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Like a turtle to his balcony...
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Like a turtle to his balcony...

  #751 (permalink)
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josh View Post
To me, it's the f***ing holy grail of trading, because it goes to the heart of what it means to accept risk, to enter the realm of the unknown. Structure is only confirmation, AFTER the fact. Yet, so many traders want to use the profile as a signal (not saying you do, just that many do). It's a map, but it provides no signal.

I see a lot of traders that are trying to use VP as a signal generator, like go short at naked VAH or long at VAL. Absolutely will. not. work.

Trying to use profile like that is like trying to use any indicator like that, none of them are going to give you an edge when used in such a way.

But if you understand the auction process and try to answer the question of what the market is trying to do vs what it has done, I think profile along with really any other simple entry signal is enough to make you a good trader, if you also use good trade and risk management.

Mike

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  #752 (permalink)
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On a funny related note, someone just posted this on a software support forum regarding market profile:


Quoting 
Dear Sir, i read the instructions, but i do not understand at the moment, how i should use this study for my trading decisions. Does this study provide clear trading signals - when to open long or short, when to cover an open position. Sorry, i do not understand it. Pl, where can i find such instructions / informations?


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  #753 (permalink)
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josh View Post
On a funny related note, someone just posted this on a software support forum regarding market profile:




LOL love it

Sent from my Nexus 4

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  #754 (permalink)
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Yes not many traders understand this simple concept MP/VP is not a system or indicator it is just a visual representation of price/volume distribution on a vertical scale.Its upto you how you interpret the information & use it in your decision making.

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  #755 (permalink)
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GaryD View Post
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Merging the last few trading days shows price has returned home to value once again.

I almost shorted the pit close, but it kept going and I have been burned twenty too many times.


ON has left price near dead center on the 3-day value ahead of EIA.

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I noticed a few traders have a chart for "trade management". I don't. When I really think about it, I realize have everything I watch there for trade entry, not trade exit. I get out when I feel like it. Is that ego? Do my spidey-senses start tingling?

That reminds me of a time @josh was trading ES at triple/quad witching, and said something like "ES is going here and there is no red or green flash that is going to change it." Rule based, not feeling based.

For me, precise entry is 50% red or green flash. Much like I assume traders use volume ladder. (which is still the most annoying way to watch a market to me, but I keep trying.)


Last edited by GaryD; April 3rd, 2013 at 10:34 AM.
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In range / in balance ahead of EIA

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greenr View Post

Obviously depending on the market condition determines if it's a destination trade or not

That part is making sense to me fairly quickly, and is something I was missing previously.

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  #759 (permalink)
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Small volume evidence of buyers around yesterday's POC, pre-EIA. Could be wiped out still..ES has tested prior VWAP, and YLow...

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