TPO Charts, Market Profile. Questions and shares welcome

I rarely make contributions to the Newbie thread, I spend most of time in Forex Town with some of the supporting traders in here, Like Pipmehappy, GP00, defiance, billie, etc. Today I hope all new and experienced traders will support this thread as it expands on the use of volume, time and price through market profile and Time price opportunity charts.

A lot of retail traders will be unaware of TPO charts but they are responsible for the success of many futures traders, including large money managers, etc. I have attached a link to give traders some background. The TPO charts are not a system or strategy, just another way to look at the markets and opening the mind to creative thinking and actually strategy building against naked price and time.

In fact most professional traders rarely use candle sticks or bars to trade intraday. They use TPO and ladders to analyze their market and activity on the floor of the exchange.

I look forward to your comments and shares but please let is keep it clean, after all we are all learning from one another. We all want to make money and not prove to the next person we are right all the time.

You will also find a link to my live trading room and webinars where we can discuss trading in an open manner.

Please find attached a video on using TPO histogram.

This is the price action for 30th June. Analysing the TPO chart…

This appears to be a neutral day. Range extension on either side with with no one taking control of the days action.

I have calculated the initial balance based on the the entire Asia session and the first 2 sessions in London. A and B periods.

Green = Asia TPO’s
Red = London TPO’s
Blue = NY TPO’s

The market established an initial balance between 1.5690 and 1.5740 (An area that traders were happy to trade back and forth from). This range was broken in F period the first TPO print above the initial balance. H period revisited the area by M period it was clear that the market was moving higher to shut off buying.

The market traded 1.5776 by the final period in London.

There was some initiative selling in B period in London causing a slight range extension in C period. The rejection returned the m,market to trade within the shaded value area.

The higher Demand side TPO count indicates buyers initiated the price probe higher.

Conclusion: Buyers are probing higher despite the markets balanced state, suggesting buyers are looking for some piece of information to give them confidence to go higher. They are feeling out what supply is like at those highs. Tomorrow will be interesting. The market has probed higher over 2 days with strong RE.

NFP and unemployment data is out with NFP always a wild guess, I won’t be surprised to see Cable jump higher.

Live trades on the profile histogram using volume