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, , .
(crambe 12)
James Dalton Mind over Markets
298 . pdf
,
- .
Trend Day
Nontrend Day
Neutral Day
3
Building the Framework
The Big Picture: Market Structure, Trading Logic and Time :
,
A Synthesis: Structure, Time, and Logic : , ,
Ease of Learning
Amount of Information
Recognition Speed
Trade Location
Confidence Level
Summary -
Acceptance
Rejection (Break-out) ()
Open Outside of Range
Acceptance
Rejection (Break-out) ()
Summary
April 13,1989
Crude Oil
S&P 500
Gold
Japanese Yen
Soybeans
Treasury Bonds
Summary
Day Timeframe Auction Rotations
Two-timeframe Markets
One-Timeframe Markets
Using Auction Rotations to Evaluate Other Timeframe Control
Structure
Half-hour Auctions
Extremes
Range Extension
Time
Identifying Timeframe Transition
Summary
Long-Term Profiles
Using Long-Term Profiles
The Long-Term Profile in Action
Region A ( 4-109 & 4-110)
Region B ( 4-111 & 4-112)
Summary
Special Situations
3-I Days 3-I
Neutral-Extreme Days -
The Value-Area Rule
Distance from Value
Value Area Width
Market Direction
Summary
Spikes
Acceptance versus Rejection
Openings Within the Spike
Openings Outside the Spike
Bullish Openings
Bearish Openings
Spike Reference Points
Balance Area Break-outs
Gaps
Day Timeframe Significance of Gaps
Summary
Markets to Stay Out Of
Nontrend Days
Nonconviction Days
Long-Term Nontrend Markets
News-Influenced Markets ,
Summary
News
Summary
Beyond the Competent Trader
Strategy
A Business Strategy
Capital
Location
Timing
Information
Know Your Competition
Know Yourself
Consistent, Daily Execution. ,
Inventory
Risk
Goals
Record Keeping and Performance
Dedication
Applications
Summary
6
APPENDIX 1 1
VALUE-AREA CALCULATION
Volume Value-Area Calculation
TPO Value-Area Calculation
APPENDIX 2 2
REFERENCE TEXTS AND EDUCATIONAL LITERATURE
Literature
( )
Mind over Markets,
Market Profile.
, MoM,
, .
James Dalton - Markets in Profile MiP, .
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(crambe12)
- crambe2012@yandex.ru
crambe12
8
:
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Market, Markets
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Timeframe
Long, Longs
Short, Shorts
Buy, buyer
Sell, seller
ullish sentiment
Bearish sentiment
,
,
Auction, s process
auction up
auction down
longer-term auction
short-term auction
.
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Inventory
Opportunity
Local, Locals
Other timeframe
), ,
,
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Time
Price
Volume
Derivative source
Break-out
Day timeframe trader
Longer-term trader
Swing trader
Trend
UpTrend - DownTrend
Trending market
Bracketed market
Balanced market
(value), ( ),
().
, ,
()
out-of-balance
new business
old business
Bracket
Bracket extreme
()
Market Profile
Statistical bell curve
roughly one standard deviation
(68%-70%)
-
TPO
Initial balance IB
(60 ) 30
, -
( x = )
TPO ,
Area of balance
Double TPO price prints
TPO
- TPO
-
-
TPO . TPO ( )
(point of control) ,
(short) (value).
, TPO (point of control)
,
(long) (value).
Normal Day
Normal Variation of a Normal Day
Trend Day
- ,
,
, Normal day
standard
Double-Distribution Trend day.
,
(initial balance)
,
(value)
Market structure
Market time
Market auctions
half-hour auctions
Trade facilitation
. .
Market confidence
Directional conviction
Strong conviction
Nonconvictional
10
Reference points
follow-through
( ..) POC
( )
Price rotation
Auction rotations
Rotation Factor
Range
Range extension
Overlapping
Extremes
INITIATIVE - RESPONSIVE ACTIVITY
Initiative Buying
()
-
,
Initiative Selling
(value area)
,
(value area)
Responsive Buying
Responsive Selling
Opening Call
Open - opening bell
Open-Drive
Open-Test-Drive
Open-Rejection-Reverse
Open-Auction
open-auction in range
open-auction out of range
OPENING'S RELATIONSHIP TO PREVIOUS
DAY
Open Within Value
( )
- ,
- - (Open-Drive),
,
- - ,
,
,
-
(value) ( TPOs
), ,
11
,
,
, , ,
,
, ,
,
Initial test
Acceptance
Rejection (Break-out)
Two-timeframe Markets
()
,
One-Timeframe Markets
, ,
-
(,
) ,
-
Timeframe transition
Transition Confirmation
Auction Failures
Excess
Signs of Excess
The Close
Day Timeframe Visualization
Short Covering Rallies
Long liquidation Breaks
Ledges
The Liquidity Data Bank
High- and Low-Volume Areas
High-Volume Areas
Low-Volume Areas
Tick Volume
,
,
()
(),
, ,
. , ,
, . ,
,
,
, (short positions),
,
, -
- (Highvolume) ,
,
- ,
Long-Term Excess
Island Days
Long-Term Tails
Gaps
Buying/Selling Composite Days
Volume
Evaluating Changes in Volume
12
- ,
-
, .
.
- (gap)
, (value),
/ -
,
;
( )
,
-
,
inside day
,
,
outside day
Transition: Bracket to Trend
Transition: Trend to Bracket
,
,
: - , ,
()
: - ,
, .
() ,
,
Corrective Action
Special Situations
3-I Days
- ,
,
() (follow through).
- ,
3-I - 3-I day , TPO count,
.
Neutral-Extreme Days
Spikes
Balance Area Break-outs
Gaps
Break-away gap
- - , ,
,
, ,
(double
TPO prints) ,
,
.
,
-
, -
,
invisible tail.
, ,
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Exhaustion gap
,
,
Acceleration gap
Nonconviction Days
,
(Nonconviction day)
,
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13
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. 1984 . (Market Profile),
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Mind over Markets - -. ,
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14
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(Peter Steidlmayer).
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. Mind over Markets ,
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(Peter Steidlmayer) , .
, 1985 , , ,
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Field's) (Field Museum), ,
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(Peter Steidlmayer) ,
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, (Peter Steidlmayer) . ,
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James F. Dalton
Eric T. Jones
Robert B. Dalton
15
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6 , ,
, The Wall Street Journal.
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17
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19
2-1
20
The Auction -
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21
( 2-2)
. , ( ) (Treasury
bonds) 1/32 1000$, 31,25$. , , ,
29/32
10/32
( ), 96
97
.
31/32
4/32
( ) 96
97 , .
( 2-2).
2-2
22
(bonds) , ,
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( 2-3).
2-3
23
1. , (
) (initial balance).
, ,
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29/32
10/32
96
97
, , locals,
.
