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I'm no expert on this stuff. I day trade the spoos and look where the open
in the pit session is relative to the previous days value and relative to
the previous days range. Two of Dalton's main points is that the purpose of
any market is to facilate trade and prices are searching out areas of high
volume or the value area.
The other point that he made was about market participants with different
timeframe perspectives. Within the value area you have a lot of short term
traders buying support and selling resistance once you break out side of the
value area then longer term traders are responsible for price direction
until you start forming a new value area i.e. short term trading range.
Another thing he point out is the first hour range. If the range is very
narrow in the first hour look for range expansion and if the first hour's
range is very wide look for an inside day. The analogy he uses is that of a
pyramid vs the shape of the daily market profile. If the base of a pyramid
or triangle is narrow than it is less stable than a pyramid with a wide base
or foundation.
I've attached last week SP Profile for the full size contract. The black
vertical line represents the first hours range, the O is the open, and the
small red triangle is the close.
I don't know if anything I've said helps at all but MP does help give me a
feel for the market and has help me understand price movement better.
Good trading,
Howard
>From: Don Thompson <detomps@xxxxxxxxxxx>
>Reply-To: realtraders@xxxxxxxxxxxxxxx
>To: realtraders@xxxxxxxxxxxxxxx
>Subject: Re: [RT] Fri aftn-Market Profile.
>Date: Sat, 28 Jul 2001 15:55:24 -0400
>
>Howard,
>How long have you studied the Market Profile idea? What salient references
>could you direct me to reading
>I have Dalton's Mind over Markets, anything else? I also heard there are
>some article in TASC from the late '80's
>that discuss it.
>
>How much bearing does the previous days Average and Value area play into a
>day with more buyers and the converse,
>How much does Average price of the previous day, and Value areas play into
>a
>day with more sellers?
>And How do you integrate the last weeks trading into the current day?
>
>I know a lot of questions. It seems like MP is a valid concept.
>
>Thanks for responding..
>
>Don Thompson
>----- Original Message -----
>From: "Howard Hopkins" <hehohop@xxxxxxxxxxx>
>To: <realtraders@xxxxxxxxxxxxxxx>
>Sent: Saturday, July 28, 2001 2:07 PM
>Subject: Re: [RT] Fri aftn
>
>
> > RT's;
> >
> > I think time of day is one of the most critical elements of finding good
> > trades in the SPoo's. The liquidity is there in the first hour and 1/2
>and
> > ususally the pit starts filling in again around 2 to 2:30 est.
> >
> > I used to sit there ALL day watching the market. I felt I MUST put in a
> > "full" day. An very successful experienced trader pointed out the
>problem
> > with this compulsion... boredom (leading to initiating trades that
>shouldn't
> > be taken for the reason of "If I'm sitting here I should be trading")
> > burnout (reducing concentration levels during times of day when you
>should
> > be most focused), and frustration (caused by watching random
>moves/trends
> > that you miss but don't fit your trade criteria to begin with).
> >
> > I also believe that Market Profile helps in identifying the type of day
>from
> > the opening tick through watching the development of value areas and
>daily
> > range.
> >
> > Howard
> >
> >
> > >From: "Michael Ferguson" <wl7bdn@xxxxxxxxxxxxx>
> > >Reply-To: realtraders@xxxxxxxxxxxxxxx
> > >To: <realtraders@xxxxxxxxxxxxxxx>
> > >Subject: Re: [RT] Fri aftn
> > >Date: Fri, 27 Jul 2001 14:21:04 -0500
> > >
> > >Thanks Earl
> > >
> > >That's a good one, reminds me of when I was learning to fish
>commercially,
> > >something I did by buying a fishing boat and discovering all the
>mistakes
> > >it's possible to make in the world's oldest profession. It was a matter
>of
> > >years before I discovered the mechanism by which I could drive around
>and
> > >avoid the schools of fish. Now that I know what to look for it is
>easier
>to
> > >find them.
> > >
> > >I am pretty good at avoiding good trades in the same way; I trust my
> > >"dogged
> > >perserverence" will eventually train me to troll into the good ones,
>which
> > >phrase was triggered by your barking dog.
> > >
> > >
> > >
> > >
> > >----- Original Message -----
> > >From: "Earl Adamy" <eadamy@xxxxxxxxxx>
> > >To: <realtraders@xxxxxxxxxxxxxxx>
> > >Sent: Friday, July 27, 2001 14:07
> > >Subject: Re: [RT] Fri aftn
> > >
> > >
> > > > My comment brought something else to mind which might be worth
>sharing.
> > >When
> > > > I have my data feed running and I'm sitting there watching it, my
> > >instincts
> > > > are akin to a beagle ... if something moves it's time to bark and
>hunt.
> > >I
> > > > refer to it in my trading notes as "Barking Dog" syndrome and is the
> > >number
> > > > 1 item in my list of losing habits. I find that aside from self
>control,
> > >not
> > > > watching the market when it's wandering is a good cure.
> > > >
> > > > Earl
> > > >
> > > > ----- Original Message -----
> > > > From: "Earl Adamy" <eadamy@xxxxxxxxxx>
> > > > To: "Realtraders" <realtraders@xxxxxxxxxxxxxxx>
> > > > Sent: Friday, July 27, 2001 1:00 PM
> > > > Subject: Re: [RT] Fri aftn
> > > >
> > > >
> > > > > The trading day was likely over on the failed weak attempt to
>punch
> > > > through
> > > > > overhead resistance and reach 1221. I shut down my feed rather
>than
>be
> > > > > tempted by some false breakout from the chop .... market will
>still
>be
> > > > there
> > > > > Monday.
> > > > >
> > > > > Earl
> > > > >
> > > > > ----- Original Message -----
> > > > > From: "Michael Ferguson" <wl7bdn@xxxxxxxxxxxxx>
> > > > > To: <realtraders@xxxxxxxxxxxxxxx>
> > > > > Sent: Friday, July 27, 2001 12:50 PM
> > > > > Subject: [RT] Fri aftn
> > > > >
> > > > >
> > > > > > I'm not much of a tape reader, but I am getting the impression
>that
> > > > there
> > > > > > are lots of people wishing the bell would ring right now.
> > > > > >
> > > > > >
> > > > > >
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> > > > >
> > > > >
> > > > >
> > > > >
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