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Outdated? The profile is a statistical method to show where the trading community finds current value. That can never be "outdated". How you decide to use the profile is up to each individual trader. If you have a successful method you may want to incorporate the profile into you strategy. You may find that your successful strategy and the profile are very compatible.
VP and DOM are useful but you should also consider to use some other parameters like Footprint, Imbalances etc. Each thing is llike a piece of a puzzle and when you get all them together than it's done. BUT also consider that there are some further factors in order to be successful!
The one and only indicator or parameter does not exist just to keep that in mind! At the end of the day you should understand the meaning of all theses paramters and how the market reacts.
Trading: nq, es, Hype cool runner Ipo's months out short into lockup expirations. UVXY, TSLA options
Posts: 24 since Feb 2016
Thanks Given: 3
Thanks Received: 60
Volume profile is definitely worth learning. I pay special attention to developing POC (point of control). It (POC) often moves to price at the end of a wave or pattern and the exiter's start creating the churn of say at the end of and up move they start selling into the buyers. Lets say after a five wave force push up and your looking for exhaustion. I look a slight exhaust and poc to move to price. When poc moves to price I look close to see which side of that heaviest traded level starts defending/pushing..in other words which side of the heaviest traded level do the new orders coming in want to go. I use it a lot for all kinds of things. Definitely worth "learning"...not so much to trade directly off of but as a way to see behind/beyond price a bit. Trading is usually off a sequence of things and its definitely in the sequence for me. Price moves from confluence to confluence..in waves and patterns lets say from high of day to vwap/50% range..poc or a heavy volume module is usually there on a confluence...adding "gravity"..really its where it should be confirming the "gravity" or confluence. Volume profile and developing POC are great tools. Should have that arrow in the quiver.
First, If you have been profitable for 1.5 years, don't change anything, you have obviously found the right balance, your edge and changing or altering it my not be a good strategy. Rather, if you need to make more, increase your trade size.
As for all the shinny new toys, none of them make the trade for you, they are barely odds enhancers, they should be used as trade confirmations of what you are already suspecting is going to happen, rather than decision makers. I think the people who make them make their money from selling them rather than from trading.
Short answer: There are 3 components to every tick in the market. Time, Price, Volume. Volume being the component that provides a "magnitude" reading on price and time. So, in my opinion, there is a lot to gain and little to lose by learning VP as it gives us a detail of "how much" traded at each price.
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I, too, have found that price action & discretionary trading work for me; I abandoned "indicators" several decades ago. Since the beginning of this year, I have also been using bookmap (bookmap.com) and found it to complement my trading.
I don't feel volume profile gives any edge. I don't feel its "outdated", thats like saying a moving average it outdated. Knowing where volume is in the past is just another lagging indicator. As time and price move on new volume come in. POC and VA shift. Also its all relative to the time frame and data you are using.
To me all this footprint, imbalance type course appears to deviate the traders from catching big moves. There are lot more people creating noise than actual meat of the business. That's my opinion and understanding from last three-four years in the market. Maybe one has to ask oneself and verify from the charts,
1) Does long term methods still work like pivots, volume profile, market profile, weekly VWAPs?
2) Is it necessary to pay 100s or 1000s of dollars in commissions every month or is it necessary to understand what price/instrument is trying to do in a comparatively longer term, be patient and act accordingly even as a day trader?
3) Big institutions will have big troubles if they keep buying and selling. Imagine a market with no direction.
4) Observe who is trying to sell these scalping course? Brokers, gurus tied with brokers, institutions.