, locals ,
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Locals , , ( ),
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locals , -
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, locals, .
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2. D ( )
9625/32.
, Locals,
(range extension). , -
- ( ). Locals
, - . -
.
- , D
. - (other
timeframe buyer), , (other timeframe seller)
.
3. 96 24/32 .
( K)
. (other timeframe seller)
, 9625/32 9617/32.
,
.
4. (range) .
9617/32 9710/32.
5. -
( , -
).
- , 9710/32 9629/32.
6. , 70% , (
) - ( - value area).
, - ,
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24
. -
.
, - ,
.
25 9624/32 9703/32.
TPO.
, (value area), 1.
7. "K" - (singleprint buying tail).
, .
.
.
, .
, , ,
.
- 2 TPO .
8. -
(single-print selling tail).
, .
.
(C D) ,
.
9. TPO (point of
control = POC).
- , ,
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() , .
,
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10. .
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25
26
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(single print buying tail).
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27
Normal Day
28
2-4
29
30
2-5
31
Trend Day
32
2-6
33
34
2-7
35
Nontrend Day
(Nontrend day)
(directional conviction).
.
() - . ,
.
(Nontrend day) , ,
. , ,
.
,
.
, , ( 2-8).
2-8
36
Neutral Day
(Neutral day), ,
(value) .
(value), ,
, .
(Neutral day) (
, (Trend) (Normal Variation),
).
,
(value), , ,
, ().
, ,
locals .
(Neutral day) -
" " " ". , ,
, ( 1 2-9).
,
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( 2 3). ,
( 4), .
" ": " - " (Neutral-center)
" - " (Neutral-extreme).
Neutral-center day, ,
, .
Neutral-extreme day,
,
.
Neutral day,
.
, ,
.
37
2-9
38
2-10
39
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40
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41
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.
Amount of Information
,
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Recognition Speed
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Trade Location
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Confidence Level
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(Market time) (trading logic),
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42
Summary
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43
() ,
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(value) , .
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(shorts),
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,
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,
, (value) (
).
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(General Mills) .
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. TPO (TPO count)
.
TPO Count TPO
Time Price Opportunity (TPO) .
, TPO (Time), , (Price),
, (Opportunity)
.
TPO
(value area). , TPO (imbalance) (
) (
locals).
44
, , ,
.
, local, ,
. , , ,
local, local.
, , ,
, , locals . ,
, , , locals .
Locals
( (off-floor), ). , ,
(floor broker) 100 , , $5 .
Locals , ,
100 $5.02. locals
( ) ,
.
, .
, - locals ( ,
, ). , , locals
(inventory) (too long). , locals
.
, locals , -
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, , .
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, locals
() .
, ,
. , 20 $10 .
, , . ,
. ,
, .
() . ,
, $8,
$12 $15. , , .
, , .
(), .
, , , , , .
(Tails) (range extension) ,
, ,
(value area).
TPO (day-to-day) ,
.
TPO (point of control) (
, ), TPOs
. (Single print tails) (.. )
, , .
, (point of control) ,
, , ,
.
(price x time = value) ( x = ).
( 3-1) TPO.
TPO ( ) (point of control)
, (short)
(value).
, TPO (point of control)
, (long) (value).
45
3-1
46
/, .
, 32/24 32 TPOs 24 TPOs
.
, (value area) . ,
TPO, .. (single-print rejections), ,
(value).
3-2 ( , 29.jan.1988)
( 3-2) January 29,1988.
A-F .
29- ,
, (auction down).
, , , ( )
.
, ,
() , .
(value area) .
TPO , ,
, ,
.
47
Initiative Buying
Initiative Selling
Responsive Buying
Responsive Selling
Initiative Buying
, ,
(value area) .
Initiative Selling
, ,
(value area) .
(strong conviction) .
Responsive ctivity ()
() .
(value), (value).
( 3-3 3-4) .
( 3-3), (range extension)
(buying tail) E, (responsive buying).
. ,
.
48
, ,
, . , ,
.
(buying tail)
. , ,
. ,
, .
,
.
( 3-3), ,
, . ,
,
.
3-3
49
( 3-4) :
, , , .
3-4
50
( ), ,
.
, , ,
.
(Range extension) (tails),
(value area) , .
(buy) (sell)
(value), ,
,
(excess) . , ,
(), , ,
(value).
(value area)
. , ,
.
, TPOs
(value area) , , TPOs
.
TPO , (value area)
, , ,
.
( 3-5 3-6) .
51
3-5
52
3-6*
53
(b) ; :
, .
, ,
.
, () (value).
, , (
), .
( 1 2)
Crude Oil ( 3-7).
3-7 ( )
54
(b) .
, ,
.
,
, . ( 3-8) , S&P (
) 2, (bracket),
2 6.
3-8 ( S&P500)
55
56
Bracketed Markets ()
, () ,
().
( ), .
, ,
. , (bracketed
market), .
(), , .
, ,
. ,
.
() ,
. , (bracket
extreme), ,
, .
(break-out) ,
.
(price rotation)
, .
, (Rawley's car) ,
. : Series Magma
8.9. , , ,
.
,
. Magma
, , - .
, Rawley , .
, , -
. (salesman), ,
.
,
, , (value).
(value), .
,
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(bracketed market) .
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.
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() , ,
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57
, ,
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(short-term bracketing activity)
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().
() .
, , 4.
1. ?
2. ?
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58
, .
.
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(Market Profile).
(day) (longer timeframe) .
, .
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59
, ,
, (opening type),
(value) , (auction rotations). Mike Singletary,
, ,
. , ,
.
,
, .
60
The Open -
,
, , Mike Singletary playbooks .
(opening
call), , .
, ,
(initial balance), , .
, , (one of the day's extremes), .
, ()
.
(initial balance) (,
), , , .
.
The Open as a Gauge of Market Conviction
,
(opening call), ,
(market's directional conviction)
. (market conviction), ,
, () ( ),
. , .
, , .
, , .
(day types), 2, ,
.
:
1. Open-Drive
2. Open-Test-Drive
3. Open-Rejection-Reverse
4. Open-Auction
Open-Drive -
- - (OpenDrive). -, , ,
. ,
.
.
( 4-1), - (Open-Drive).
61
4-1
62
63
4-2
64
-- (Open-Test-Drive) , ,
.
( 4-2) , , (
),
April 3, 708. - ,
.
, .
, , ,
(up auction) - ,
708 , ,
( ).
(
, .. ), .
-- (Open-Test-Drive), ,
().
, , ,
.
,
, .
, April 10 ,
, . , ,
, . ,
.
-, . -,
, (value areas),
. , -, 10- , . ,
, ,
.
704 1/2, .
(break-out), ,
, ,
(follow-through).
(break-out) , , (longs)
, () ,
( ,
(value area) , .)
,
.
, , ,
. ,
,
. .
, ,
, , .
