Bolter, Thanks for clarifying! Need to make a point to remember that. BTW, since you do use eSignal... do you feel the Price @ Volume chart is accurate at showing the volume at each level? The reason I ask this is because the Volumeprofile efs I have tried show slightly different levels from the Standard chart feature. I believe eSignal clarified this before saying one was based on ticks while the other was based on a min chart or something like that. I have always thought the Standard Chart Vol @ Price is the more accurate one. Do you have any comments? Lastly, how do you export volume @ price levels in eSignal? I thought it only shows vol per bar? I'm trying to collect vol @ price info for future reference because the eSignal standard chart one only seems to be able to show the most recent day's info. Sorry for the questions!
Bolter, I wouldn't mind looking at your MP chart as well. I am sure we will be different regardless of how we do the settings, but my ES levels are quite a bit lower then yours from Friday. Mine is at the bottom of the range with UVA 1266.25 POC 1262.25 LVA 1258.25 The past times you posted, mine was pretty much in the same ballpark (give or take), except for today. Just curious and thanks. DS
Just for the heck of it I'd like to compare what I'm geting (Ensign) with the rest of you guys. For tomorrow the 14th: ES: UVA 1270.21 POC 1267.27 LVA 1264.29 YM: UVA 10957 POC 10934 LVA 10898
nevedan, I don't think there is any value in loking at a day in isolation and trying to draw some conclusions about what it portends. You need to look at it in the context of the preceding action. Very similar to candlesticks. A neutral day afterall is usually a doji of sorts. The west didn't have candlesticks when Steidlmeyer did his original work back in the 80's. HTH
Yellar, Hey thanks Yellar. Getting short a few ticks from top and covering a few ticks from the bottom is a pretty good day by any standard. But to call the trade before the open ..... well what can I say? Regards
Student, I don't know what this is? I'm don't know what this is either. Maybe you can be more specific or post an image. I answered this question over the wekend. Scroll back a few pages. bolter
Guys, All this confusion about my levels ... I did predict early on that this would happen. Let me be quite clear about this (again) I do not follow the standard MP method for determing the VA. Steidlmeyer uses a TPO count to determine the VA. I believe he did it this way because intraday volume was not available. Based on my experience volume is is a superior basis. So I apply Steidlmeyer's algorithm but I'm using volume not TPO's. Even then, I sometimes adjust the VA if i believe it is not a true reflection - Steidlmeyer's algorithm goes pear shaped if there are low volume prices (low TPO count) in the middle of the distribution. The VA for yesterday (based on Feb 10) is a great example. This day was a double distribution day where we had a VA form in the morning and then a new VA started forming higher in the afternoon. I would argue that the most recent VA is generally the most applicable for the following day. Steidlmeyer's TPO based POC was at 1262.25 I believe. My POC based on peak volume was at 1269.50. That's a big difference. My POC worked well and kept me the right side of the market. The TPO POC would have had you the wrong side. One last point to answer an ealier question I only use RTH. I'm always thinking about what I'm doing and looking to refine and improve my methods. Using volume for the VA works for me, and it might work for you. bolter
Well my plan to short the ES around the 1268-69 level with a target of the LVA worked perfectly. Only 1 trade today but it was a gem, although extreme patience was required. Nothing more to say really. On the YM I didn't get the preferred trade setup in the morning. The market was very dull so I sat on my ES trade and worked on other stuff. bolter
Thanks for the clarification Bolter. I was wondering if you used the 2nd value area, as I did manage to see a double distribution day. That answered my question. Great thread. Learning tons.
Incidentally yesterday I experiemented with a Tick bar chart - see below. It has the effect of (almost) normalising volume, and the B/A Anaysis is much clearer - the waves of buying and selling are more obvious. eSignal has a Volume bar option but I can't get this work correctly, which is unfortunate. This would normalise volume perfectly. I will talk to support. eSignal users - enter 500T (for the ES) in the interval instead of 5 (say).