Volume Profile and Market Profile a new wave of market picture

[sherbaaz]

IB is 8819-8886.
Though it is not addressed to me but still i will try to answer this as per my understanding.
Today open drive trade triggered on the break of first 30 min candle.Stop is day's low.
If breakout was on the downside then it would be failed auction trade based on open.IB high is tested and then IB low is taken out leads to failed auction trade based on IB.Last friday we got 2 trades.First one is open drive to the downside.Second is the failed auction of IB in the afternoon to the upside.

what is open drive trade? plz explain as per me OPEN DRIVE is a type of open and one need not wait for first 30 min candle or so.

kindly share your view.

regds,s

 

[manish9300]

what is open drive trade? plz explain as per me OPEN DRIVE is a type of open and one need not wait for first 30 min candle or so.

kindly share your view.

regds,s

I think this is how it is explained in this thread.Gap open outside previous VA and then first 30 min candle break in the direction of the gap.
I am trying to explain according to what i have learned from this thread.Lets wait for Xrayji's comment for confirmation.
I agree one need not wait for first 30 min candle.But it is lot safer this way i think.One can enter on 5min as ST sir suggested in pivots method.
By the way why not you share some chart examples of open drive,open test and open reject reverse.I dont understand the last two market profile terms and how those patterns would look on a candlestick chart.If you know them well please share how you see them on a candlestick chart.

 

[Vipul_84]

As usual, market rewrded those who stayed with the trend :thumb:

 

[XRAY27]

XRAY bro,
a doubt. If trade volumes are not fully disclosed, do they show up anywhere at all? Should volumes then be discounted fully?

There is no discloser quantity for F &O !!! Cash market we have to see block deals also !!!!

 

[XRAY27]

I think this is how it is explained in this thread.Gap open outside previous VA and then first 30 min candle break in the direction of the gap.
I am trying to explain according to what i have learned from this thread.Lets wait for Xrayji's comment for confirmation.
I agree one need not wait for first 30 min candle.But it is lot safer this way i think.One can enter on 5min as ST sir suggested in pivots method.
By the way why not you share some chart examples of open drive,open test and open reject reverse.I dont understand the last two market profile terms and how those patterns would look on a candlestick chart.If you know them well please share how you see them on a candlestick chart.

Manish ji ,this is what i understood from various book on MP and i could not address remaining terminology like IB,80% rule,Open type,distribution patterns validity on LTF ,so just sticking with 30 mins ,which is also my HTF for D and S

 

[XRAY27]

As usual, market rewrded those who stayed with the trend :thumb:

Only thing in this series is just move sl's in positional side !!! ..

Just catching maximum part of trend is what trading all about !!!

 

[sherbaaz]

I think this is how it is explained in this thread.Gap open outside previous VA and then first 30 min candle break in the direction of the gap.
I am trying to explain according to what i have learned from this thread.Lets wait for Xrayji's comment for confirmation.
I agree one need not wait for first 30 min candle.But it is lot safer this way i think.One can enter on 5min as ST sir suggested in pivots method.
By the way why not you share some chart examples of open drive,open test and open reject reverse.I dont understand the last two market profile terms and how those patterns would look on a candlestick chart.If you know them well please share how you see them on a candlestick chart.

today open is open drive for me from the first 5 min bar. its not a certainty but on probability basis. now to arrive to such bias you need to have knowledge of various blocks of market profile. and rather then taking them as mechanical pointers use them holistically with the context. or background. study dalton book you will get the knowledge.

regds,s

 

[manish9300]

today open is open drive for me from the first 5 min bar. its not a certainty but on probability basis. now to arrive to such bias you need to have knowledge of various blocks of market profile. and rather then taking them as mechanical pointers use them holistically with the context. or background. study dalton book you will get the knowledge.

regds,s

The way i see this
1.open drive mean O=L or H of the day.It holds for the day.
2.Open test drive is when there is a small wick/some price action beyond open for a very short time in the first candle but this candle closes in the direction of the gap and such extreme holds for the day.
3.Open rejection reverse is gap up outside VA but first candle closes in the direction opposite to the gap open.This is rejection of the open.Break of this candle in the direction opposite to the gap is the reversal.So pattern is open rejection reverse.It can be open reverse only if first bar shows acceptance.lol
This is my understanding/modification only and not according to what is shared by Xrayji.
So today is open test drive for me according to my understanding/interpretation.

sorry but i dont agree with your comment.By using previous day VA we have already defined context.So now one can backtest these open gap patterns.Context/pattern that are not definable clearly cannot be backtested and will always differ from person to person.Sharing of knowledge in subjective manner is not helpful to new traders in my view.

 

[Vipul_84]

Values of 6 Sept 16
8946-28-10
VPOC: 8928,8813
Open Drive as of now, may continue as OD, ORR or AF :thumb:

 

[Vipul_84]

SO Manish, what I understand here is :Open drive is Gap beyond VA in the direction of ongoing trend with similar first 5TF candle, in ORR its opposite colour candle. Is this right?

The way i see this
1.open drive mean O=L or H of the day.It holds for the day.
2.Open test drive is when there is a small wick/some price action beyond open for a very short time in the first candle but this candle closes in the direction of the gap and such extreme holds for the day.
3.Open rejection reverse is gap up outside VA but first candle closes in the direction opposite to the gap open.This is rejection of the open.Break of this candle in the direction opposite to the gap is the reversal.So pattern is open rejection reverse.It can be open reverse only if first bar shows acceptance.lol
This is my understanding/modification only and not according to what is shared by Xrayji.
So today is open test drive for me according to my understanding/interpretation.

sorry but i dont agree with your comment.By using previous day VA we have already defined context.So now one can backtest these open gap patterns.Context/pattern that are not definable clearly cannot be backtested and will always differ from person to person.Sharing of knowledge in subjective manner is not helpful to new traders in my view.