-- (Open-Test-Drive), (OpenDrive), ,
.
, , (Normal Variation) (Trend).
,
. , ( Open-Drive),
, .
, ,
.
, ,
, , , .
, , ,
-- (Open-Test-Drive), .
(Open-Drive) -- (Open-Test-Drive), ()
. ,
, , ,
.
65
, , (Open-Rejection-Reverse) (OpenAuction), . , ,
.
Open-Rejection-Reverse --
-- (Open-Rejection-Reverse) ,
,
, .
, ,
, .
-- (Open-Rejection-Reverse)
, - (Open-Drive) (Open-Test-Drive). -
, () .
, ,
, . , ,
, (Open-Drive),
-- (Open-Rejection-Reverse).
( 4-3) -- (Open-Rejection-Reverse).
, Swiss franc (value area) ,
, , 0,6630 .
Z.
3 :
1. , ,
(two-sided), .
(Trend) - .
2. (Normal) (Normal Variation).
3. Y, , ,
, .
66
4-3
(Open-Rejection-Reverse) .
, ( 4-3), Rejection-Reverse, Swiss Franc,
. , - (Open-Rejection-Reverse).
67
,
. , ,
, , .
, , (Open-Rejection-Reverse)
. ,
, , .
Open-Auction -
, - (Open-Auction)
. .
, , - (Open-Auction) , ,
.
- (Open-Auction), ,
, , -
(Open-Auction), .
, (value area)
, , , (nonconvictional).
, ,
, .
, (out-of-balance).
, (Open-Auction),
(nonconvictional), , ,
.
- (Open-Auction),
(Double-Distribution Trend days). , (OpenAuction).
Open-Auction in Range -
, ,
, . , (OpenAuction), .
, (market auctions) ,
, .
, .
( 4-4) (Open-Auction in Range).
(Open-Auction in range), (Nontrend),
(Normal) (Neutral) . , ,
, , .
(Treasury bond) June 30th ( 4-4),
(value area) June 29th's,
. ,
(), .
, , ,
, , . (Open-Auction )
, , , (big day), .
(Open-Auction in range), . ,
(value area), ()
(value area extremes). ,
(Nontrend) , ,
.
Open-Auction Out Of Range -
,
, , .
, , , ,
.
, ( ), ,
,
. March 22 ( 4-5), (Treasury bond),
68
(value area) .
(Open-Auction in range), ( 4-4), 3- ,
( 4-5) ( ) :
4-3
69
4-4
70
4-5
71
4-6
72
73
,
:
1. .
2. ( ), ,
, . ,
, .
3. , 10% , , ,
.
4. ,
,
, .
( 4-7) ,
(value area) .
, ,
, .
,
, (auction rotations) , . (,
, , .)
.
, ()
. ,
, , ,
( ).
( 4-7) .
, , ,
(period selling tail), (day's high).
, , .
,
(top of the selling tail).
, ,
.
( 4-7),
, .
( D), ,
, .
, , ,
.
74
4-7
75
. ( 4-8)
S&P September 23,1988.
(within value), ,
S&P (overnight). ,
, .
,
(value area) , ,
. , 22-,
. , , S&P
, ,
(Open-Drive) .
, ,
( TPO prints), , ,
(overlapping) . , ,
, ,
. ,
, , 22.
, ,
(buying tail), (longs) .
, 270.30.
22- (285 points), , ,
23- (high on the 23rd) 273.15.
( ). (longs),
D, E F .
76
4-8
77
Rejection (Break-out) ()
(value area)
( TPOs, ),
. (Break-out)
,
, ( 4-9).
4-9
78
, (value area) ,
.
( ), ,
. , ,
( 4-10).
, , ,
, .
,
.
, ,
.
4-10
79
80
4-11
81
4-12
82
4-13
83
1- ,
(), ( 4-13).
, ,
. ,
.
,
. , ,
.
, , ,
, .
, ,
. ,
.
,
, .
Rejection (Break-out) ()
, ,
,
, .
, ,
, ,
.
, .
( 4-14), ,
.
4-14
84
Summary
, ,
, .
, ,
. , ,
. , ,
, , (opening type) /
(initiative/responsive activity),
.
, ,
, . April 13,1989,
, .
April 13,1989
Thursday, April 13th, , (Retail
Sales) 7:30. , 5
: Merchandise Trade, Producer Price Index, Business Inventories, Capacity Utilization
Industrial Production. , ,
. , .
, , , ,
IMM. ,
, . , ,
,
, April 13.
, 6 : crude oil, S&P 500, gold, Japanese yen,
soybeans Treasury bonds.
Crude Oil
( 4-15) Crude Oil .
, , gap (
). , ,
. , , , ,
. ,
(initial balance) ( 4-15),
(Double Distribution Trend day) .
, Crude Oil ,
(Double Distribution Trend day), ,
. ,
(big day to the upside). , ,
,
. , -
.
, . ,
(shorts), , ,
, ,
.
85
4-15
86
S&P 500
( 4-16), , 12-, ( ),
, outside day,
, . , ,
. C D,
, , .
,
, E, F , G,
, (Double Distribution Selling Trend day).
4 , . 13-,
, , , ,
, .
, ,
, . , ,
, , ,
.
4-16
87
Gold
Gold 13-, . ( 4-17),
,
(big day on the upside). , Z,
, (double TPO prints) 12-,
. Z ,
(Open-Drive), Y ,
13-, Y 12-. 13-
392.60 397.20 - 10%. , (longs)
Z, .
393.00 Gold ,
. - Z A,
, ,
. , , ,
, - 12-, ,
, .
4-17
88
Japanese Yen
Japanese Yen 13-, ( )
. ( 4-18), Yen
12-. Z
, .
Z, (initial balance) 13-, . ,
,
, Yen , .
12- ( 1 ),
. , Z
, .
4-18
89
Soybeans
Soybeans 13-, , ,
12-. ( 4-19), , D,
Soybeans ,
, E. , , ,
12-, .
12-, D ,
, 723 729. , ,
G H, . (Shorts),
, , ( ),
.
4-19
90
Treasury Bonds
Treasury Bonds
Z ( 4-20*). , 2 (double TPO prints),
12-, , 12, 2 .
. , ,
12-, .
4-20*
91
Summary
:
(opening call), .
, , .
,
, .
92
Two-timeframe Markets
(Two-timeframe Markets), ( )
. ,
, .
, (bracket).
, ( 4-21), (Twotimeframe Markets).
(Two-timeframe Markets), (
), , .
( 4-21)
, (
, D ..)
.
4-21
93
One-Timeframe Markets
, , ,
( ) .
.
, ( ) (One-Timeframe Markets).
(One-Timeframe Markets) ,
.
, (Trend day Profile), ( 4-22),
, (one-timeframe market).
(Trend days),
, , ,
. ( 4-22), ,
(Z, C, D, F, G, H I), ,
(A, B, E). (One-timeframe seller),
,
, 2- .
