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Anyone find success using mp/vp for currencies other than the Euro?
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Anyone find success using mp/vp for currencies other than the Euro?

  #1 (permalink)
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Anyone find success using mp/vp for currencies other than the Euro?

I was curious if anyone who trades currencies uses market profile with any success on spot currencies other than the EUR/USD? (what currencies or session times do they use) I was also wondering if it is worth using volume profile for other currency futures than the Euro given their daily volume?


Last edited by Itchymoku; November 26th, 2013 at 02:04 AM.
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  #3 (permalink)
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From what people say on webinars and on the forums is that Mp concepts work on all instruments even the obscure. My issue with this is that most people who use it also use vp and trade highly liquid/ volume transparent instruments like the ES. I was just curious if there are any discrepancies using mp/vp on other instruments with far less volume than the ES or if this is just a preference? I was just hoping these concepts aren't limited to highly liquid instruments because of their self fulfilling nature and perhaps low tick per point ratio.


Last edited by Itchymoku; November 28th, 2013 at 02:20 PM.
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Didn't really get too far with this because it requires some reading i'll come back to later
Does Market Profile work in Spot FX


--------------------re-edit

looks like trade2win stores your cookies and makes you sign up for an account upon re-entry - go figure. (might wanna go incognito)
Anyways the thread wasn't very helpful other than the links to

http://www.cisco-futures.com/Auction_Market_Theory.html

and the attachment below

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Anyone find success using mp/vp for currencies other than the Euro?-market_profile_basics.pdf  

Last edited by Itchymoku; November 28th, 2013 at 02:32 PM.
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Anyone wanna make a stab at the question? I know @xelaar partly answered with commentary on fdax vp for the afternoon volume (https://futures.io/elite-circle/29629-avoid-loss-best-entry-points.html#post370438). Anyone else have experience with it? @GaryD I know you've been trading forex recently, do you use mp or vp with them? @GFIs1?


Last edited by Itchymoku; November 28th, 2013 at 11:44 PM.
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Answer
This post has been selected as an answer to the original posters question Answer

I've been trading AUD futures for the past couple of months using VP and I've done some back testing as well. Being based in SE Asia, I trade it during the Asian and EU sessions. It has it's own character like any product but VP certainly can be used effectively in my experience.

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dama View Post
I've been trading AUD futures for the past couple of months using VP and I've done some back testing as well. Being based in SE Asia, I trade it during the Asian and EU sessions. It has it's own character like any product but VP certainly can be used effectively in my experience.

Oh thank you dama for your response I was beginning to think this thread was going to the wayside with no answers lol, or maybe the answer was so completely obvious that I started to become a little embarrassed not knowing from my inexperience with mp/vp (but then again its thanksgiving weekend). I appreciate your answer but I just have one question: Do you include the whole 24 hour trading hours into each of your daily mp/vp profiles or do you have them start when the Asian session starts?

For my profiles I've been including all the sessions of the day making 24 hours in total for my mp/vp but I have an opening range stretching the duration of the session(s) before the current currencies' session starts. For instance, my opening range is 180 minutes (3 hours) for EUR/USD since the euro session starts at 3 am est where I live. I know the opening range isn't supposed to be used for this function but it gives me an idea of where the markets were before they opened.

Here is a picture of my tpo/vp chart for the EUR/USD
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I went short around 1:30 here on the EUR/USD because I weighed out the news reports regarding the Euro and the USD and thought they favored the USD. I figured there was nothing to really hold up the Euro to make it break out. I traded back down through the POC and scaled out at the value area low with a runner aimed towards the 27th's poc. I'm experimenting trading with this approach and so far it's working. If it holds I may make a journal regarding currencies mp/vp.

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Last edited by Itchymoku; November 29th, 2013 at 08:34 PM.
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I use a 22h hour session from 7pm to 5pm EST. I selected this time period after looking at the hourly trading volume. In the first hour of trading in the 24h session (actually 23h for futures, 6pm - 5pm) there is often not much volume. Since many AUD news releases take place at 7:30pm EST, it makes sense that volume normally picks up during this hour and it is also when Asian trading in general picks up (9am in Japan). I use a 60m range for the Initial Balance. By opening range I presume it's what I refer to as the opening swing and I have no set time frame for this. It's simply the range where initial buying and initial selling take place and can be anywhere from a few minutes to an hour in length.

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dama View Post
I use a 22h hour session from 7pm to 5pm EST. I selected this time period after looking at the hourly trading volume. In the first hour of trading in the 24h session (actually 23h for futures, 6pm - 5pm) there is often not much volume. Since many AUD news releases take place at 7:30pm EST, it makes sense that volume normally picks up during this hour and it is also when Asian trading in general picks up (9am in Japan). I use a 60m range for the Initial Balance. By opening range I presume it's what I refer to as the opening swing and I have no set time frame for this. It's simply the range where initial buying and initial selling take place and can be anywhere from a few minutes to an hour in length.

This is interesting that you base your profile on when volume picks up on an hourly time frame. Do you base trades on your version of the opening range or is it just a gauge to add in addition to other trading signals?

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Itchymoku View Post
This is interesting that you base your profile on when volume picks up on an hourly time frame. Do you base trades on your version of the opening range or is it just a gauge to add in addition to other trading signals?

Opening range (OR) or opening swing (OS) is just another tool I use. I will often use it to trade off of if context supports it. For example, when price moves away, it will usually retrace to the OR/OS and often this level will also have confluence with VWAP, MID, IB or a combination.

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