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Auction Market Theory and Market Profile

  • #1,661
  • Apr 6, 2011 8:16am Apr 6, 2011 8:16am
Quoting mzvega
Thats great. Im all ass backwards today. I need to regroup.
for what it's worth, i've found stepping away from the charts for a while after a string of trades that didn't work out helps.
Change is the only constant
  • #1,662
  • Apr 6, 2011 8:19am Apr 6, 2011 8:19am
Quoting tgwhbb
closed at 4340, price seems to be stalling...+112 for the day...that may be it for me today...
Im short @ 1.43401 my last trade for the session.
Markets are not efficient, rather they are effective - Jones
  • #1,663
  • Apr 6, 2011 8:38am Apr 6, 2011 8:38am
Quoting tgwhbb
for what it's worth, i've found stepping away from the charts for a while after a string of trades that didn't work out helps.
That is Good advice!
Markets are not efficient, rather they are effective - Jones
  • #1,664
  • Apr 6, 2011 10:27am Apr 6, 2011 10:27am
Quoting bandung
now I chickened out at yesterday VAH... to hold or not to hold...
... TO BE first of course
Hai Bandung, how do you set the MP to limit the data based on ny / tokyo opening and closing?

thanks
  • #1,665
  • Apr 6, 2011 11:46am Apr 6, 2011 11:46am
Quoting bandung
I got nice entry on test of Asia VAH at london open...

adding at test of today DVAL

Yes, I too would be very interested. That would be very useful for my style of trading.
Markets are not efficient, rather they are effective - Jones
  • #1,666
  • Apr 6, 2011 2:07pm Apr 6, 2011 2:07pm
Hi All

Thanks for this great thread, I am avidly studying Mind Over Markets and will hopefully be making a meaningful contribution soon. However, I am having problems getting the MP indicator to work. I have enabled dll and downloaded the microsoft extention, but when I drag the indicator over a 30min chart, nothing happens. I am new to MT4 as i normally trade off FXCM marketscope, but downloaded MT4 especially to use this indicator (ay-MP text v1.02), so maybe I am making some noobie mistake!!

Any help will be greatly appreciated

Many thanks
  • #1,667
  • Edited 5:25pm Apr 6, 2011 3:16pm | Edited 5:25pm
It's not use fully MP, i use MP just to see how is price distributed on those levels.
And here a little brief about Mode or POC in MP term http://www.btinternet.com/~se16/hgb/median.htm

KG
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  • #1,668
  • Edited 3:51pm Apr 6, 2011 3:43pm | Edited 3:51pm
Quoting Trader4567
Hi All

Thanks for this great thread, I am avidly studying Mind Over Markets and will hopefully be making a meaningful contribution soon. However, I am having problems getting the MP indicator to work. I have enabled dll and downloaded the microsoft extention, but when I drag the indicator over a 30min chart, nothing happens. I am new to MT4 as i normally trade off FXCM marketscope, but downloaded MT4 especially to use this indicator (ay-MP text v1.02), so maybe I am making some noobie mistake!!

Any help will be greatly appreciated

Many thanks...


Are the correct files in the correct folders?

  1. ay-MT4MPLibL.dll belong to YOURMT4FOLDERexpertslibraries
  2. ay-object.func.mqh belong to YOURMT4FOLDERexpertsinclude
  3. ay-MP-text.mq4 belong to to YOURMT4FOLDERexpertsindicators

Refer to Bandungs post#1085. However, he updated one of them. you need to further read the thread. Its there somewhere

Markets are not efficient, rather they are effective - Jones
  • #1,669
  • Edited 5:48pm Apr 6, 2011 5:37pm | Edited 5:48pm
So, base on http://www.forexfactory.com/showpost...postcount=1667 and M30 using daily MP on pict below, is it enough reason to open buy around yesterday VAH (1.4297), 1.4303 and 1.4293 ???

it's up to us right?
the important thing is we have a good reasons etc to do this or that.. or we know the 'context' as mzvega mention before...

Good luck and GBU all,

KG
Attached Image (click to enlarge)
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  • #1,670
  • Edited 6:08pm Apr 6, 2011 6:04pm | Edited 6:08pm
According to mzvega MP trade set up post here

I think this set up was meant for stock trading, but let see how price react to yesterday VAL at 1.4274

My short term up target still on weekly DIBH 1.4386

Extract from the PDF article
-------------------------------
Trade setup #2b: In an up trending market, when the current session opens within the previous days VA enter a long
trade at the lower VA placing a stop 1.5 points below the DBY’s (day before yesterday) POC/HVL (the open price must be at least 2 points above
the previous days lower VA)
  • #1,671
  • Edited 6:53pm Apr 6, 2011 6:33pm | Edited 6:53pm
Quoting alexm
According to mzvega MP trade set up post here

I think this set up was meant for stock trading, but let see how price react to yesterday VAL at 1.4274

My short term up target still on weekly DIBH 1.4386

Extract from the PDF article
-------------------------------
Trade setup #2b: In an up trending market, when the current session opens within the previous days VA enter a long
trade at the lower VA placing a stop 1.5 points below the DBY’s (day before yesterday)...
I dont use those set ups for trade entries. I use those areas as a point of reference. I may or may not, but I chose my position and form a bias in those areas. I dont use their sl rules either, but if your stop is on the "otherside of value" chances your sl of being hit are pretty slim. I also figure in reverse, because there is someone else who will see it different. I also do it for weekly, Monthly, etc. and look for any confluence. Those set ups are not "end all be all". Its more about what others might do in those areas.