.
4-22
94
95
. ,
, , .
, , ,
, (auction rotations)
(tails).
Time
, ,
.
, ,
, .
, ,
. ,
,
. ,
, . ,
.
, ,
. , (two-sided trade),
, .
, , .
,
, .
, , ,
.
,
().
,
.
, .
, , , ,
, .
, , ,
.
, ,
, , .
Identifying Timeframe Transition
(one-timeframe) (two-timeframe),
, , ,
.
, , , (
), - ,
, , , .
, , , ,
.
(floor), ,
(off-floor trader). , (Market Profile),
- (listening to the floor).
, (timeframe
transitions), . (off-floor trader)
(floor traders), ,
. (pit),
.
96
-,
, :
1. ; (one-timeframe) (two-timeframe) ;
: (one timeframe) (Normal days) (two
timeframe).
2. (One-timeframe) (two-timeframe) .
: ( ,
..) ,
(two-timeframe) .
3. (Two-timeframe) (one-timeframe) .
: , , ,
, ,
.
4. (One-timeframe) (one-timeframe)
.
: .
, ,
, .
, , ,
( 4-23), , (Swiss franc on
October 12,1987).
December Swiss Franc, October 12, 1987
, (one-timeframe buying),
(one-timeframe selling), (one-timeframe
buying).
" " (running Profile)
. ,
.
, ( 4-23), ,
Swiss franc on October 12.
Y-E: One-timeframe Buying
(One-timeframe buying) Y E.
, ( ) .
, B D.
, .
E: Time
. ,
. , ,
, .
Y-F: Auction Test
F , (.6710)
. , ,
("test" of buyer control).
, . ,
, , ,
, , , ,
.
, ,
.
97
, :
, , (one-timeframe),
.
G: Transition Confirmation
"Double prints" (two time period TPO prints) (one-timeframe auction),
, (one-timeframe) .
(Double TPO prints) , , ,
, .
"F-G" double prints, (.6702) (double prints) (.6710), ,
, . , ,
(two-timeframe), (one-timeframe selling).
, .
, , ,
, .
"D-E" (double TPO print) , ,
.
, , ,
, .
E-H: One-timeframe Selling
(running Profile), , (one-timeframe)
, (one-timeframe selling),
H.
H: Auction Test
H, G, ,
. H, (buying tail),
, .
I: Transition Confirmation
(Double "H-I" prints) .6704, (timeframe transition),
.
H-J: One-timeframe Buying
"H-I", (double "HI" period prints),
. ,
(.6716 "D-E") , , ,
(nonconviction seller).
Summary
(Two-timeframe trade) (transition) (F H periods); ,
,
.
98
4-23
99
Auction Failures
"follow-through" ( )
(trends), (break-outs),
(initiative activity), . , "follow-through"
: , ?
"follow-through" , , , , .
"follow-through" - , .
"follow-through" , , ,
.
, "follow-through" ( ), ,
"follow-through" ( ) .
(),
:
1. ,
;
2. , .
,
.
().
: /,
/, /, ,
, / .
,
( ), .
, ,
( ), , ,
,
.
(long-term bracket extreme),
, .
. ,
, ,
.
,
, (market to rally).
, , ,
, ,
.
, ,
.
(longer-term support levels)
(), (
) ,
.
, , ( ),
.
( 4-24) .
April 3, 1989, 708.
(), 4 ,
(value). ( 4-25), April 10th, ,
. 710 ,
3- (708).
, , .
100
:
1. , ( , local)
;
2.
(), (, ).
April 10, ,
. (Double Distribution Buying Trend) .
,
() 708, ,
.
() (shorter
timeframe), , ,
(longer timeframe).
, , ,
.
( 4-26) ,
Treasury bond.
May 16, 1989, (90.22) Y,
, (follow through), .
, , (no sell
stops) . ,
,
.
. , Treasury bond , .
, , ,
.
, .
101
4-24
102
4-25
103
4-26
104
Excess
,
, , , .
, (value), ,
, , (two-sided trade)
.
1
, .
, ,
() .
, 1000 ,
50 . , ,
.
, , ,
55 - . ,
60 , , 800 ,
.
, 55 , -
. ,
(), , ,
. () 5 ,
60 55 .
, , ,
, , .
, (),
.
, ,
.
, , , ,
.
Signs of Excess
, (), ,
, . , ,
, , . ,
, .
, ( 4-27).
( 4-27), ,
.
,
, . , ,
, , .
, , ,
. (Longer term excess)
Long-Term Trading.
, , .
, , .
(prints), (Double Distribution Trend day),
. , ,
. (gap), , , ,
.
, ,
.
, ,
, . ,
, , (),
.
105
4-27
106
107
4-28
108
4-29
109
110
4-30
111
4-31
112
4-32
113
( 4-33): F, G H ,
(17/38),
. (Longs), H,
, ,
TPOs . , .
, , I (9904), 99-05. , TPO .
( ), .
.
, . ,
.
4-33
114
4-34
115
The Close
,
.
, .
, , ,
.
, ,
. ,
, , .
-,
.
-, ,
, .
, ,
, -
.
, .
,
( Treasury bonds), , (, ),
, .
, (open call) , ,
, .
( 4-35) sugar market,
, .
May 31, (sugar)
. , ,
, , 31-
. ,
sugar ,
J. sugar ,
, (bullish close) ,
, .
,
, (May 31 June 1). ,
. ,
.
116
4-35
117
118
, ,
, ,
.
, ,
, ,
.
, , ,
, (shorts)
(longs).
, , ,
.
( 4-36), , (
), .
( ), , ,
.
,
, .
, .
- , .
, , ,
. , ( ),
.
, , , ,
. , .
( 4-37) . ,
. ( 4-38) .
( 4-38), S&P.
, ,
, , B-H ,
.
, , ,
. ,
.
( 4-37).
( 4-37), , ( 4-38),
.
( 4-38) . ,
, , , .
F , ,
().
, ( 4-38) ,
. , S&P (onetimeframe selling), (
, , ).
119
4-36
120
4-37
121
4-38
122
:
1) ;
2)
;
3) ;
4) ,
.
123
4-39
124
Ledges
, .
, , -
. ,
. ,
.
. ,
- , . ,
, .
, ,
.
,
, .
.
, .
(follow-through), .
, , ,
. , :
1) , , ;
2) , , .
( 4-40).
, , ,
.
(value), ,
. (break-out) , , ,
.
, ,
.
, (off
the ledge), (
- ..)
( 4-40), , (shorts) 4472,
4476 H.
Summary
, ,
(), . ,
. ,
.
, ,
(short covering), (long liquidation) (ledge).
.
, ,
, .
125
4-40
126
127
LDB , .
, LDB ,
( ), .
