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Market Profile in gold, oil, currencies
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Market Profile in gold, oil, currencies

  #11 (permalink)
Elite Member
London, England
 
Futures Experience: Intermediate
Platform: Ninja
Broker/Data: Mirus Futures/Zen-Fire
Favorite Futures: EUR
 
Trafford's Avatar
 
Posts: 337 since Sep 2010
Thanks: 379 given, 227 received

I use Market Profile in my daily pre-market analysis. I look for market structure to determine an opportunity. I look at the shape of the profile to determine the distribution of inventory. I particularly like 'p' and 'b' shape profiles to signal pullbacks and retacements. I have found the market will always gravitate to areas of high volume and move quickly away from low volume areas whicah are very easy to see on a profile.You can get as complex as you want with it but do you need to? I also use a combination of 30M charts and Range and Renko charts to time entries.When I trade I always think about what my competition did and why.

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Market Profile in gold, oil, currencies-mp.png  

Last edited by Trafford; October 27th, 2011 at 04:26 AM. Reason: error
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  #12 (permalink)
Elite Member
Tomsk, Russia
 
Futures Experience: Beginner
Platform: custom
Favorite Futures: gold
 
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Posts: 253 since Dec 2010
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Steidlmayer Volume Strips

Steidlmayer Volume Strips vs Profile indicator / islands of volume ...



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  #13 (permalink)
Logician
Chicago, IL/USA
 
Futures Experience: Advanced
Platform: CTS T4/Sierra Chart
Favorite Futures: Futures
 
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Posts: 139 since Jun 2011
Thanks: 49 given, 186 received


Steidlmayer is very open about his clumsiness as a trader. He cracks jokes about his losses and inability to make the best decisions in many situations. Anyway, it doesn't really matter what his motivation is. What matters, or should matter, is that Market Profile did (or does) work for those who did (or do) use it effectively. If he (Pete) were, in any way, dissatisfied by his decision to sell MP to the CBOT, I'd suppose that would have come to light a long time ago. Let's not forget that MP was conceived in the 70's or 80's. Pete sure did take his sweet time in insisting market dynamics have changed, if his motives are less than honest. Furthermore, Pete has publicly stated that he hopes Volume Strip analysis will get picked up by the CME Group as did his earlier creation. He wants to get paid. So do you. So do I. So what?

Let's take a closer look at Pete's 'angles':

Market Profile was developed at a time when floor traders were prominent. Trading then was different. Floor traders' primary objective was to provide a service; only secondarily did they made money from being 'right'.

Volume Strip analysis was developed on the premise that floor traders have gone the way of the dodo, and that markets are now comprised of singular traders with selfish motives (supply/price vs price/time).

One must recognize that these distinctions are accompanied by real difference. Pete's suggestion that dynamics have changed, are axiomatically so, given the shift from open outcry to electronics. Does this mean that MP no longer is useful? I have no idea. I've never very seriously used MP, but I know Pete now seriously doubts its efficacy. It goes without saying that everyone is entitled to make what conclusions they will from that fact. I am only in the early stages of testing VS (mostly for academic purposes), but I will go as far as saying that his current ideas are logical and perfectly applicable to the current structure of price. Will I use it? I'm not yet certain....


Aragorn View Post
I can appreciate that Market Profile is not for everyone. Heck, I questioned it myself for a number of years. In part as a result of my own ignorance and also in part because I never saw anyone really trade it successfully. At least not consistently successful to the extent that I wanted to put my money on the line to trade it.
There's probably no other methodology that is as filled with scammers as Market Profile. I mean there's legions of rooms that profess it's use with vague and low convictional double talk. Then when the trade works out pat themselves on the back for identifying the trade. For several minutes they talk you out of it by telling you everything that's wrong with it and scaring the hell out of you and then after the fact tell you everything that was right with it. That was my experience with Market Profile.
Most leave you wondering if they make their money off of their trading room and by charging multi thousands of dollars to teach the theory but who are unsuccessful in actually applying what they teach ie. they are unsuccessful at trading Market Profile. Making money by teaching theory and losing money as traders trying to apply it. Who wouldn't question it? I did.
I do however think there are few, very very few, legitimate traders of Market Profile- I don't care how many winning days straight they say they have.
People assume that because Steidlmayer was the developer of MP that he was successful trading it. I'm not so sure that's true. I have to wonder what his motive is. He sold the rights to the cbot. Do you think he regrets that now that it's become popular? Do you think he needs a new angle to develop to capitalize on by saying the market has changed?
Those few, who are successful at trading MP, have shown no signs of needing to change. Naturally the question will rise as to who those few are. That will need to be determined by each members own due diligence. Suffice it to say, they are out there. And they are not the ones who are doing the heavy selling and making the fantastic claims.


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  #14 (permalink)
Elite Member
London, England
 
Futures Experience: Intermediate
Platform: Ninja
Broker/Data: Mirus Futures/Zen-Fire
Favorite Futures: EUR
 
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Posts: 337 since Sep 2010
Thanks: 379 given, 227 received

When you know what to look for I guess you can use anything, Tick, Minute, Volume, MP charts. It does not really matter. When you know the structure you then look for the opportunity.

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Market Profile in gold, oil, currencies-weekly-mp-es.png   Market Profile in gold, oil, currencies-es-60m.png  
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  #15 (permalink)
Elite Member
London, England
 
Futures Experience: Intermediate
Platform: Ninja
Broker/Data: Mirus Futures/Zen-Fire
Favorite Futures: EUR
 
Trafford's Avatar
 
Posts: 337 since Sep 2010
Thanks: 379 given, 227 received

Without sounding too male chauvinistic, if you give a woman a map to read it is likely to confuse her and she will unlikely reach her destination but give a sat nav and the likely hood is that she will get there. Two different tools that achieve the same thing but just use different methods.

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Market Profile in gold, oil, currencies-todays-profile.png  
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