This article is a review of FT71’s paid Webinar #2: Intermediate Market Profiling.
His 2nd webinar comes in at about 70 minutes. He starts it off with a description of day types along with their frequency over a certain period of time. I don’t know the exact period because he says the start date, but the end date he refers to as “today” but obviously happened at some point in the past, but let’s assume that it’s a large enough period to constitute a good sample size. The discussion is interesting as he discusses how to read into the day types, and what they can mean moving forward. The next discussion is on profile shapes; what a balanced market looks like, what does a high volume node mean, what does a low volume node mean, and what does short covering and long liquidation profiles look like.
Up to this point, the information given is taken pretty much directly from James Dalton’s “Mind Over Markets”. I should point out that I don’t think there is anything wrong with taking information from another source. In fact, you have to do that to build a foundation for your understanding of any topic. However I do point it out that there is an alternative to learn this information that: A) May be better suited for the learning style of the student B) May be better priced.
But at this point in the video is where things change. He starts looking at composite profiles and what they mean which is completely new. He discusses that he builds his composite profile by capturing the last swing high and low, although he will at time look at multiple composite profiles to see the differences.
He then launches into a replay video where he replays a full day and discusses what we was thinking and why. This by far was the best part of the video, even though his discussion was fast paced and required several viewings.
He first looks at the opening swing high and low (Or the first short term push up and down) to determine market pressure and to use those at points later on to see how the market reacts if it trades at those prices again. He watches those and other areas he has identified from his homework (Webinar #4) to see how the market reacts. For example when the market is moving down, when it reaches a HVN (High Volume Node), if it auctions through it to a LVN (Low Volume Node), and then can only retrace back to HVN and not to the LVN above it, then the likelihood of a continuation is good.
This by far was the most informative part of the video. The downside was that it was only about 20 minutes long and I really wished he had done that for another 2 or 3 more days and spent more time on it.
The last 10 minutes is mostly him explaining that he is just scratching the surface which I totally get. You can’t just learn to be an expert in volume profiling by watching a 70 minute video. But then he says, “These videos are really taking a lot out of me.” This made me think, “Why?” If your passion really was to teach and give back, you would feel excited and juiced. But he obviously doesn’t feel that way making me think that perhaps he needs to re-evaluate why he is doing this.
My feeling at the end of the video was, “BUT YOU WERE JUST GETTING TO THE GOOD STUFF!!” and thus a bit unsatisfying. But there was some good stuff in it. So my rating on this video is neutral. If you want to spend the money for the 20 minutes, go ahead. But you can get by with “Mind Over Markets” to get the theory part and then pick up the rest from Webinar #4 which I will cover later.
Next up is Webinar #3: Beyond The Technicals.