LDB,
:
1. Total Volume
2. The Value Area
3. Dispersion of Volume
4. Cti Figures
5. Acceptance of Value Outside the Value Area
6. High-Volume Concentrations
7. Top-5 versus Bottom-5 Tick Analysis
8. Trend Tests
Total Volume
LDB ,
.
(volume) (value area).
, .
(), , ,
, . , ,
.
, .
, ,
.
, , ,
, , .
, ,
.
(day-to-day),
. 2 , (Long-Term
Trading).
The Value Area
, , ,
LDB, , 70% .
LDB , , TPOs. (
, 1).
, ,
. ,
, .
, ,
.
, 2.
Dispersion of Volume
,
. ,
, .
, .
, April 28,1989.
128
Methodology
( 4-41), , ,
.
1. ( ): 90-06.
2. "% Vol" ( ).
3. ( ).
4. "% Vol" 2 .
( 4-41) , 34% (90-06),
, 38,5% . , (bond
market) ,
.
, .
(
), ,
, . ,
,
. , , 3
The TPO Count.
-
TPO, ,
(two-timeframe), , , ,
. ,
, ,
, .
129
4-41
130
131
4-42
132
4-43
133
Trend Tests
LDB ,
.
, "Average High Volume" "Opening-Range Volume",
( 4-44).
Average High Volume
, 5 "% of Total" ,
, . ,
, .
( 4-44), 5 (*).
Opening Range Volume
"% of Total" ,
. , .
, ().
, , "opening-range
volume" "high volume average". ()
, .
Summary
(Liquidity Data Bank),
,
, . ,
LDB.
, Cti2 (commercial)
. LDB,
(CBOT Market Profile Manual 2). 2.
134
4-44
135
136
4-45
137
Unexpected Response
,
.
, , ,
. ,
.
,
. ,
"coffee extravaganza." , , . (),
.
(),
, .
( 4-46), ,
Treasury bond.
December 15, (two-timeframe),
, , , .
, D, ,
.
, 26.6 Cti2%, 84-22.
.
Cti2% ( 4-46), , , ,
(84-22, 85-00 85-22). ,
, .
,
. , , , ,
, , .
, ,
.
, , ,
. ,
.
138
4-46
139
No Response
, (value), .
,
, .
.
-, LDB ,
, , ,
.
, , ,
. , , ,
. , Cti2 ,
, .
-, , Cti2% . , ,
, .
, , . ,
, - .
, , ,
.
( 4-47) Treasury bonds.
, (11.7%,
4-47), October 1, 1987, ,
(14.6%).
Cti% ,
. , ,
( , ).
, Treasury bonds
(Multiple Distribution Buying Trend).
October 1 2 ( 4-50).
140
4-47
141
4-48
142
143
144
4-49
145
146
October 6
(12.0%) (14.6%) ,
. , ,
, .
October 7
(Buying Trend day)
(Auction Failure) . October 5
2-, .
( 82-14) .
October 8
(29.6%). Cti2%
,
.
, ,
, .
October 9
October 9.
, ,
. Treasury bonds (full point)
.
147
4-50 1
148
4-50 2
149
LDB Summary
, (Liquidity Data
Bank), :
1. LDB.
, ( ).
2. LDB , .
. LDB ,
, ,
.
150
151
4-51
152
4-52
153
High-Volume Examples
Example 1: Up Auction; Probe Down Into High-Volume Area.
; .
October, (Treasury bonds)
.
( 4-53), October 25 (high-volume),
89-05 89-08. 26-,
. , ,
.
25-.
, , ,
, ,
, 25-.
,
.
, ,
- , ,
. .
,
, .
:
1) , , 2)
.
,
, () .
.
October 26 ,
. ,
,
.
89-10,
, ,
.
154
4-53
155
156
4-54
157
Low-Volume Areas
, .
, , ,
.
, ,
: , TPO, (gaps, single TPO prints, and tails)
( ).
() ,
, .
, , .
, (single TPO prints), (Double Distribution Selling
Trend day), ,
.
(Shorts), (single-print) ,
. ,
, (Shorts) .
, ,
, .
.
, .
.
, , , .
,
.
, , .
,
.
Identifying Low-Volume Areas
,
.
"%Vol" LDB,
, , , TPO , .
, LDB September 15,
( 4-55).
, , 88-25
88-26 88-12 88-16.
88-26. ,
.
12.6% ,
, , , , .
:
1) (), ,
,
2) ,
TPO.
158
4-55
159
Low-Volume Examples
Example 1: Low Volume as Resistance.
1: .
, (Treasury bonds) ()
89-09 September 14 ( 4-56) .
September 15 (Double Distribution Selling Trend day)
( 4-57), .
( 4-57) 15-, 16- /. ,
88-12 88-16 15-,
.
, , .
, , 16-.
-, ,
88-12 88-16. ,
, (shorts)
16-. , ,
. , .
- (OpenDrive), (short).
, (shorts) ,
. ,
.
( 4-57), September 16 15-,
. ,
, , ,
. ,
. , 88-12
, September 15.
,
.
,
.
, , ,
.
:
1) , ;
2)
;
3) , , ,
;
4) ,
( ).
,
September 16 .
15-, ,
.
160
4-56
161
4-57
162
4-58
163
4-59
164
4-59 2
165
Summary
,
:
1. , ,
, - -
(two-timeframe market to one-timeframe trade), .
2. ,
, ,
( ).
3. , ,
.
4. , ,
, . , ,
. ,
, , ,
.
. ,
, ,
.
.
,
, .
,
, .
166
167
Auction Rotations
(Day Timeframe Trading),
. , (Rotation Factor),
, ,
.
(Rotation Factor) .
, ,
.
(Rotation Factor) .
, , .
,
,
.
Range Extension
, (locals).
,
() .
, .
( 4-59), , (Swiss franc),
,
, .
Long-Term Excess
, (short-term excess),
, (value), (tail)
. (gold) May 2, 1989 ( 4-60).
I ,
( ) (value).
, (pivot
point), . , ,
.
(Longer-term excess) ,
(excess) .
, ,
, .
, ,
: (island day), (long-term tail) (gap).
, ( 4-61),
.
Island Days
January 3, 1989 (point A) "island day."
,
.
(
), ,
.
3-, 84 December 30.
, ,
,
. - , ,
, .
, 50 ,
.
(Island days)
.
168
4-60
169
4-61
170
Long-Term Tails
(excess) ,
(island day) , .
, ,
. January 19
( 4-61) (point B).
( 4-62)
, ( 4-63).
.
, .
,
.
( 4-61), ,
January 3. 19- 18-. ,
. , ,
, .
,
.
, , , , .
,
(value)?
,
,
.
, ,
.
, January 13 18 (points C D), .
, ,
. 19-,
, . , ,
. ,
.
, 24- (point E 4-61),
.
, 19-,
.
Gaps
(gap).
(gap) ,
(value), .
