Market Profile initial balance

This is a discussion on Market Profile initial balance within the First Steps forums, part of the Reception category; In an exchanged-traded market like futures (which is where MP was originated) "first two official regular exchange session periods" means ...

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Old Dec 21, 2010, 12:59pm   #8
Joined Dec 2004
Re: Market Profile initial balance

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.
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Old Dec 21, 2010, 1:22pm   #9
Joined Nov 2001
Re: Market Profile initial balance

Quote:
Originally Posted by Rhody Trader View Post
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.
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.
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Old Dec 21, 2010, 3:38pm   #10
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Re: Market Profile initial balance

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.
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Old Dec 21, 2010, 11:55pm   #11
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Re: Market Profile initial balance

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Originally Posted by Rhody Trader View Post
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.
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.
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Old Dec 22, 2010, 2:24am   #12
 
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Re: Market Profile initial balance

Sergio - check out this guy - http://www.futurestrader71.com/2010/...n-archive.html

He has an interesting take on profiling
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Old Dec 22, 2010, 12:56pm   #13
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Re: Market Profile initial balance

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Originally Posted by sergio83 View Post
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?
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.
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Old Dec 22, 2010, 1:31pm   #14
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Re: Market Profile initial balance

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Originally Posted by Rhody Trader View Post
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.
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