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When I use the term "Value" in my Journals, I am referring to about the 70% of where all that particular day's volume took place on a 30-minute time chart. Or really, 70% of the whole day's range where price had visited in a 30-minute chart - doesn't really matter which although I prefer price occurrence. It is really a market profile concept but basically it's nothing more than knowing where the bulk of that day's trading took place. Therefore, it enables the trader to measure how far price has travelled from Value so the trader can decide if what to do about it if anything.
Please see the attached image for more concrete idea on what it is.
But Robert, the only time I use the profile chart is to fill in the last part of my journal to distinquish between overlapping value areas from overlapping to lower/higher value areas because its too difficult to just eye it. I don't use the profile to trade at all, I use the 30Min chart and apply the basic concepts to that chart.
spartacus, just a quick message to let you know that i do not read a lot of journals but i am impressed by what you have done with it. You have my vote for the quality of your comments, the level of details you have put into it, the attention to the presentation and the quality of the language. Really a nice piece of work. I wish you good continuation and may you be the winner.
Just a note - that I'll be taking some days starting tomorrow and will be back soon.
I want to thank all who participated in this contest, I've learned much from many here and all have been so helpful and extraordinarily considerate. Literally, I've been journaling with just a pad and pen with a couple of Snagged pictures every day or the last 3 years, although it was faster for me because I've gotten so used to it, having developed a more sophisticated and structured format and method to record my trading day has made such a difference for me.
Thanks for your shared journal, it has a huge impact on my progress of trading, but it is very tough path, my first pleasure disappeared quickly, now I am trying to work on myself as hard as possible. But there is too many aspects, which I must put together for better understanding what to do in markets and how I should behave in specific situations. I hope to see you here again soon.