, , (overnight),
.
February 9 (point F 4-61), , 8-,
, January 30 February
8.
(), ,
. , ( ).
, , , ,
.
, (island days) .
171
4-62
172
4-63
173
Summary
, , ,
.
, ,
() .
( ).
, , ,
, ,
.
Buying/Selling Composite Days /
.
,
; .
, .
(composite buying day) ,
.
, (composite selling day)
.
( )
.
( 4-61) . ( 4-64)
.
.
, .
, . ,
: ,
?
, , ,
.
,
,
.
Summary
. ,
,
(Rotation Factor), ,
, .
, , .
(), ,
.
, : ?, .
: ?
174
4-64
175
176
.
, , , ,
.
(
), .
, , ,
.
Value-Area Placement
,
, .
,
, , .
, ,
? ?
? , , ?
, ,
.
-, ,
.
-, ,
.
-, ,
(inside day). ,
.
, (outside day) ,
,
.
(Neutral day),
, . , ,
. , ,
.
( 4-65) .
.
( 4-66) , .
September 12, , ,
. , (selling
composite structure),
. , .
, ,
, .
Evaluating Directional Performance through Combined Volume and Value-Area Placement
.
-, . -,
.
, ,
.
, , (,
, ) ,
.
, ,
.
,
- , .
, ,
.
177
( 4-67)
.
30 , ,
. .
, ,
, . , ,
.
4-65
178
4-66
179
- 4-1
180
- 4-1
181
4-67
182
4-68
183
4-69
184
4-70
185
4-71
186
4-72
187
Value-Area Width
,
.
, ,
. , ,
.
, Treasury bonds April 17, 1989 ( 4-73),
2 . 120 . ,
, , Producer Price
Index, .
, ,
, ( 4-74).
April 27, 16 .
600,000 .
, , ,
. , ,
, ,
.
, ,
, ( ).
,
Treasury Bonds December 14, 1988, June 22, 1989 ( 4-75).
.
, 1-5 127,000 .
11 15 , , 284,000 ,
21 25 313,000 .
188
4-73
189
4-74
190
4-75
191
- 4-2
192
4-76
193
4-77
194
4-78
195
4-79
196
4-80
197
4-81
198
4-82
199
4-83
200
4-84
201
4-85
202
203
4-86
204
4-87
205
4-88
206
4-89
207
4-90
208
4-91
209
210
, , .
,
(follow-through).
4-92
211
212
4-93
213
4-94
214
4-95
215
Trends
()
.
, , ,
.
, ,
/ ( ), (),
( 4-96).
, , , ,
,
.
4-96
216
217
4-97
218
219
.
, ( ),
.
,
, , , .
- (followthrough).
-
.
, ()
() . ,
, .
, ,
( ) "outside"
.
, ,
. , ,
(follow-through), (outside) .
, ,
,
().
, (outside) .
, ,
, .
, , , ,
.
, ( ),
(outside) .
, ,
, , .
, ,
, ,
. .
, , .
,
, .
(Treasury bond),
.
, , outside
, . ,
.
, ,
- ,
, .
, , , ,
, .
,
,
, .
(), , ( 4-98 4-101).
220
Region A ( 4-98)
, Treasury bond
90-12 November 1. ( 1),
. , , ,
.
, ,
( , , ).
( 2), ,
. , ,
.
, ,
() , .
(outside) .
, .
/ . ()
.
, , , , ,
. , ,
.
,
, , , .
( 3) , .
, ,
outside .
( 3), ,
( 4). ,
, .
( 5) ,
, .
89-06, .
221
4-98
222
Region B ( 4-99)
( 5), , ,
89-06. ,
, 89-06.
, ,
( ).
, ( 6) ,
, ,
( 3).
, .
, ,
, .
(long) .
(short), .
outside .
( 7) , .
outside , .
, ( 3 6),
, ( 2).
, , .
().
(follow-through) ,
.
( 8), ,
( 1).
,
. , , ,
.
( 8), ,
.
, ( 8) ( ),
, ( 9 10).
, , ( 1), .
( ) 90-12, November 1.
( 11 12) / ,
,
. ( 11).
, outside
( ) , ,
( 9).
223
4-99
224
Region C ( 4-100)
( 13), 90-12 ,
.
.
, .
, ,
. , , 14
.
( 15) (nonconviction),
February March.
, ( 15 16), ,
.
( 15), ,
, (high-conviction)
.
, , . ,
, ?
(nonconviction) .
, ,
. ,
.
, ,
, , .
( 16) ,
. , (
), (follow through).
.
( 17) ,
().
(non-conviction) ( 16),
, , ( 5).
89-06,
. ,
(finger term).
, outside .
225
4-100
226
Region D ( 4-101)
,
.
18, 19, 20 21 outside
10- . ,
.
, -,
:
1) / 2) .
4-101
227
228
4-102
229
4-103 1 2
230
231
4-104
232
4-105
233
,
, .
, , ,
.
,
, , .
- ,
(follow-through)?
, , ?
, (
).
( 4-104) January 26,
.
, January 27 30
26-.
, 26-,
, January 26th - 768.
February 1 February 2 768. ,
, 30 cents ,
9 . , (February 2)
January 26.
( 4-104) , February 6. 9-,
740.
January 26 February 2 ,
, () .
, , ( ),
.
( 4-106), (Long-Term
Profile).
( 4-106) ,
January 26 February 9.
Long-Term Profiles , /
Liquidity Data Bank, , TPOs.
Xs , ,
, , .
, Long-Term Profile January 26-31 ( ),
( ), 760. , ,
768, January 26.
,
- . , 26-
.
February 1, 768. ,
.
February 2, (follow-through),
768,
.
, , ,
, .
, ,
.
.
, , ,
, .
Applications
, , .
, , , .
, February 3 (Long-Term Profile)
, , :
234
1. . 777 (7774),
, , .
, , 777 .
2. February 2 3, , ,
.
768.
3. ,
740.
( 4-106) ,
( ).
.
1,
. , , 8,
, .
4-106
235
4-106 - 2
4-106 - 3
236
4-106 - 4
4-106 - 5
237
4-106 - 6
238
Corrective Action
, -
. , ,
, .
. ,
, , .
, ,
:
1. , , ( ,
?)
2. ?
.
-, , .
,
() , , ,
, .
, , , ,
.
, ?,
, .
, , , .
, ,
(), .
, , ,
, . , . ,
, .
, , ,
, . ,
, .
, , ,
, .
, ( ) ,
. , ,
.
, , ,
, (. Bracketed Markets (
) 3).
The Function of Corrective Action
.
-,
.
. ,
, ,
.
,
, , .
, (
).
, ,
, . ,
Treasury bonds ( 4-107).
, , ,
, , . , Normal
Variation , , .
, , ,
.
239
Summary
, ,
, ,
.
, , .
, .
(Proficient Expert),
,
,
, .
