A little on the busy side but wanted to share a couple screenshots illustrating the capabilities of the MarketProfile tool from the AMS DeltaPrint (c) Suite.
We usually start out our use of AMS tools with MarketProfile. It provides a one shot view of support / resistance levels allowing a trader to decide whether or not trading this commodity at this time is a good idea. Yes Dorothy, there are people out there that actually trade this stuff, currencies, the dollar index and coffee as well.
If you take a look to the northwest of (A) it failed to break through a resistance level and moved southward. To the southeast encircled is what we would call “last call for ice on the Titanic”. (B) vertical histogram orientation suggests the same. We did not trade Soybeans the following day.
What do they say, “if you don’t like the direction of the market just wait a day or two”. That may be true but being able to identify the move in advance is even better. We had just that occur, again using MarketProfile on the ES contract. File this one away; it’s a good one.
The (A) pointer screams double bottom (with some volume (a shout out to those older than 50 who employ this technical jargon)); (B) the battlefield that developed at a prior stopping off point on the way down; then (C) clear sailing until the “big dark orange” monster claws at the top are hit.
OK, something teachable. If you want to learn, truly learn how to use the AMS tools then let us know at email@example.com and we will figure out what works best for you.