[thrunner]

Originally Posted by darthtrader »

He just seems to be ignoring the cbot fee

I think you ignore the CBOT and or TS at your own peril. Just look at the recent episode with the new $55/month CBOT fees at TS. They cut you off and even with the new feed, live or delayed, it is still unreliable. https://www.tradestation.com/Discuss...Topic_ID=72109
The finalg looks like a good product, but it is still code protected and server side verified (if finalg's verification failed or is taken down by CBOT, you will have no function). Just a caveat emptor. If you have access to some of the published MP code and do some studies, you should have a reasonable fascimile of what other MP traders are seeing.

[Soultrader]

Chart from January 4, 2008:



Profile resembles that of a Normal Variation Day in which the range extension is double the initial balance. Notice how range extension from C period down to K period is almost the same as the range of A-B period.

Normal Variation Day indicates 30-40% market activity controlled by loger time frame market participants. "b" shaped profile hints of long liquidation. Key question will be "Is the short term selling temporarily over?"

IB Rejection vs Acceptance

Knowing the type of market you trade whether it be reponsive or initiative is important in developing strategies under the IB breakouts. The chart above shows multiple attempts by D-J period to trade back up into the initial balance. However, price is rejected creating lower value placement. Price acceptance below the initial balance is showing further weakness.

My bias will remain for price to trade in this newly developed value area so will look for short opportunities above value. Will post a few charts later as the markets open to show possible short setups.

[james_gsx]

What would the MP chart look like for the NQ? The NQ has sort of been in a box play for the last two months and just broke support, I'm curious if that would show a shift in value on the MP chart as well?

[Soultrader]

Originally Posted by james_gsx »

What would the MP chart look like for the NQ? The NQ has sort of been in a box play for the last two months and just broke support, I'm curious if that would show a shift in value on the MP chart as well?

Do you have access to MP for NQ? I dont subscribe to CME at the moment so cant pull up a chart. I just subscribe to CBOT, NYSE, and the Japanese markets at the moment.

[james_gsx]

No, I don't actually. I don't actually trade the NQ I was just curious how a MP structure would look after a range bound breakout like that. But judging from the look of the candle it looks like an open-drive day since it opened and pretty much tanked. I guess I could always put together an MP chart in excel?

[Soultrader]

Originally Posted by james_gsx »

No, I don't actually. I don't actually trade the NQ I was just curious how a MP structure would look after a range bound breakout like that. But judging from the look of the candle it looks like an open-drive day since it opened and pretty much tanked. I guess I could always put together an MP chart in excel?

An open test drive will test one direction for supply or demand before reversing. Perhaps you can pull up a NQ 5min chart for me?

I used to plot MP in excel using a Reuters spreadsheet called PowerPluPro. But that was because I did not have access to a MP charting package. It was a nightmare. I guess you could do it if you can export data into a spreadsheet.

[james_gsx]

This is the 24hour chart. Looks like a lot of pre-market movement.

Note: times are Mountain Standard, 2 hours behind NYC.

[Soultrader]

Originally Posted by james_gsx »

This is the 24hour chart. Looks like a lot of pre-market movement.

Note: times are Mountain Standard, 2 hours behind NYC.

I wouldnt consider that an open test drive. If you plot the initial balance, you will notice how C period (3rd 30min period) upset the IB. Half hour ranges are directional, in other words each 30min period is one-timing down. Typical of Trend Day profiles.

Trend days show that buyers/sellers have used up their energy. You can expect prices to stall a bit and rotate sideways until further directional movemet. Basically continuation strategies should be avoided the followind day.