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not directly...but i learned a lot from it...;)
the issue of the open is moot...just what constitutes an open these days?
Historically I suspect the the open-focus arose because in the past by that
point the important economic numbers were already out and CBOT markets like
tbonds called the tune over equities not the other way round...so after
maybe an hour of bond trading the future character of the day may well have
been reasonably well defined.
now if you trade the eurobund you have 1) the open at 7am London time, 2)
(my data service start quoting) cash bonds at 7.15 3) European stocks
opening at 8am 4) news dotted around the european morning before 5) 1.30
news in the US and then 6) 2.30 stocks open US...
that's an awful lot of "noise" to contend with...
Regards,
Robert
-----Original Message-----
From: Don Thompson [mailto:detomps@xxxxxxxxxxx]
Sent: 05 May 2001 19:28
To: realtraders@xxxxxxxxxxxxxxx
Subject: Re: [RT] ? Market Profile
Robert,
Thanks I am speaking from my first take of it and haven't studied the book.
Still will bet you
a nickle someone has persued this to the nth and has a pattern book written
out.
Do you now use the profile? Or just use the distillation of the results of
Daltons book?
It is interesting that alot of focus is played out on the open. I bet there
is also focus to determine
the pattern set up into 1:30 to 2 pm..
Subject: RE: [RT] ..Trading Profession? Market Profile
> 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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>
>
>
>
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>
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