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Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
Posts: 1,038 since Jul 2010
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I never even noticed this thread. Here's my thoughts on Market Profile and Volume Profile. The two are very similar in use with typically slightly different price levels of importance but both equally as useful. Although many use profiling as a methodology or primary base for one, I think they're both very valuable tools to use in addition to your normal trading criteria. A TPO profile can offer different ideas vs. a volume profile and vice versa. Both however should be used to help formulate an overall market context to aid in your trading decisions.
There seems to be a big buzz right now with MP/VP. This is great to see however, make sure you actually know how to use these tools correctly. Read up on MP theory and use some of the concepts to help you in your own trade set ups. Don't just throw a volume profile on your chart thinking this will be you next helpful indicator to success. Learn how to use them correctly just like any other tool. This isn't a holy grail, but it can help you big time if you learn all the concepts.
It's all I use. Daily, weekly, and monthly volume profile levels on the 2hr chart.
For the daily chart, I use just the weekly and monthly profiles.
Simple trading focused on risk/trade management and price.
Yes, I'm kind of surprised by that too. MP is older than I am, but in the last couple of years the interest has exploded. I think it's because vendors have found it difficult to push "magical" indicators, and AMT appears more sound on the surface.
6-7 years ago, hardly anyone discussed price, it was all about indicators. I remember reading discussions where most of the participants couldn't believe it was possible to trade without indicators, but now the majority trade, or at least attempt to trade, price action.
Judging by the level of activity, and quality of the posts, on various fora, it's becoming very apparent that daytrading is nearly dead now. I've often wondered if there is a secret forum somewhere -- in which all of the profitable traders post --- but I think most have either retired, established private connections or found solace in seclusion.
I expect more and more of old profitable methods to be be put up for sale as they are rendered useless by the ever-increasing efficiency of the markets over the next few years.
I'm still trying to figure out how to use Market Profile and volume profile with X_Trader, so far all i was able to find was the price distribution thing which is great in itself but i would much prefer to have an overlay of the data with candlebars for it to actually be of relevance to me.
I have seen a couple of webinars here where it is done but i have yet to find an explanation of how it is done with X_Study