Market Profile Track Volume Levels
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Hello dear traders.
I have been trading from 10 years and in my opinion market profile is the way to successful long term trading without headache. This is the system that more closely resembles the way big institutions trade long-term. I extensively use it to build cumulative positions for indexes like S&P, NASDAQ, DAX, etc. But it is also very good for FOREX majors and commodities.
Market Profile was firstly presented by Peter Steidlmayer in Chicago. He realized that volume distributes around certain price levels forming a Gaussian curve. The Gaussian curve was introduced by mathematician Gauss to study the distribution of errors and it is nowadays the most extensively used probability model to predict many real life phenomenons, such as weather forecast. If you would like to dive more into the subject I will be happy to send you a PDF of the book "Mind Over the Market" and other books that explain Market Profile in details. If you buy the indicator I can also recommend you a very good online course on Market Profile only.
Market Profile will trace, on the chart, levels at which there were accumulated volumes and mark each culminating volume peak as "volume point of control", these become very sensible price levels in the future. Observing how price action moved when those big volumes formed we can predict that if the price was to go back at those levels again, there is the likely chance that it will bounce at least of some pips (10 - 15 pips for example).
Market Profile has a timeframe of its own which is Daily, Weekly or Monthly and it is advisable to be used with the following time charts configurations:
- M30 (and H1) chart with market profile timeframe D (for daily and weekly trades)
- H1 and H4 chart with market profile timeframe W (for weekly and monthly trades)
- D chart with market profile timeframe M (for very long term trades)
Market profile timeframe is always bigger than the timeframe of the chart we place it because it is an instrument that gives us further look over the market but makes us precise with our entries into the market.
Cautiously avoid using market profile in days when there are high impact macroeconomics news: such as interest rate decisions, central governors speeches or national elections, because big movements driven by this events would make prices break levels.
Market profile is a very good strategy for swing traders and it is suitable to build long term cumulative (or pyramid) positions on a certain financial instruments. However,Before placing a long term trade, lasting weeks or even months, please be careful and check the SWAP that your broker applies to the instrument you are going to trade or you will end paying a lot of possible gains in SWAPs (in MT4 right click in “Market Watch”, and select “Symbols". Select a symbol and click “Properties”). For long term trades also you had better to check COT (commitments of traders) to picture yourself what other big investors are doing.
I have attached a few pictures with explanations that show real life examples of how market profile can be used. I find it extensively valuable to find good swing entries on bullish markets such as S&P500.
If it is used in conjunction with "OHLC multi time frame moving average" and "demand-supply indicator" it will become even more powerful.
Please ask me any question and I will be happy to reply. If you would like to.
I will send you a live account example of the results that can be achieved with Market Profile.
I am sure you will find this indicator extremely helpful.