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I 'm also new to Market Profile and Reading the above listed books with parallel live Market Match by using fin-alg.com TPO Profile Chart. But its take lot of screen time to understand the concepts and Trade Set up. Any Active TPO Profile Traders using this tool, Pls share your views how to handle this Practically ob Current Electronic Market Scenario.?
yawaniga
Can you help answer these questions from other members on NexusFi?
I went through the Dalton legacy course earlier this year and it has helped me tremendously in my trading, it's a shame that it was his legacy course and Mr. Dalton has retired.
It really gives you a feel for what's happening underneath the markets and why they tend to move and/or reverse at certain points. It does take a while to learn to understand and read it, but once you have the basics of it down it's relatively easy to understand.
I initially subscribed to the Windotrader software while taking the Dalton course, but moved on to Sierra Charts as it has all of the Market Profile functions (and much, much more) and costs much less per month than Windotrader.
Here's a screen shot of my MP screen on Sierra Charts:
Another great resource on a daily basis is Peter's premarket daily Market Profile post and commentary:
Which one should one study first - Volume Profile or Market Profile? I am new at this and am reading an Intro to Volume Price Analysis and studying price action. Also, reading Van Tharp - it just depends where I am physically at and what I am doing that allows be to study one of the three. I plan to move to order flow eventually. Then learning the two profile methods.
I 've no idea about the difference between Volume Profile and Market Profile? But Orderflow 'll give the right edge along with Market Profile or Volume Profile. BTW I got these unique combo Trail from this vendor, search gomicators
I've been trading for awhile but I'm new with Market Profile and Volume Profile. I'm not sure what would be better, MP or VP. I also use Sierra Chart. Can you give me your opinion about the two?
Since I trained on MP, I use it much more, but both MP and VP have their places in the toolbox.
Keep in mind here, both are visual tools with the point being that they format the daily auction data in to an easily readable and understandable form.
You miss 100% of the shots you don't take. - Wayne Gretsky
I took the last live "Legacy" course that he offered earlier this year and I'm glad I took it. I came away with much more knowledge and having Jim basically call the market live (and his evening / morning reports) were a great training tool.
I took a MP chartbook that I was given and modified it to be as close to Windotrader that I could. It's not exact, but it's close enough and give me all of the info I need.
I've since updated it to show the contract volume within the histograms that are to the right of the TPO counts:
Note that the /ES contract shown above is /ESH16 and NOT the current /ESH17 contract that's trading currently.
You miss 100% of the shots you don't take. - Wayne Gretsky
