Having firsthand taken Steidelmeyer's Seminars at the CBOT in his seminal years, IMHO just having the MP study on your charting platform isn't enough - you really have to have a very good understanding of how to use it properly and in context. That applies for all TA for that matter. My guess is that this might be a personal journey for you, but hopefully someone actually using MP with success on intraday Forex will proffer an opinion.
It is a volume profile which can generate some signals for trading. Sure it better for intraday trading than for scalping. But local volumes accumulation of liquid instruments can help you. There are some examples.
You would probably be better off looking at the volume profile than the market profile. Just my opinion.
I realize this is an old thread but maybe someone will read it.......... I own all of Dalton's books and have read all of Steidlmayer's works. Even though I do not use market profile in my trading I learned some useful things by reading them. If I had to do it over again I would read them. I have two reasons for NOT using market profile. 1) I can use a 30 minute chart and see the same thing. 2) The market profile is time based and does not show me if there was a lot of interest at a price. Some of the market profile theory is relevant to volume profile. I like the volume profile because it shows me where people are interested in trading. If you are a short term trader this information is much more useful. For "scalping"? First we have to define what "scalping" means to YOU. If you are going for two or three ticks I am doubtful volume profile will be useful at all. I don't see how either of these tools will improve your results much other than to avoid high volume nodes. In my trading methodology I am going for 10 to 20 ticks (more if I can get them) on the 6E. I consider this "sort of" scalping. What I find the volume profile useful for is determining where price is likely to stall (high volume nodes) or move through quickly (low volume nodes). It doesn't always work out and it is not my primary decision making tool. From my experience it isn't wise to trade around the VPOC of the volume profile. When price is trading around a high volume node it isn't as likely to move as if it were in a low volume area.
I agree with you. And my logic is follow: 1. Market profile and volume profile of previous periods can show general direction in middle term. It give me some understanding of price behavior. 2. POC and volumes levels give me area where I can open or close positions. 3. Local splash of volumes in my areas give me more accurate points of input and output. Below an aexample of some intarday trading on NQ_f. Volume profile of previous day shows that more advantages for long positions. Zone of area for long was current maximum accumulation of the day. And after confirmation with local splash volumes I opened long position with short stop losses.