be another break down but with rumors of a massive round of LTRO up next, we could see further devaluation.

On a lighter note, the market (6E) made a pretty obvious head and shoulders pattern and man was it a hairy one!

Attached Thumbnails
EURUSD 6E Euro-6e-03-12-240-min-1_31_2012.jpg   EURUSD 6E Euro-6e-03-12-30-min-1_31_2012_sasquatch.jpg  
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  #867 (permalink)
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Private Banker View Post
Euro broke below the supporting bullish trend line today with a big rejection of the high's earlier in the day. Additionally, we finally broke below the temporary support of 1.3078 that held the market two times recently. I'm still not certain that this will be another break down but with rumors of a massive round of LTRO up next, we could see further devaluation.

On a lighter note, the market (6E) made a pretty obvious head and shoulders pattern and man was it a hairy one!

LOL nice drawing! Did you do that yourself, or just superimpose an image?

The daily candle tells a nice story as well:

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Took out yesterday's high, then retreated below yesterday's close, and on top of that closed near the low of the day. We are also very near my 3000 zone, so I am ready to short soon.

Mike

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Yes, I drew it. I just couldn't resist! Lol!

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  #869 (permalink)
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EU Update

Potential pullback to resume uptrend?

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EURUSD 6E Euro-eu_dly_1feb.png  
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  #870 (permalink)
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Trafford View Post
Potential pullback to resume uptrend?

I think that is spot on...

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