Soul,
I too found pivots to be a very complimentary strategy to WHO i am a trader, but ive developed a small 'crush' (lol) on Mkt Profile ovber the past 6 months.
Had some questions for you:
1. What is the single biggest way to use it in your opinion? Signifying levels of S/R? Mkt direction/sentiment?
2. I use the
value areas to mark levels of S/R and play those intraday in the YM. Question is the best values to use, and when to gather that data to make for an accurate S/R line. The self-fullfilling prophecy that is S/R in the YM means that i dont necessarily want the accurate data, but rather the data than is most widely used in my opinion. Pioneers dont last too long with that b/c they dont have anyone else to support that price point on the chart, thus not getting any S/R out of what you THINK is the correct value.
Do you....
A. Take
VAH/POC/VAL (VA#'s) at the close of say Wednesday for Thursday's trading day and play those levels of S/R?
B. Take the VA#'s the morning OFF the day you wish to trade, ie, 9am in the morning on Thursday, when you are ultimately getting data that includes the overnight of that current day, 12am - 9am or so...
C. Use the 'developing
value area' as it deveops throughout the day? Can this 'dev. VA#'s' be used as S/R on the chart as well, almost like 'buying the pullbacks to the 34EMA' in an up-trending market? Could you buy the pullbacks to the
developing (key word)
Value areas liek EMAs work? Do other trades do this enough for it to work?
D. What resources are available to me to do more research on the S/R levels that work best using MktProfile. I am relatively new to Mkt Profile so I would like to find a Blog, Post, etc that perhaps has some historical data as it pertains to this strategy.
Im anxious to learn more, thank you in advance!