Discussion in 'Technical Analysis' started by chaos_trader, Oct 29, 2005.
please can I use Market Profile for trading Forex (Currency Pairs )?
Yes, go ahead. I have left my wand out in the car, but for you sir, I will go get it. Just a minute........
Alright then, you will need to kneel in front of you computer monitor. Are you ready? OK
"I, Steve46, grant you (say your name) the exclusive right to use Market Profile (unless Pete Steidlemeyer finds out) to trade forex. "
You will need to report back to me every day at this time for further instructions.
Oh yes, one last thing, during trading hours you must always have the index finger of your left hand touching the top of your pointy head.
Market Profile is good for trading Forex ?
In my experience "forex" is a scam. If you want to trade currency, you should try exchange traded contracts. IF you decide to do that, then yes, Market Profile works as well as anything else.
To translate "Forex is a scam":
Don't use any bucket shops trying to f**k you and make sure where your data is from.
Is that what you mean?
A market never, EVER is a scam. Equal access to the market is a possible scam, the pricing mechanism IS WHAT IT IS.
Any market is the function of its members and behaves according to them.
You do have every single brain and computer in London's Docklands pitted against you and I don't think the "average technical trader" does stand a chance.
But then, is there a free lunch in other markets?
Important for Americans is that it's an INTERNATIONAL market, so you have to have some idea of what the hell is going on out there...
By the way: "There is nothing in Market Profile, that either works or doesn't work." Did Dalton write that, or did I read that in some thread?
wow, the brits are testy these days.
trust me, mate, we do know "what the hell is going on out there." (suppresses laughter).
that other thing about the magic wand was . and I agree about bucket shops. but as far as exchange traded contracts...lots of interesting stuff going on in the OTC, from what I understand...
Don't bother about learning it, it involves lot of discretion
in using it and haven't came across anyone here who knows
how to use it, all they tell you is, watch it for few weeks until
you have a good grasp, grab, grape,....of it, whatever
My view about Market Profile is that it's basically the modern form of tape reading.
It's both a tool and a style, but not a "technique" and you can't "use" it.
Once again recommended:
Dalton - "Mind over markets"
Hope I offended noone...
there are simpler and better things than MP around.
Separate names with a comma.