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asiatrader98

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Posts posted by asiatrader98

  1. Posted

    It depends on your software... I use IRT and make weekly, monthly,

    and even year to date profiles...These can be constructed with EOD

    data I am pretty sure. You will not get full tick data, but it should print all the TPO's

     

     

    oh thank....i know....we can construct the EOD data for the long term MP with the software but the problem is : I am constructing my MP chart with MS Excel....I need to know the right way to get long term chart, such as how to determine the opening/closing price for a particular month......:doh:

    is the opening/closing price of the 1st tday of the month opening/closing price for the month? Is it sound logic compare with the day timeframe?:doh:

  2. Posted

    Dear all,

     

    I wonder how can I construct the long term MP chart by using the EOD data (i.e. Daily OHLC) insteads of using the 30 minutes intraday data to construct the day timeframe MP chart?:crap:

     

    How can I determine the Open with EOD Daily data? First of each month? :doh:

    Anyone here can guide me the way to this long term MP chart? TQ

  3. Posted

    I have created a list of market profile trading concepts. Please feel free to add more:

     

    1. Opening Price: If the opening price is higher or lower than the previous days close this creates a gap on a price chart. In market profile, this gap represents a shift in market sentiment. Like all gap, the greater the gap the more its significant. For example, a market gapping up 80 points on a CCI economical news has alot more significance than a market gapping up on 30 points with no news and light premarket volume. The first gap has a chance of being a contiunation gap while the latter one has a high probability of a gap fill.

     

    2. Opening Price in relation to the value area: Here is a rank of market balance vs market imbalance. If price opens above/below value and the previous days range, this creates a complete market imbalance. This offers a high risk but high reward trading opportunity. If price opens above/below value but within the previous days range this indicates a market imbalance but not as significant as the earlier example. This creates a medium risk and medium reward trading opportunity. If price opens within value and within the previous days range, this indicates a complete market balance. Unless price extends above/below value, this creates a low risk but low reward trading opportunity.

     

    3. Previous days close in relation to todays open: Any late afernoon rally or decline can mean two things: either the longer time frame participant has stepped in to buy/sell aggressively or the short term traders are liquidating their position. To understand the difference is crucial. For example, let's say the previous days late afternoon market action was a rally and price closed at the upper extreme of its range. This could indicate a short covering which fueled a rally or actual longer-time frame buyers stepping in. The opening price action is crucial to understanding this. If prices can remain above the previous days high and value high, this means that the rally was valid and longer time frame buyers was present. The previous days high and value high will act as support. However, if the markets opened above the previous days high and was quickly rejected falling below value, this indicates short covering. Understanding price acceptance from rejection is crucial.

     

    4. Look for market excess: Market excess exists when prices have extended too far above/below value. Other time frame buyers or sellers will enter aggresiviely to return price back into value. A single print tail below/above value is a good sign of market excess. On a price chart, this is where prices find support/resistance with a quick reversal never to test that support/resistace again.

     

    "Excess is created when the other timeframe recognizes an opportunity and aggressively enters the market, returning price to the perceived area of value." from Mind over Markets

     

    Why are these levels important? They can as key future support and resistance points. These levels represent price rejection. No time = no acceptance.

     

    5. Previous days close: If the previous days close remains in value, this indicates market balance. If the close remains above/below value this indicates market imbalance.

     

    If the markets rotated above and below the opening price to close at its upper extreme, we have a temporary victory by the bulls. If the markets closed at its lower extreme, we have a temporary victory by the bears.

     

    6. Understanding the POC: The Point of Control is the price level in which the highest volume occurred. This can act as a key support or resistance point. This is also commonly used as a level to place stops.

     

    7. Value high and value low: These are two important pivots when using market profile. When prices are trading within value, the value high will act as resistance and the value low as support. If prices do break out of value, the VAH will act as support and VAL as resistance.

     

    8. Opening Range: Also known as the initial balance. If the initial balance is narrow in the morning session, any break above/below willl most likely be the trend for the day. A wide initial balance can indicate a market rotation from the upper range to the lower range for the trading day.

     

    9: Type of Days: Please refer to this thread.

    Hi, Soultrader,

     

    New mp trader here,

     

    I would to get ur advise about the opening's relationship to previous day..

    As for the open within previous day's VA, the value area also include the VAH & VAL. Am I right ? As for the range, which mustt be the price area outside the VAH & VAL? Am I right?:doh:

  7. Posted

    Does anyone know how to plot Market Profile in Excel. I do not need real time Market Profile chart, just manual type in 30 minutes high/low to form the chart.

    I have use TPO chart calculator in a web site, it is great but it only plot one day Market profile chart.

     

    Thanks

    Winnie

     

    where u use the TPO chart calculator? mind to share the wedsite to me/us? TQ:o

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