Mind Over Markets
Book Description
This book is an examination of Market Profile(tm) charting concepts. The Market Profile principle is also used by knowledgeable and experienced day traders. This is the best available text on the subject.
The key element that has long separated tremendously successful traders from all others is their intuitive understanding that time regulates all financial opportunities. In 1984, J. Peter Steidlmayer formally introduced the Market Profile as a way to graphically depict the acceptance or rejection of price over time. For the first time, what had once been the domain of the intuitve trader was not accessible to all traders.
The ability to record price information according to time has unleashed huge amounts of useful market information in a form never before available In turn, this information explosion has triggered a new way of looking at markets and opened the doors for accelerated levels of market analysis.
Mind Over Markets is a book about learning; learning the dynamics of markets through the organization of price, time and volume, and learning how to synthesize this information with your own intuition. Our goal is to arrie at a healthy balance between the powers of objective observation and intuitive decision making--a rare talent possessed by only the best of traders.
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TABLE OF
CONTENTS
PREFACE vii
CHAPTER 1 INTRODUCTION
CHAPTER 2 NOVICE 7
Laying the Foundation 8
The Auction 10
Organizing the Day 11
Challenging the Rules 16
The Role of the Marketplace 16
Going with the Crowd 18
Introduction to Day Timeframe Structure 19
Normal Day 20
Normal Variation of a Normal Day 22
Trend Day 22
iii
iv Contents
Double-Distribution Trend Day
Nontrend Day 27
Neutral Day 27
Day Type Summary 29
25
CHAPTER 3 ADVANCED BEGINNER 33
Building the Framework 34
The Big Picture: Market Structure, Trading Logic and Time 34
A Synthesis: Structure, Time, and Logic 35
Evaluating Other Timeframe Control 38
Other Timeframe Control on the Extremes 40
Other Timeframe Control in the Body of the Profile 40
Initiative versus Responsive Activity 45
Trending versus Bracketed Markets 49
Key Elements—A Brief Discussion 54
The Two Big Questions 57
CHAPTER 4 COMPETENT 59
Doing the Trade 59
Section I: Day Timeframe Trading 60
Day Timeframe Directional Conviction 61
Open Within Value 75
Open Outside of Value but Within Range 80
Open Outside of Range 84
Day Timeframe Visualization and Pattern Recognition 124
The Liquidity Data Bank 135
High- and Low-Volume Areas 159
High-Volume Examples 162
Low-Volume Examples 169
Summary—Day Timeframe Trading 176
Section II: Long-Term Trading 177
Long-Term Directional Conviction 177
Attempted Direction: Which Way Is the
Market Trying to Go? 178
Directional Performance: Is the Market Doing a Good Job
in Its Attempts to Get There? 187
Long-Term Auction Rotations 204
Long-Term Short Covering and Long Liquidation 248
Contents
Corrective Action 259
Long-Term Profiles 262
Special Situations 272
3-1 Days 273
Neutral-Extreme Days 277
The Value-Area Rule 278
Spikes 280
Balance Area Break-outs 288
Gaps 292
Summary 298
Markets to Stay Out Of 300
Nontrend Days 300
Nonconviction Days 300
Long-Term Nontrend Markets 302
News-Influenced Markets 304
Summary 304
News 304
Summary 309
Beyond the Competent Trader 310
CHAPTER 5 PROFICIENT 311
The Results Equation: Market Understanding x
(Self-Understanding + Strategy) = Results 312
Self-Understanding: Becoming a Successful Trader 313
Self-Observation 315
The Whole-Brained Trader 316
The Left Hemisphere 317
The Right Hemisphere 317
Combining the Two Hemispheres 317
Strategy 318
A Business Strategy 319
Summary 327
CHAPTER 6 THE EXPERT TRADER 329
APPENDIX l VALUE-AREA CALCULATION
Volume Value-Area Calculation 331
TPO Value-Area Calculation 333
331
vi Contents
APPENDIX 2 REFERENCE TEXTS AND
EDUCATIONAL LITERATURE 335
Literature 335
Courses on Audio Cassette 336
Recommended Reading 336
ABOUT THE AUTHORS 337
INDEX 339
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