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Hello BobR,
this is not all but a start i would recommend laying the foundation.
one good one would be knowing the point of control which is defined by
the red line. think of it as a balance point through out the day.
the other good one would be knowing the value areas which are defined
by the magenta lines on the chart.
this screen shot is of the market profile on a one minute nq chart and
the point of control as well as the value areas have been programmed
to dynamically update and graph directly over the price action unlike
a typical market profile. the value areas give a clear picture of
possible support and resistance areas when a market chops. the value
areas also give a clear picture of when the breakout of the trend
starts and is retested, before launching off. if any of this is
unclear i apologize i am not a market profile teacher/guru.
a couple of links
http://www.cisco-futures.com/mpintro.html
www.cme.com/educational/courses/mktprof.html
a really good book on market profile
mind over markets by dalton, jones and dalton
published by irwin
the most informative book on understanding floor activity i have ever
read. note: this book is not easy to grasp immediately but i
personally have found it extremely insightful and helpful in
daytrading. i have had it for over 5 years and i still read it over
and over.
--
Best regards,
Research mailto:research@xxxxxxxxxxxxx
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