Can You Recommend Additional Resources for Learning About the Market Profile?
Yes. In fact, the majority of the traders who use the Market Profile in their trading use it for intraday trading.
Yes. For example, if reading is your preference, start with the first 58 pages of Jim Dalton's Mind over Markets, then read Markets in Profile, and then finish the remaining pages of Mind over Markets.
The Market Profile does not provide buy / sell or entry / exit trading signals, since it is not a trading system. It is a decision support tool for traders that provides a value-based context in addition to tracking price movement.
Unfortunately there is no concrete answer to that question because each individual trader has unique experience, innate abilities, and - most importantly - a unique level of commitment they are willing to make to the process.
The Market Profile graphic benefits many traders by:
While there are numerous concepts related to using the Market Profile, we believe some of the most important are:
No. The Market Profile is primarily used for reading and interpreting market activity. New traders will initially invest more time on the study of market understanding and gaining experience through deliberate practice. Experienced traders, on the other hand, may find the unlearning of previous concepts and the learning of new ones takes as much time, if not more, to gain a solid understanding of how the Market Profile can facilitate their interpretation of the market’s auction process.