Can anyone help me with a market profile question. If the initial balance is the first 2 half hour periods of the day that would imply an initial balance from 1.00 am to 2.00 am if I was trading brent crude oil. There is so little trading going on at this time that to me it would not make sense to use this. Does anyone have any suggestions of suitable initial balance time frames for 24 hour markets. The brent crude market volume increases noticably from 7.00 am onwards. From 7.00 am to 8.00 am would make a more sensible opening range. I could set my chart to make the initial balance form 1.00 am to 8.00 am. Is this feasible? Any suggestions or advice very welcome.
traderunner1
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Re: Market Proile initial balance
To me initial balance makes only sense if there is something to balance.
Looking e.g at euro dollar (CME) session opens 17:00 chicago time mine 00:00, and there is normally very thin volume, i never look at it myself
Good to see a market profile user on the forum!
TR
To me initial balance makes only sense if there is something to balance.
Looking e.g at euro dollar (CME) session opens 17:00 chicago time mine 00:00, and there is normally very thin volume, i never look at it myself
Good to see a market profile user on the forum!
TR
Rhody Trader
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Re: Market Proile initial balance
Using the first two official regular exchange session periods generally is the best way to go.
Using the first two official regular exchange session periods generally is the best way to go.
Re: Market Proile initial balance
I'm going to use the Market Profile with the forex in particular with EUR/USD.
So the better way to consider the initial balance in this market would be the australian and asian session? so basically since the closing of the american untill the beggininng of the London session?
Thanks for any infos
I'm going to use the Market Profile with the forex in particular with EUR/USD.
So the better way to consider the initial balance in this market would be the australian and asian session? so basically since the closing of the american untill the beggininng of the London session?
Thanks for any infos
Rhody Trader
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Re: Market Proile initial balance
That wasn't what I was saying, but it could work. I suppose it depends on the sort of trades you want to do. Feel free to experiment.
That wasn't what I was saying, but it could work. I suppose it depends on the sort of trades you want to do. Feel free to experiment.
Re: Market Proile initial balance
Ok thanks Rhody, but i would really like to understand what you actually meant with "the first two official regular exchange session periods"
P.S. is that a forum with a lot of people using Market Profile? i'm struggling to find some forum about it where to share opinion. it's such a grat discipline for trading
Ok thanks Rhody, but i would really like to understand what you actually meant with "the first two official regular exchange session periods"
P.S. is that a forum with a lot of people using Market Profile? i'm struggling to find some forum about it where to share opinion. it's such a grat discipline for trading
Rhody Trader
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In an exchanged-traded market like futures (which is where MP was originated) "first two official regular exchange session periods" means the first two half-hour periods after the market opens. That, of course, is based on a day trading type timeframe. If you're looking longer-term it could be something like the first two days in a monthly distribution.
As for whether there's a lot of people here using MP, it doesn't seem like it. The subject does come up from time-to-time, but isn't a frequent talking point.
As for whether there's a lot of people here using MP, it doesn't seem like it. The subject does come up from time-to-time, but isn't a frequent talking point.
I've played around with MP but could not see the advantage in using it. The direction of the trend is the most important part of my trading as I should imagine it is with everyone. That information is available, just as easily, on price charts. As for extremes, a bar chart sorts them from the fair value, which is only the price passing through the maximum number of bars over the period.
I agree that there is,probably, a lot more studying to do on MP and that I may be making this more simple than it is.
Rhody Trader
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As with any indicator or the like, if you spend enough time you'll be able to sort out what a particular price pattern means in those terms. MP is no different. For me, it's the underlying idea of what MP is showing you that is the real value.
Hi Rhody thanks for your help.
I'm a daytrader as well. So i would probably need to consider IB as the first two hours.
But I've a question for you, where do you watch the futures session? I personally use Broco Trader and I'm trading in the 6E which should be the CME euro/dollar session right? but how come that on this broker I see anyway a session of 24 hours? how can I see the actual chicago features session?
Splitlink I find the MP really interesting because of the philosophy behind it, which give a sense to everything more than any other technique i studied. Is just that with it i feel more to do stuff because i understand the mechanism behind it and not like i'm simply following the usual strategy without knowing the very reasons behind it.
But in the end MP is just a way to better organize the same data that a better trader could see in a simple bar chart.
DionysusToast
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Sergio - check out this guy - http://www.futurestrader71.com/2010/11/chat-session-archive.html
He has an interesting take on profiling
He has an interesting take on profiling
Rhody Trader
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You're looking at the electronic contract, which trades 24 hours. You may need to look at EC to see just the pit session, but I'm not 100% sure on that. I don't personally watch the futures when trading forex.
but do you use Market Profile for the FOREX?
Do you know were can I axcess the EC price movements? i just need the High and Low for each haf hour.
DionysusToast
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Sergio - you looking for free info or you want this stuff on a platform ?
I'm looking for free infos. Platform i guess are all to be paid, and I'm just a beginner which wants to learn, not a good idea start paying before to earn anything.
I'm actually programming an excell sheet with macros that once inserted the Highs and Lows for every day, calculates the Profiles for an whole week with Value Areas, TPO count, Auction Points, Initial Balance. And which shows the profiles with letters like it appears on the books (WindoTrader alike).
I will share it with all of you once finished, but meanwhile i would like to make it with the most correct basis possible.
first of all I was wondering if it is worth considering the MP with forex spot data.
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Rhody Trader
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I have been known to, though more for swing timeframe work than intraday. That's no suggestion you can't do the latter. I just have other short-term considerations to manage.
Obviously, you're only talking TPOs when dealing with spot forex - no volume.
Getting it real-time will be a challenge, but you may find it delayed in places. Maybe the exchange?
yes just TPOs study.. only with price movement, I know that volume is propably much more important, but i simply still don't get it at the moment. And also i guess would be even much more difficult to have free data about it.
sorry my ignorance, but what exactly do you mean with exchange?
Rhody Trader
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The CME.
If anyone wants to share my worksheet for market profile charting tool just send me a private message
In the end I'm using it with the forex spot, anyway i don't use volumes, just TPOs.
here are few printscreen from the last week as example:
I think can be a nice tool for a beginner to start with the MP.
For the whole day profile I have been using the asian session as Initial Balance.
Instead for the western session day profile I've used the first hour of the London session.
In the end I'm using it with the forex spot, anyway i don't use volumes, just TPOs.
here are few printscreen from the last week as example:
I think can be a nice tool for a beginner to start with the MP.
For the whole day profile I have been using the asian session as Initial Balance.
Instead for the western session day profile I've used the first hour of the London session.
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