[cleon]

Originally Posted by Mel_Function »

As everything in trading I noticed that some day the Globex data has better results, the other day the Daily Session calculation of VA and POC works better.

Thank you!

That's why many people keep both profiles up at the same time.

[AldPixto]

When I am thinking "Market Profile" then I use the floor trading hours. Things like Initial Balance and Settlement make sense when applied to a Market Place driven market (markets that open and close). I do most of my MP thinking looking at end of day charts for important price levels for the next days trading session.

While trading I use Volume@Price (Market Delta Footprint charts) set to Globex hours, but I always keep in mind what hours a given commodity has the most volume. The most volume almost always coincides with corresponding floor hours. I have observed some markets (e.g. ES, QM, and YG) can get significant volume an hour or two before the floor opens when there is significant news.

[cleon]

if you don't mind me asking, how do you apply it (if at all) to currencies?

[AldPixto]

Originally Posted by cleon »

if you don't mind me asking, how do you apply it (if at all) to currencies?

Interbank forex has no hours and no centralized reporting of volume.

[1] what session time

What hours is the market most active?
I'd want to look at a histogram of trade activity vs time-of-day and pick the busiest times, or conversely find the quietest time as the closed-time.
Or I'd use the globex hours for the CME exchange-based currency futures.

[2] what volume

If my data provider reported trades but no volume, then I'd use tick volume as a proxy for trade volume. If I only had price quotes but no idea where trades were executed, then I'm severely limited in understanding the market from a value perspective, I wouldn't know the POC or the volume weighted mean.