For Daily:
Attached Images
Markets are not efficient, rather they are effective - Jones
  • #1,672
  • Apr 6, 2011 6:45pm Apr 6, 2011 6:45pm
Quoting mzvega
I dont use those set ups for trade entries. I use those areas as a point of reference. I may or may not, but I chose my position and form a bias in those areas. I dont use their sl rules either, but if your stop is on the "otherside of value" chances your sl of being hit are pretty slim. I also figure in reverse, because there is someone else who will see it different. I also do it for weekly, Monthly, etc. and look for any confluence. Those set ups are not "end all be all". Its more about what others might do in those areas.

For Daily:...
Market Profile in no way should be used as a "Buy & Sell" type system or indicator. Its a way to "Read" other peoples opinions, and perception of value. MP set ups are usless if taken as a buy or sell signals. Just beware, form an opinion when market gets there. Its not a place to jump in. imo
Markets are not efficient, rather they are effective - Jones
  • #1,673
  • Apr 6, 2011 6:51pm Apr 6, 2011 6:51pm
Quoting mzvega
Market Profile in no way should be used as a "Buy & Sell" type system or indicator. Its a way to "Read" other peoples opinions, and perception of value. MP set ups are usless if taken as a buy or sell signals. Just beware, form an opinion when market gets there. Its not a place to jump in. imo
100% agree with you mam...

KG
  • #1,674
  • Apr 6, 2011 7:20pm Apr 6, 2011 7:20pm
Quoting Kang_Gun
So, base on http://www.forexfactory.com/showpost...postcount=1667 and M30 using daily MP on pict below, is it enough reason to open buy around yesterday VAH (1.4297), 1.4303 and 1.4293 ???

it's up to us right?
the important thing is we have a good reasons etc to do this or that.. or we know the 'context' as mzvega mention before...

Good luck and GBU all,

KG
kereenn like usual..
thanks.. kang muacch...
i am proud to be KGers..!!!
  • #1,675
  • Apr 6, 2011 7:35pm Apr 6, 2011 7:35pm
Bandung; for the life of me I can't figure out how you can draw an IB on the mptext. Would you mind sending me some code?

  • #1,676
  • Apr 6, 2011 7:40pm Apr 6, 2011 7:40pm
Quoting mzvega
Market Profile in no way should be used as a "Buy & Sell" type system or indicator. Its a way to "Read" other peoples opinions, and perception of value. MP set ups are usless if taken as a buy or sell signals. Just beware, form an opinion when market gets there. Its not a place to jump in. imo
Hi vega,

Yes I agree 100% those rule is mean for reference.

My usual approach is when price did hit at those level I will check on volume using VSA, (especially on selling climax, follow with no supply, to keep stop loss reasonable) to confirm jump in or not, usually on 5 min chart. When price did hit VAH or DIBH I will use the same method for exit too.
  • #1,677
  • Apr 6, 2011 7:44pm Apr 6, 2011 7:44pm
Quoting Bilstein
Bandung; for the life of me I can't figure out how you can draw an IB on the mptext. Would you mind sending me some code?

Try looking at this. I used this indi. before. Its tempermental, if your unfamiliar. It has default is 1hr IB or you determine the lenghth by haw many bars back. The blue vertical measures the IB the red the va.
Attached Image (click to enlarge)
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Attached File(s)
File Type: mq4 R-MarketProfile.mq4   28 KB | 1,859 downloads
Markets are not efficient, rather they are effective - Jones
  • #1,678
  • Apr 6, 2011 7:48pm Apr 6, 2011 7:48pm
Quoting alexm
Hi vega,

Yes I agree 100% those rule is mean for reference.

My usual approach is when price did hit at those level I will check on volume using VSA, (especially on selling climax, follow with no supply, to keep stop loss reasonable) to confirm jump in or not, usually on 5 min chart. When price did hit VAH or DIBH I will use the same method for exit too.
You're very right, VSA is a great way to confirm PA
Markets are not efficient, rather they are effective - Jones
  • #1,679
  • Apr 6, 2011 9:32pm Apr 6, 2011 9:32pm
Quoting bandung
I got nice entry on test of Asia VAH at london open...

adding at test of today DVAL
Can you share the Indicator you have in your pic that has MP for each session NY Tokyo and London

Thanks
Qtrader
  • #1,680
  • Apr 6, 2011 10:01pm Apr 6, 2011 10:01pm
i know it too early... still a couple hour to euro ses,
but 4300 look like a good hot spot for entry...
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