QQQQ’s Market Profile

here is a quick MP chart of the last 7 days of the qqq’s. We have a had a shift in skew on a mid term timeframe to the upside. SO I am looking to get into some swing positions long, if the end of the week pullback enough to let me get aboard. Notice how on this MP chart below we jumped above the 11.28 Value Area. Lets at least get down in that area and test before we get aboard any longer upside positions. That will be the plan, and I am sticking to it.

Don’t Panic

The market did pull back yesterday at the end of day giving us a decent signal to get short. However I was away from my desk at the time. So rather then throw my hands up and complain about it , let’s just stick to our plan of getting short but let’s find a good pullback target to do it. Unless otherwise updated I am waiting on yesterdays point of control on the Dow market profile structure as a place to enter short a longer term ETF position in the market.

The number we are looking for on the ym chart below is 8354. If we get it today great. If not I will still wait for  it.

Good A.M.

I was not fatst enough to get thhis to you in time, but let me tell you a decent trade thus far today that we can learn from. We opened above yesterdays value area. So in that situation what we wait for is a test of the UVA. We did test it and failed. As we entered into yesterdays value we see if we have interest. Now please understand this happens in a matter of minutes, sometimes second. and only practrice can help you to be able to determine what is and what is not interest. Anyway, as I noticed sellers under the upper value area I target yesterday’s point of control at 12269 and take a short. The trade was good and as you can see from the chart below, we went down to the POC to the tick. now we wait for a retrace and see if we can find another short IF we get under the POC and target the lower value area at 12241. Since we had a relative small value area yesterday, I see no reason this should not take place.

So one decent trade thus far, and we are waiting to see if we get the crack at the POC. If not we will start thinking long side, depending on the rotation factor on a market profile chart.

Good Morning Fed Day

A quick trade idea look at the open here and we see from this market profile chart that we opened above yesterdays HVA. Tested the LVA from Monday and had trouble getting in that area. However their is a untested POC above at 12896 so if Ym stays above the 12864 level I will take a long at an attempt to target the POC from Monday.

Morning 4.29.08

Good morning folks. So far one trade which was a small scalp on the qqq’s at the open. The futures opened lower and diplayed decent price action to the upside. Just like yesterday I expected price to test it’s value area and we see from the MP chart below we just did. We know sit at yesterdays LVA on the YM market profile chart. I would like to see us come back down and test the cash open price, however I wont take any trades until after the 10:00 consumer confidence number comes out.

Today’s MArket Profile numbers are

12920 HVA

12869 POC

12876 LVA

Market Profile Numbers For YM June Contract 4.24.08

Value area numbers to keep an eye on for this morning.

UVA 12774

POC 12754

LVA 12710

I need some sleep. Be back at the cash open.Goodnight.

Look Out Below

Head up folks. Take a look at the market profile chart below. We have an untouched POC(point of control) down at 12605 on the YM. Market is showing weakness price wise. Will we get to this level today. Only time will tell during the rest of the afternoon. However I do target this area to be tested at some point in the next day or two. It’s rare to have untested POC lurking out their plus if you look at the chart you see a lot of heavy volume down that way. These high volume areas will act as a magnet for price if price gets close enough to the magnet. A good point to put a short would be if you see decent interest below Friday’s UVA (upper value area) which is around 12631

Gotta Know When To Hold Em

The only way to make profit in trading is to let your winners make you as much profit as possible. This morning is an example of how I failed to do this. Recall wwe where long QID off of opening price momentum. I was nervous by the low volume and choppy price action right before the typical lunch time so we closed the position. took a small profit, but was this a good trade. Looking back I would say no. Yes we made some money, however as I had mentioned the sectors list was still very week and we had not taken out our flip zone(more on this later) yet. Well lunch volume never really settled in untiull later and we missed about a $1.00 move in the QID trade. So was this morning trade a good one. Not really . What I am more pleased with tho is the fact that we panic and go chasing it.

Oh, by the way we did fill that gap from friday so thats finally off my mind hehehe. Below you can see the numbers fill in on a market profile chart. The m prints are friday’s high and you can see today’s H period just touched them. That will act as strong support so keep an eye for a decent pullback to the long side here and maybe for the market to start looking for its next level of “fair value”