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Trading Indices with SD and Market Profile
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Created: by doggette Attachments:5

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Trading Indices with SD and Market Profile

  #21 (permalink)
Trading Apprentice
United Kingdom
 
Futures Experience: Master
Platform: MetaTrader, T4, Cqg, Trading Station
Favorite Futures: WTI Crude
 
Posts: 15 since Jul 2014
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rpik View Post
Let me ask you a question about your risk management. What is the size of your stops on crude (or on DAX)?

Good trading.

Size of my stops on both dax and crude vary from 30-50 ticks. Ideally golden middle of 35-40 if I can help it. So pretty good r:r when aiming for 200+ ticks on the day. You could go for smaller stops if you're aiming for less than 100 ticks a day, but the way I trade, because of the longer term levels I trade off, I can easily catch 300-400 ticks in a couple days, so I'm not too bothered about using anything less that 30 ticks for my stops.

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  #22 (permalink)
Trading Apprentice
Moscow / Hvz
 
Futures Experience: Intermediate
Platform: OEC, Ninjatrader, CQG Qtrader
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Favorite Futures: Weelky options ES / FESX
 
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doggette View Post

[..]

Market profile also allows for some pretty confident fades on intraday, just by looking at the MP structure.

Like today in crude oil, for example - other timeframe participants have extended initial balance on both sides. I also had an area of interest in crude at 51.92 (previous supply on 4-hour chart). So by seeing that today is likely to end as a neutral composite day and the range extension on both sides also means a neutral day, in spite of the 234 tick move, I was pretty confident to fade the move at 51.90 through a limit order. Possible target is 50.60 if we don't run out of time today. Eitherway, I'm taking the fade trade off by electronic close or even sooner if I see that buyers are back in action.

[..]

Great trade! My congrats.

Thanks for the detailed description of your concerns. This led me to new thoughts about using TPO-Profile analysis in my work.

Good trading.

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  #23 (permalink)
Trading Apprentice
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Futures Experience: Master
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rpik View Post
Great trade! My congrats.

Thanks for the detailed description of your concerns. This led me to new thoughts about using TPO-Profile analysis in my work.

Good trading.


Thank you. I truly believe that market profile is an amazing addition to any trading system. The way it shows market sentiment on day-to-day basis is pretty amazing.

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  #24 (permalink)
Trading Apprentice
United Kingdom
 
Futures Experience: Master
Platform: MetaTrader, T4, Cqg, Trading Station
Favorite Futures: WTI Crude
 
Posts: 15 since Jul 2014
Thanks: 0 given, 14 received

Short euro, long dax is my preffered course of action these days. Seems that ES is a bit reluctant to go down yesterday, case of bad news interpreted as good news. tsk tsk tsk

Right now, ES still above Value Area, let's see if that holds into Wall St open. Below is a cash S&P chart:

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  #25 (permalink)
Membership Temporarily Revoked
San Diego, CA, USA
 
Futures Experience: Intermediate
Platform: NinjaTrader, MarketDelta
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In my opinion, if you really want to leverage the market profile for all its capable of, pick up some of Jim Daltons dvds or attend one of his intensives. Merely using value areas is to trade with off MP is like putting regular pump gas in a dragster...

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  #26 (permalink)
Trading Apprentice
United Kingdom
 
Futures Experience: Master
Platform: MetaTrader, T4, Cqg, Trading Station
Favorite Futures: WTI Crude
 
Posts: 15 since Jul 2014
Thanks: 0 given, 14 received


Southpaw View Post
In my opinion, if you really want to leverage the market profile for all its capable of, pick up some of Jim Daltons dvds or attend one of his intensives. Merely using value areas is to trade with off MP is like putting regular pump gas in a dragster...

Perhaps if you had bothered to read through the thread, you'll notice I use much more than the mere value area to trade.

In fact day types and timeframe transitions are incredibly useful but not if you don't watch the market live and comment on it right away. Hence I don't include what I presume day type might be in the charts and analysis.

However I still feel that entries to the trades should be obtained through supply/demand levels than purely MP. Because if you wait until the buying/selling tail becomes valid, your stops will go into 30-40 ticks intraday which messes with the intraday risk/reward, making it tough to obtain a 3x or 4x r/r over one trading session. I avoid anything less than 2x r/r at all costs - too much work and not enough cash for me. But that's just me.

As a loose guide, I tend to use 15% of current 20 day Average Daily Range of an instrument to limit the stop sizes for intraday.

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  #27 (permalink)
Elite Member
Kampala, Uganda
 
Futures Experience: Intermediate
Platform: TOS
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What charting platforms is everyone using in here? I'm wanting to re-engage MP in my trading setups, and needing to get a charting package up and running...

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