240
4-107
241
Long-Term Profiles
, , , , .
, Robert Pirsig.
,
. ,
, ,
. ,
, . ,
, , , .
, ,
?
,
.
, ,
. (Long-Term Profile) ,
, .
, Long-Term Profile, ,
,
.
, ,
.
, Long-Term Profile
, , , , , , .
( 4-108) , , 10- Swing Profile
Long-Term Profile.
. ,
, TPOs, Xs.
242
4-108
243
244
,
(U.S. dollar's), ( ). , ,
( 5a, 5b 5c Long-Term Profile) , ,
, .
, Long-Term Profile ,
( 4),
(), .
4-109
245
4-110
246
4-110 - 2
247
4-110 - 3
248
4-111
249
4-112
Summary
(Long-Term Profile) ,
. ,
, Long-Term Profile
, .
250
Special Situations
.
. ,
, .
, ,
. , ,
, .
, .
, .
? .
, ,
, , , .
. , , .
, , , .
, , .
, - , ,
. , -
. , .
. ,
.
, ,
Market Profile, ,
. .
. :
1. 3-I Days
2. Neutral-Extreme Days
3. The Value-Area Rule
4. Spikes
5. Balance-Area Break-outs
6. Gaps
,
, (
). , , , ,
, , ,
, .
251
,
Next Day's Close.
2I-1R days ,
(responsive buying tail), (initiative buying
tail) ( 4-114).
, (Treasury bond) June 24,1986, May 29,1987,
. ,
, 3-I 2I-1R
.
, ,
. ,
. :
1. 94% , 3-I day, ,
, 90 ( 3-I buying days 3-I
selling days). 71% , 2I-1R days.
2. , ,
. , ,
.
3. 59% , 3-I day, ,
, , 3% . , 97% ,
3-I day, .
2I-1R days, 82%, 18% .
3-I ,
, TPOs .
,
, , .
252
4-113
253
4-114
254
Neutral-Extreme Days -
(Neutral day)
.
,
.
, (). ,
, ,
, , .
, (Treasury bond) June 24,
1986, August 12, 1987.
3-I day, (Neutral-Extreme days) 90
, .
(Neutral-Extreme days) , , 3-I days.
- Neutral-Extreme days
92% ,
, 90 .
(Neutral day) , (Neutral day) .
73% 45%, , .
, , (Neutral structure) , ,
. , ,
, .
, ,
. , 92%
.
,
. -,
.
255
"Value-Area Rule."
. , ,
.
, ( 4-115), ,
, .
, Value Area Rule.
, ,
( ,
, .)
, ( 4-115), ,
.
(Value-Area Rule) , ,
() .
,
, .
(Value-Area Rule)
:
1. Distance from Value
,
.
.
,
, , , ,
.
, , .
, ,
, .
, ,
, , ,
.
2. Value Area Width
.
, , ,
.
, (Value-Area Rule) , .
3. Market Direction
(momentum), .
, ,
, , .
Summary
(Value-Area Rule) ,
, ,
.
(Value-Area Rule) .
, ,
, (Value-Area Rule)
.
256
4-115
257
Spikes
,
.
, , , ,
( 4-116) S&P, N May 5.
, N (311.00)
308.00.
,
. , ,
(Price x Time Value).
, ,
(follow-through) .
,
, .
Acceptance versus Rejection
, , ,
.
, TPOs ,
.
, ,
, .
,
.
, . , ,
, .
, (),
.
, , ()
.
Openings Within the Spike
, .
, , , , ,
.
( 4-116), , S&P 308.20 May 8, 1989 308.00311.00 , . ,
.
( 4-117), S&P May 2 .
(311.00),
.
, ,
, , (Range
Estimation rules), ( I) .
, ,
. , , .
, ,
, , , .
( 4-117), , May 2 311.30 (
) 309.30, 200 .
200 .
258
4-116
259
4-117
260
261
4-118
262
4-119
263
Bearish Openings
, ,
( 4-120).
, ,
.
.
,
.
4-120
264
4-121
265
266
4-122
267
4-122 2
268
4-123
269
4-123 2
270
Gaps
, ().
, .
, -
, invisible tail.
, ( ) ,
,
.
:
(1) Break-away gaps
(2) Acceleration gaps - ,
(3) Exhaustion gaps .
, (Break-away gap) ,
. ,
.
(Acceleration gap) ,
.
, (Exhaustion gap) .
, , ,
. , .
, , ,
.
, , ,
, .
(Break-away), (Acceleration), (Exhaustion),
, .
, . ,
, .
Day Timeframe Significance of Gaps
, , , .
, () ,
.
, .
, ,
, , ,
.
( 4-124), . ,
-
(Open-Drive), .
, , 19.98.
, .
(Value Area Rule), , ,
.
( 4-125), the (Swiss franc) 26
.
.
, ,
.
, (),
.
,
.
(Swiss franc) ( 4-125), ,
, , .
, - (two-timeframe
trade) ,
59.87 ( ).
271
, . , ,
.
, , ,
. , , ,
, .
, ,
, , .
(Swiss franc) , . ,
, ,
, (Swiss) , .
, ,
, .
( , ) ,
, , ,
.
, ,
. .
. , ,
,
. , , , .
( 4-126),
. () ,
April 28. .
, , , 379.60
Y .
.
, .
, , ,
, () .
272
4-124
273
4-125
274
4-126
275
Summary
,
. ,
.
(), ,
(leverage) .
, ,
. ,
.
, .
Nontrend Days
, (Nontrend day).
,
.
( 4-127), (low-volume Nontrend
day), May 8,1989.
276
4-127
277
Nonconviction Days
(Nonconviction
day). , , (Normal, Normal
Variation, Neutral day). , (Nonconviction day)
,
.
(Nonconviction day) (Open-Auction),
.
.
, , ,
, .
, ,
. ,
, .
( 4-128), (Nonconviction day) . (Open-Auction),
,
. (Normal Variation), ,
, .
,
. (Nonconviction day) ,
.
4-128
278
4-129
279
News-Influenced Markets ,
.
,
.
, , locals
. ,
.
Summary
, , .
,
. , ,
.
:
TPOs . ,
, . ,
, , , .
News
, (Gross National Product, Merchandise Trade, or Producer Price
Index), .
, ,
. ,
, , (
, ).
, .
( ) ,
.
, , ,
. , ,
, , .
.
.
, , ,
. ( Barron's
) , , .
,
, .
. Producer Price Index (PPI),
May 12, 1989, +.06% +.08%.
, , ( 1)
( 4-130).
, , ( 2).
+.04%, , , .
16 ( 4-131). ,
+.07% . , , , PPI
.
90-26. ,
.
, .
12-, ,
:
1. .
2. .
3. .
280
, ,
. (
) May 9, : 9th's (89-16) ,
(89-04).
