In the last 6 months, I have spent a substantial amount of time trying to learn Market Profile by going through various internet sites and books. But, I have not been able to come up with a good trading strategy based on MP. My goal is to solicit feedback/comments and arrive at a working and objective trading strategy. Essentially, this thread is my attempt to put the learning into practice.
I will be posting EOD MP analysis for ES with important reference points and my bias for the next day(s). As Dalton quotes in his book - Mind over Markets, I will focus on the following two questions:
1. Which way is the market trying to go?
2. Is it doing a good job in its attempt to go that way?
The reference points which I am planning to use are:
1. Open, High, Low, Close
2. Value Area limits, Value Area Range and Point of Control (POC)
3. Total TPOs'
4. Initial Balance(IB) limits, Range and close of the day as it relates to IB
5. Today's excess points
6. Overall Attempted Direction
I invite y'all to participate in this 'Market Profile' experiment.