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Market Profile Initial Balance Setup


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Market Profile Initial Balance Setup

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  #1 (permalink)
Cardiff, UK
 
 
Posts: 30 since Oct 2020
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I was wondering if someone could clarify the correct times to be looking at IB in terms of the time frame.

I have been following a few videos on the futures trainer provider Axia Futures and they were suggesting for instance, On the eurex fdax that the IB would be 7am - 8am - this is premarket as the PIT opens 8am - 1630pm UK Time (9am - 1730 CET Time)

They were discussing setups from this time period 7am to 8am although there is literally hardly any volume during this time so I am wondering how signifance can be placed on this IB. Surely the IB Should be the first hour of the actual Cash Open on all exchanges?

I am wondering if I could open the Debate on the correct IB time and how generally people setup their market profile

Would the common approach be - RTH Cash Open - Seperate profile then an "evening" profile from Cash Close to Cash Open?

Thanks in advance.

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  #2 (permalink)
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Dazzc View Post
I have been following a few videos on the futures trainer provider Axia Futures and they were suggesting for instance, On the eurex fdax that the IB would be 7am - 8am - this is premarket as the PIT opens 8am - 1630pm UK Time (9am - 1730 CET Time)

Sounds weird to me too. The initial balance is traditionally the first hour of the session. I think as always with ETH trading data available on computers, it is interesting to see what has happened in the hour prior to the open, especially in the case of US equity indexes where major news is often announced at 8:30am ET, an hour before the 9:30am ET open. But for example Jim Dalton, Market Profiler and ES trader, still has the IB set at the end of the first hour at 10:30am.

If trading the DAX my IB would be as you said, the first hour from the European open to the UK open as that makes sense. You would want to see whether the mood that took price up or down in the first hour is continued by the British markets, or whether it remains rotational once the British markets open, or whatever.
What happened in the first hour before either the European or UK markets have opened seems kind of irrelevant, other than of course knowing where price is in relation to the current high or low of the day when you start trading if it set during that period.

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  #3 (permalink)
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Yes, I'm absolutely with you guys, for me the first hour of the cash-session is the IB (some traders use the first 30min).

The example you mentioned from Axia, has to do with the first trading hour years ago as the Eurex already opened 1 hour before the cash-session, as we all know, now the Eurex opens way earlier.

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  #4 (permalink)
Legendary Capt. Johnny Jameson
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Dazzc View Post
I was wondering if someone could clarify the correct times to be looking at IB in terms of the time frame.

I have been following a few videos on the futures trainer provider Axia Futures and they were suggesting for instance, On the eurex fdax that the IB would be 7am - 8am - this is premarket as the PIT opens 8am - 1630pm UK Time (9am - 1730 CET Time)

They were discussing setups from this time period 7am to 8am although there is literally hardly any volume during this time so I am wondering how signifance can be placed on this IB. Surely the IB Should be the first hour of the actual Cash Open on all exchanges?

I am wondering if I could open the Debate on the correct IB time and how generally people setup their market profile

Would the common approach be - RTH Cash Open - Seperate profile then an "evening" profile from Cash Close to Cash Open?


Thanks in advance.

@Dazzc yes and yes. Not a good answer but the answer actually depends on you and the instrument you're trading. Hardcore profile guys definitely run splits...and the IB used to be 30 minutes in general back in the day of floor traders...but most I know use the first hour after the cash open for IB. To make things more confusing, in Mark Fisher's book 'the logical trader' he discusses different IB times for different instruments.....and if I remember in one of his videos he talked about adjusting the IB times depending on time of the year and volume of each instrument. Run some tests and find what works for you is what I would say.

cheers

Johnny

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  #5 (permalink)
Cardiff, UK
 
 
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Thanks for your input guys.

Not sure i can post links here but check Check YT on Y3ndGrDcnPE if of interest. Its quite a recent video on a market setup a couple of weeks ago - so seems to still be the basis in terms of this traders strategy. Mentions break of IB just into the cash open? Agree its a personal preference but can't get my head around why he considered a pre cash market IB with no volume.


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  #6 (permalink)
Cardiff, UK
 
 
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Wondering in general how you setup your multiple market profile charts.

Currently i am just using the cash times for my charts with only the last evening session profile displayed to get some idea of where price has moved premarket

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  #7 (permalink)
Cardiff, UK
 
 
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matthew28 View Post
If trading the DAX my IB would be as you said, the first hour from the European open to the UK open as that makes sense. You would want to see whether the mood that took price up or down in the first hour is continued by the British markets, or whether it remains rotational once the British markets open, or whatever.
What happened in the first hour before either the European or UK markets have opened seems kind of irrelevant, other than of course knowing where price is in relation to the current high or low of the day when you start trading if it set during that period.

Never considered that. Thanks

Always thought in general UK markets opened 8am GMT and EU 9am CET i.e. same time. Seems to be the case based on volume evidence anyway. Unless I'm mistaken? Cheers


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  #8 (permalink)
Legendary Capt. Johnny Jameson
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Dazzc View Post
Wondering in general how you setup your multiple market profile charts.

Currently i am just using the cash times for my charts with only the last evening session profile displayed to get some idea of where price has moved premarket

Sent using the futures.io mobile app

A good starting point for your profiles would be Monthly/Weekly/Daily/4 hour

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  #9 (permalink)
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Devil Man View Post
A good starting point for your profiles would be Monthly/Weekly/Daily/4 hour

In terms of data do you just include the pit sessions or the entire ETH. Thanks

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  #10 (permalink)
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Dazzc View Post
In terms of data do you just include the pit sessions or the entire ETH. Thanks

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I just do ETH anymore...I don't really find the pit sessions relevant, but that is just me. Try both and see if you can catch an edge.

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