, , PPI +.06%
+.08%. ,
( 1 4-131) 9th ( 2).
PPI's , .
,
May 9. , .
4-130
281
/ ,
( ).
, , ,
. ,
.
Summary
, / ,
, ,
:
1. (), ,
, ( ).
2. ,
.
3. ,
( , ).
4. ,
.
5. , .
, , .
282
4-131
283
284
. (Beethoven's "Moonlight Sonata"), ,
. ,
. , ,
. ,
,
. .
, , ,
. . ,
( ) , ,
, .
(), ,
.
() .
, , , .
, . , , ,
. , , , , ,
.
, , (Arnold Palmer),
, .
, , , , , ,
. , 70
. .
. , .
,
.
, ,
, . ,
, .
,
. ,
. ,
.
, ,
.
.
285
. . ,
, . ,
, .
286
, ,
, . ,
, 10 , ,
, , . ,
, , ,
. , .
.
,
. , . ,
, , .
, .
, ,
.
Self-Observation
, . ,
. ,
, .
, , ,
, , , . ,
, ,
, , ,
.
, ,
. ,
. ,
. ,
, , ,
, . ,
. , ,
, , ,
. , ,
.
287
, ,
, .
.
, , ,
, . ,
(floor traders), ,
, .
, ,
.
.
288
, ,
.
, (Mike Singletary) , .
, ,
,
. , , ,
.
, - -
. . / ,
, ,
.
Strategy
(), .
, , .
, () .
() , .
, , ,
,
.
, ,
. , ,
. ,
, , .
A Business Strategy
. , ,
, , , .
, , /.
, , ,
.
, , ,
, , , , .
.
. ,
, , .
Capital
, :
1) , , ; 2) .
, , .
,
, .
, , .
, .
, , , ,
, .
, ,
, ,
, (3-I day).
"tick-watching". ,
, ,
, .
289
Location
, .
, ,
, - , ? ,
/.
, ,
(), , - ?
, ,
.
?
. ,
, , ,
.
,
(, ()
).
.
, , , .
, , ,
. .
, ,
, . ,
, , ,
. ,
, , ,
.
Timing
,
. , ,
. ,
(). () ,
.
, , . ,
, , ,
, .
October 1987. , ,
( ) . ,
, .
Information
,
. ,
, .
, ,
, .
.
. ,
. , ,
.
, .
(Jim Kelvin) , . ,
, . ,
,
.
, .
,
.
290
.
, , ,
. ,
, .
100 % .
.
Know Your Competition
() ,
, .
, , ? (General Motors)
, (Japanese car makers)
. .
, .
,
, ( ) "too long" "too
short". , , ,
, b , , , "too long".
, , , ,
(long liquidation) .
,
.
Know Yourself
, .
? ? ,
,
(Midas) (McDonald's). ,
, , .
(), . ,
.
. .
, ,
. , ,
.
.
Consistent, Daily Execution ,
.
. ,
, , .
.
.
.
( ) , ,
. ,
, , .
Inventory
,
. , , . ,
, , ,
. ,
.
, , ,
. , , ,
.
291
, , ,
. , ,
, .
, -. ,
locals ,
, ,
, . , ,
, .
, ,
. ( ), .
, ,
, .
, ,
.
, , , .
, ,
, .
Risk
. ,
, (short odds), (long odds),
, . ,
. , , ,
. , ,
, , ,
70 80 , .
, ,
.
, ,
(, ).
, .
, , .
, ( ,
).
, ,
, , , ,
.
. ,
,
, .
Goals
, . ,
, .
. ,
. , ,
.
Record Keeping and Performance
IRS ( ).
.
?
? ? ?
. ,
.
, . ,
, ,
. ,
, , .
292
Dedication
, ,
, .
. , ,
, .
, .
, , .
. , .
.
Applications
(minute-to-minute) (day-to-day)
, . ,
.
,
. , ,
, ,
.
:
1: .
2: ,
.
,
, .
Capital
Timing
Location
Knowing Your Competition
Knowing Yourself
Consistency
Information
Inventory
Risk
Goals
Record Keeping/Performance
/
Dedication
,
.
3: ,
,
.
, .
, , ,
, . ,
,
, .
( 5-1) , ,
.
, .
, ,
, .
293
5-1
Summary
Wall Street,
.
From The Tao Jones Averages, by Bennett W. Goodspeed.
,
, .
,
, , .
, ,
, . , ,
.
, .
,
, .
, ,
.
.
294
, ,
, . ,
, . .
, ,
.
, ,
, .
, ,
. , ,
.
-, , .
.
, , .
12-16 . ,
.
,
, .
, , ?
, ,
, . , ,
.
(Benjamin Hoff) The Tao of Pooh 1,
, , ,
.
,
.
, , ,
, ,
, , .
, ,
,
.
295
APPENDIX 1 1
Value-Area Calculation
(value area)
(value) , , 70%
. , (/) ,
TPOs, .
-1
296
-2
297
APPENDIX 2 2
1. Markets & Market Logic, Trading & Investing with a Sound Understanding and Approach, J. Peter Steidlmayer
and Kevin Koy, Porcupine Press, Chicago, 1986. Introduction to theory.
2. CBOT Market Profile (Manual 1), A Time Distribution Analysis That Explains Market Behavior, J. Peter
Steidlmayer and the Chicago Board of Trade, Chicago Board of Trade, Chicago, 1984. Out of press and available
only in photo-copy form. Basic theory and reference guide to using the Liquidity Data Bank.
3. The Profile Report, Results Through Market Understanding, Self Awareness and Strategy, Dalton Capital
Management, Inc., Chicago, established in February, 1987. Monthly journal on market-generated education,
research and trading.
4. Applications Of The Market Profile, A Trader's Guide to Auction Markets, Donald L. Jones, CISCO, Chicago,
1988. Concise reference guide to available literature, with direct applications.
5. Steidlmayer On Markets, A New Approach to Trading, J. Peter Steidlmayer, John Wiley & Sons, New York, 1989.
Steidlmayer background, some theory and new concepts.
( )
1. Roger von Oech, A Whack on the Side of the Head (New York Warner Books, 1983), p. 49.
2. J. Peter Steidlmayer and Kevin Koy, Markets and Market Logic (Chicago: The Porcupine Press, 1986), p. 66.
3. J. Peter Steidlmayer and Kevin Koy, Markets & Market Logic, The Free Press, Chicago, 1986.
4. Peter Steidlmayer and Kevin Koy, Markets & Market Logic, The Porcupine Press, Chicago, 1986, p. 5.
5. Bennett W. Goodspeed, The Tao Jones Averages, Penguin Books, New York, 1983, pp. 22-23
6. Bennett W. Goodspeed, The Too Jones Averages, Penguin Books, New York, 1983, pp. 49-50
7. Benjamin Hoff, The Tao of Pooh (New York Penguin Books, 1982), p. 29.
298