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TPO and forex
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TPO and forex

  #11 (permalink)
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josh View Post
The first markets in Australia open around 5pm Eastern US time on Sunday after a 48-hour break. All markets close by EOD Friday in the US, also around 5pm. So, the most logical "day" is roughly 5pm to 5pm Eastern US, 24 hours. That makes 5 actual days. This is roughly in line with the GLOBEX day for most products. Any other time leads to more than 5 "days," and if you tally the hours, the forex market is open for 5 out of 7 days.

Great answer thanks @josh that helps. So when the US session closes at 5pm , whatever price it closes at is the settlement price aka rollover in the forex world? Settlement seems to be a factor in the futures market so I presume it has influence in other market as well.

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  #12 (permalink)
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Grantx View Post
Hi @tr8er so what are your times? 08:00 to 16:30....surely you dont ignore the rest of the us and Asian session? Or do you use that as the overnight? Im trying to figure out of this 'settlement' value and how much emphasis to put on it wrt the cash market. One thing Ive uncovered in this little curious quest of mine is to determine the overnight net long/short positions in relation to the settlement price (is this just the prior US session close?) and then having a plan for that.
A common thing is for the european session to correct the overnight inventory which, i think, is basically a smart arse way of saying that if the europeans determine the overnight was driven by weak hands, they will trade back into those positions for their own nefarious reasons or maybe simply to push back and find liquidity. Im rambling...sorry. How do you factor the US and Asian positions is the question?

Yes I use the setting 8:00 to 16:30 London time and I don't change it, because for me, the European Session is the most important session for the Euro, so I see no need to use an extra setting for the us-session. For me the VA from the previous day is the most important I watch.

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  #13 (permalink)
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@Grantx,

no, the settlement-price isn't the closing-price at 5pm ET, the settlement-price is calculated by the CME once a day and for currency-futures it is calculated at 2pm ET (end of day-session) and is based on a VWAP (and some other rules) of the last 1 1/2 minutes before 2pm ET.

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  #14 (permalink)
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tr8er View Post
@Grantx,

no, the settlement-price isn't the closing-price at 5pm ET, the settlement-price is calculated by the CME once a day and for currency-futures it is calculated at 2pm ET (end of day-session) and is based on a VWAP (and some other rules) of the last 1 1/2 minutes before 2pm ET.

OK so its exclusive to futures then and not applicable to the cash market?

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  #15 (permalink)
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tr8er View Post
@Grantx,

no, the settlement-price isn't the closing-price at 5pm ET, the settlement-price is calculated by the CME once a day and for currency-futures it is calculated at 2pm ET (end of day-session) and is based on a VWAP (and some other rules) of the last 1 1/2 minutes before 2pm ET.

Right, except it's 2PM CT, so 3PM ET.

Either way @Grantx, open a cash EURUSD and open volume on it. As already discussed, this won't be a meaningful aggregate, but it will show that every day at 17:00 ET, the volume is at the lowest. And, as discussed before, this is the time just after US closes, and before Australia opens. Markets open Sunday around 5pm ET, and they all close by 4pm or 5pm ET Friday. So, the most logical choice for a "day" in forex is 5pm to 5pm. If there's a better choice, I'd be interested to hear reasons behind it.

At any rate, don't overthink it, and if using TPOs, are you sure you want to give equal weight to the 5pm hour as the hour when the market is active? Would just use a EURUSD cash chart with a volume profile and be done with it.

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  #16 (permalink)
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@josh, oops, yes of course it is 2pm CT = 3pm ET

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  #17 (permalink)
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josh View Post
Would just use a EURUSD cash chart with a volume profile and be done with it.

Youre right. The volume by price is a basically the same profile. If dont use TPO to make trade decisions then there is no point paying for the extra functionality. I can still apply most of the market profile principles that I am interested in. Ill continue the evaluation (30 days free with sierra) to see if there are any advantages of one over the other that are applicable to me.
Thanks for the suggestion.

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  #18 (permalink)
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Grantx View Post
Youre right. The volume by price is a basically the same profile. If dont use TPO to make trade decisions then there is no point paying for the extra functionality. I can still apply most of the market profile principles that I am interested in. Ill continue the evaluation (30 days free with sierra) to see if there are any advantages of one over the other that are applicable to me.
Thanks for the suggestion.

Market Profile was used back in the days of the CME when volume was not available in real time. Using it today as a replacement for volume profile is like using an analog clock for accurate time when a digital one (with sub-second accuracy) is available. It really doesn't make any sense at all.

I still keep open a TPO chart on one of my screens instead of a 30 minute chart (which it effectively is), but it's an addition to VP, which is my main tool.

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  #19 (permalink)
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josh View Post
Market Profile was used back in the days of the CME when volume was not available in real time. Using it today as a replacement for volume profile is like using an analog clock for accurate time when a digital one (with sub-second accuracy) is available. It really doesn't make any sense at all.

I still keep open a TPO chart on one of my screens instead of a 30 minute chart (which it effectively is), but it's an addition to VP, which is my main tool.

I understand its irrelevance in futures but perhaps it is still applicable in the forex world. Volume on the cash market can be skewed but a TPO profile is the inescapable truth. Not defending it, just a thought.

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  #20 (permalink)
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LOL, for me the Market-Profile works much better as the Volume-Profile.

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