Market Statistics (Volume Histogram, VWAP with SD bands) - page 6
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Thanks...
Ok good morning,
It is 6:50 am here. I just woke up and pheww a lot of fight..
Ok If you care what I am saying, please lets not make this flame war any longer. They use a very good system at traders laboratory for this stuff. Which is "ignore rule" as they say. If you dont like what smbdy is saying. Pls just ignore. Otherwise that will trigger him to respond, and his response will trigger you to write more and harsher. So pls ignore a post if you dont like.Thats all we need.
I need to catch the service bus so I will do my best commenting at work.
Cheers.
[Pls do not fight, There is enough fight going on in the world. Lets have peace at least in this virtual world. Thank you]
Akif,Good advise...I'll ignore those 2 "traders"...
also good links: Enthios Universal Method
Akift, the chart you posted some time back on post #35 with the bands... It's not showing me anything that price isn't already. Do you really need that indicator if you can visually see that price is consolidating there and the market statistics/profile indicator is showing you that's where the POC/PVP is?
You are right. It doesnt tell much and actually it is not even using market statistics indicator. I just wanted to show using VWAPs can be used as dynamic S/R lines. So I just put 2 VWAPS to the highest and lowest points to the chart in front of me just to show it can be useful. I will delete that post which I believe will confuse more than to help.
Akif,
Afkit,
Please consider the following suggestion for your statistics indicator:
Automatic last day start (to see the current day only)
Number of days (used with above to see past number of individual days)
GMT offset (needs to be in your code so that day times start and end the same time every day... Do not only utilise PERIOD_D1 in your code, offset needs to be +(PERIOD_H1*GMT offset*60).This is so that the PVP and VWAP are calculated from the correct times. Let me know if you need further clarification.)
Thanks for suggestions Limstylz,
I think I opened this thread earlier than I should. I think first thing I should do now is to prepare a summary documentation and post it in post#1. Then we should collectively decide how can we apply this style to forex.
I think what you suggest is also one of those things that we should decide.
So pls just wait for the documentation.Hopefully I will finish it today and post it at evening.
Thank you everybody for your interest.
Akif,
Look back in days
Yes it would be easyer to have the look back in x number of days
thank you very much for your work, akift! i have been looking for such an indicator for quite some time.
i was also wondering if you could change your market_statistics indicator: instead setting a start date, wouldn't it be better to set it to automatically look back "n" days from current day? i asked about this as i'm currently using a version of market_profile indicator which works this way... (there is quite an active thread @ FF about trading using VSA, and these things are coming together very nice
).
p.s. here is the other indicator, i thought it might be useful to post it here.yes, i know
i only meant that they are coming together very nice... and aren't they?
anyway, i've got a nice set of powerful tools, now i'm off to make some pips for today.
This is not VSA. VSA is a minor part of what market statistics/profile is. You can trade one without the other, however... and this is the important point...
Market profile/statistics shows you WHERE people are at price level, whereas VSA tells you WHEN they are in the market. This is an important distinction because it doesn't matter if they were at a certain price at say 1pm today or 7am this morning, only that participants were there, growing in accumulation, thereby showing correct levels of Supply and Demand (Resistance/Support).
Remember, price is the daddy over time.summary document
Ok here is the summary (the best I can do) of Jperl's thread.
I think I should have done it in the first place. Anyways I tried to do my best to summarize it.
The first part is where Jperl explains the subject. They are usually the first post of the threads.
The comments part is selected by me. I tried to select only Jperls comments so it will sound "broken", but you will get the idea I hope.
There are a lot stuff there to absorb. So I will take some time to finish reading this first. And a lot of your questions are also answered here. Market Profile comparison, look back last x bar. And also You will see they ask about forex to Jperl also.
So I felt value on this matter and I created this indicator to be able to test it. So my advice is lets read this document first.(I am still at thread VIII, too busy sending messages
) And then lets discuss if we can use it on forex or not. I believe we can use it in some way. But i think we need to bend his rules a bit. And bending rules will be your suggestions I believe, so lets begin reading and discuss here.
I am waiting for your feedback.
Thanks.
Akif,
hi fxcruiser,
If you already know that thread I really would like to hear about your suggestions about how can we use this approach for forex. If not if you have time please check it. Your recommendations are highly welcomed.
Thanks again for posting.
Akif,
Danger
When looking at market profile/statistics, its easy to get bogged down in the indicator as an actual trading signal. This should not be so and was never meant for this purpose.
They were designed to show areas of likely supply/demand and current areas of accumulation and distribution. The only important thing here is how price reacts around the areas of the POC/PVP and VWAPS (well, this is less so in my opinion and you could probably get the same information using a weighted average tailored for time frame and cycle... if you follow market harmonics).
It is better to focus on three things...
1. trend if following the VWAPS
2. breakout/bounces at the POC/PVP for entry as this particular part of the chart is the only TRUE indication of where the majority of market participants actually are at the time the POC/PVP is drawn
3. the shape/levels of the bell curve in the histogram as this will show likely areas of support and resistance, and depending on how price reacts at those levels you would add positions or close out.
When you try to add any other type of calculations or mess around with any of the other theories, you will find that its a waste of time.
With this particular type of trading strategy (and with any other IMO) the old adage is true: trade what you see.
What can you actually tell about anything? Such incoherent paragraphs of thought make me wonder why you even bother.
Using this for anything less than 1H charts would be stupid. Price action reacts to specific points of price- but they are not brick walls at pin point levles.