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don,
i used to have the exact same view of market profile....but
if you read the dalton book you'll see that the idea of a day filling out a
bell curve is related only to a particular set of circumstances. if i
remember right when the day opens inside yesterday's value area and proceeds
to just auction around the opening price in the first hour then dalton/mp
makes an estimate that today will be a low range day trading in a bell curve
fashion.
but then mp classifies days into several different types each with an
"expected" profile depending on the opening action.
for example, when the day opens outside yesterday's range (an unbalanced
open they call it) and proceeds to auction around the open or does an
immediate open-drive then dalton/mp suggests just go with it which ever way
it goes as the chances are high of getting a trend day. bit like the last 2
days in the s&ps.
Regards,
Robert
BTW CQG do an excellent Market Profile charting service.
-----Original Message-----
From: Don Thompson [mailto:detomps@xxxxxxxxxxx]
Sent: 05 May 2001 18:19
To: realtraders@xxxxxxxxxxxxxxx
Subject: [RT] ..Trading Profession? Market Profile
I heard also that Steidelmeyer is one of the few who can use market profile
to advantage.
He didn't make his money using Market Profile to begin with.
So, Ira speaks from the experience of life.
The problem with the profile is that there an assuption that the market will
bell curve and this
is going to be an advantage. uh guess what it don't have to do that. So it
is a method of
determining a pattern,
Clyde Lee will make his million by getting a data base program to identify
today's market profile
with similiar profiles going back to '82... and seeing how they work out the
next day.
blah blah blah..
Don Thompson
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