Hello Rabid. Thanks a lot for your detailed reply. It is really much appreciated. I am re-reading this thread and I find so much great value when reading your posts on MP and auction market theory.
Right now, after begin studying forex since october 2005 but still not profitable yet, having up and down, I am in the process of creating the strategy that i want to use when trading.
I do beleive that you need to find a method or strategy that fit well with your personality or your style so that you can see and think things clearly.
Having said that, it seems that market profile, auction market theory, Wyckoff teachings about supply and demand dynamics, importance of volume (either be the VSA way (bar by bar) or more the Wyckoff way (not single volume bar but overall volume in relation to overall action of the market, more like "waves") are finally the things that really impressed my mind.
So, I am trying to implement a trading methodology based on incorporating those factors in it. Really beleive that the core of price action is only a reflection of the "sentiment" (as you eloquantly stated it) of the market participants. So, by a clear understanding of the concepts behind this market sentiment, one can develop a successful trading methodology.
That is why i am trying to absorb as much as possible on those concepts. Right now, after having red both Dalton books and being studying Franck Butera course about the use of MP and having been studying Wyckoff teachings through DbPhoenix great posts on traderslaboratory, i can say that i got a good grasp of those concepts.
Now, the thing is how to implement those teachings into a a clearly and practically defined methodology.
And Rabid, your posts here on market profile and on some others threads are really helping me a lot to formulate such a strategy.
So, really want to express to you my gratitude to take your invaluable time to tell us how you see the markets.
Really priceless
Sincerely
Shreem
Right now, after begin studying forex since october 2005 but still not profitable yet, having up and down, I am in the process of creating the strategy that i want to use when trading.
I do beleive that you need to find a method or strategy that fit well with your personality or your style so that you can see and think things clearly.
Having said that, it seems that market profile, auction market theory, Wyckoff teachings about supply and demand dynamics, importance of volume (either be the VSA way (bar by bar) or more the Wyckoff way (not single volume bar but overall volume in relation to overall action of the market, more like "waves") are finally the things that really impressed my mind.
So, I am trying to implement a trading methodology based on incorporating those factors in it. Really beleive that the core of price action is only a reflection of the "sentiment" (as you eloquantly stated it) of the market participants. So, by a clear understanding of the concepts behind this market sentiment, one can develop a successful trading methodology.
That is why i am trying to absorb as much as possible on those concepts. Right now, after having red both Dalton books and being studying Franck Butera course about the use of MP and having been studying Wyckoff teachings through DbPhoenix great posts on traderslaboratory, i can say that i got a good grasp of those concepts.
Now, the thing is how to implement those teachings into a a clearly and practically defined methodology.
And Rabid, your posts here on market profile and on some others threads are really helping me a lot to formulate such a strategy.
So, really want to express to you my gratitude to take your invaluable time to tell us how you see the markets.
Really priceless
Sincerely
Shreem