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To answer your question, MP can be used for
different time frames. The concept of value area and point of control is
not restricted to the daily timeframe.
For daytrading:
1. note the relationship of the valow, vahigh,
point of control with respect to the previous day.
2. note the shape of the daily profile bearish "b",
bullish "p", neutral ")".
3. note the relationship and shape of the PM
profile with respect to the AM and Midday profiles.
4. don't use just one tool.
5. read various magazine articles, books, website
sources on market profile:
1. The CBOT has a free 300 pg document available
for download at their website. It is 15meg download so it might be
difficult on a 56k baud line, if you have cable or isdn it wouldn't be a
problem. They have a home study course too. Like other stuff it can
be made more complicated than necessary for day trading.
2. Peter Steidlymayer, creator of MP came out with
a second edition of his book, "Steidlmayer on Markets- Trading with Market
Profile" by Steidlmayer andHawkings, pub is Wiley Books.
3. TASC magazine has had some articles in the last
few years.
4. Go to <A
href="">http://www.tedtick.com and download the free
doc or docs on market profile.
6. <A
href="">http://www.cisco-futures.com has some
free stuff and a home study course.
<BLOCKQUOTE
>
----- Original Message -----
<DIV
>From:
Charles Meyer
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Thursday, March 06, 2003 9:43
AM
Subject: Re: [RT] Re: [SM] Heads Up
Bob,Tks for the tips. Is there any way to use
this information for forecastingnext day's marketaction on a
close-to-close basis? Or; is this tool mostly for day-trading?Tks
for any feedback.IOW; how would one know that Thursday (today) was going
to be up or down; orwhat wouldbe the ideal indicator scenerio which
would provide one with a highprobability of knowingthe next day's
market action?chas----- Original Message -----From: BobR
<bobrabcd@xxxxxxxxxxxxx>To: swingmachine-list
<swingmachine@xxxxxxxxxxxxxxx>;<realtraders@xxxxxxxxxxxxxxx>;
<MedianLine@xxxxxxxxxxxxxxx>Sent: Thursday, March 06, 2003 6:36
AMSubject: [RT] Re: [SM] Heads Up> To follow up on Clyde's
post with his Price Distribution tool, here aretwo> charts using
his tool and some commentary on Wednesday's ND, which I usefor> NQ
trading.>> Wed 3/05 later in the evening...reviewing the daily
NDX 135min chart forits> profile qualities and support resistance
on> Wednesday. I use this in conjunction for trading the
NQ. It helps to> know what other folks are looking at
and it helps to know something about> price movement at different times
of the day starting with the Open with> respect to the previous
day. Let's back up a second and describe this> chart. It
has 4 indicators, 1.daily profile in Cyan color, 2. 135 minute>
profiles in blue,red,yellow, 3. Support/Resistance levels with classic>
pivot, 4. EWOsc using Hilbert Trend inputs. Here is how I saw the
action> today. First the Open was below Tuesday's value area low, that
implied> selling and a retest of the valow. On the retest the ND
crossed over the> valow and the Point Of Control and almost hit the VA
High. Theory says if> price enters the va zone, then there is an
80% chance of hitting the> opposite side. Testing the previous
day's point of control is a high> probability occurance.
Confluence of the VA levels and other commonlyused>
support/resistance levels can produce lower risk trades. After
comingclose> to the va high twice in the first 135 minute
profile(AM) it turned southand> went back to the lows of the day at
the S1 and S2 levels making a higher> low. Then the valow was
tested again as well as the classic pivot(yellow> line) during the
Lunch session. During Lunch the ND also made it all the> way up
to the R1 and R2 levels vefore dropping back inside the va zone>
where it began the PM profile. Dividing the day into three
profiles> captures the three dominate trading periods each with its
differing volume> and participation chararacteristics. It also
helps to have the previous> day's value levels and pont of control
extended into the current day.> Using the public domain EWOsc or
Clyde's Norm_Gap version and theaccompanyi> ng bands adds to the
confluence probability of the price distributionlevels> providing
S/R . The SP135 had similar action.>> bobr> <A
href="">http://www.oextrader.com/sigma_trader>>
----- Original Message -----> From: "Clyde Lee(SBCY)"
<clydelee@xxxxxxxxxx>> To: "swingmachine-list"
<swingmachine@xxxxxxxxxxxxxxx>> Sent: Wednesday, March 05, 2003
6:15 AM> Subject: [SM] Heads Up>>> > ES
24hour/30 minute with a couple of indicators that have> > been very
reliable.> >> > Clyde> >> > - - - - -
- - - - - - - - - - - - - - - - - - - - - - -> > Clyde
Lee
Chairman/CEO (Home of
SwingMachine)> > SYTECH
Corporation email:
clydelee@xxxxxxxxxxxx> > 7910 Westglen, Suite
105 Office: (713)
783-9540> > Houston, TX
77063
Fax: (713) 783-1092> > Details
at:
www.theswingmachine.com> > - - - - - - - - - - - - - - - - - - -
- - - - - - - - -> >> >> >> >
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