I finally got around to watching the entire Esignal hosted webinar from Sept 2012 (it's more about Time Variable Profiles than Volume Strips). Two things kept reverberating in my mind: 1) the comments/questions people were posting ... don't even get me started, and 2) every single time I hear Pete talk about the markets, I come away feeling excited and proud to be a trader.
Here's a link to the webinar (seems like I posted this somewhere before, but whatever; now I don't have to re-dig for it ):
I have watched all of Steidlmayer's video's and have adjusted my Market Profile to the 12/9 settings he uses. His concepts are valid and I am gaining a better understanding how liquidity comes and goes in our modern marketplace without the Locals stepping in to provide the majority of the liquidity.
That being said, one thing that I'm still a bit puzzled on is how Steidlmayer uses his time variable profiles for his entries? Does he use buy/sell stop bracket orders or will he step in with a limit order when a new profile develops? Be great to get some chatter going with others using these modified profiles and talk setups.
The setup that I see may work best is when there is a "short and fat" equilibrium profile which shows that the market is spending a lot of time at short range of price. Then when there is a new profile created and it breaks out from the range of the last, one enters and places a stop below/ above the high/low of the previous profile. The caveat to this type of trade is that it may be more time in the market than just a day trade and the $ value risk of that size of stop may be quite large depending what instrument you use.
Big Mike, any updates on getting Peter Steidlmayer to do a futures.io (formerly BMT) Webinar?