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A Six part study guide to Market profile Part 4

PART 4 MARKET PROFILE DATA AND THE DISTRIBUTION PROCESS. The most important change since Market Profile data were intro- Capital Base duced is that the day-or any single session-is no longer viable as a constant measure of market activity. Starting roughly in the late 1980s, a new beginning didn't always coincide with the start of a session. | c B 0 T MARKET PROFILE PART IV MARKET PROFILE DATA and THE DISTRIBUTION PROCESS Chicago Board of Trade Internet Address http www.cbot.com Care has been taken in the preparation of this material but there is no warranty or representation expressed or implied by the Chicago Board of Trade to the accuracy or completeness of the material herein. Your legal counsel should be consulted concerning legal restrictions applicable to your particular situation which might preclude or limit your use of the futures market described in this material. Nothing herein should be construed as a trading recommendation of the Chicago Board of Trade. 1996 Board of Trade of the City of Chicago ALL RIGHTS RESERVED. Printed in the USA. PART IV MARKET PROFILE DATA AND THE DISTRIBUTION PROCESS CONTENTS THE NECESSARY BACKGROUND 112 A Shift In The Capital Base 112 A General Review 117 Distribution Development And Market Strategies 120 The Four-Step Behavior Pattern 122 The Parts And The Whole 123 GETTING SPECIFIC 129 How Distribution Relates To Market Activity 129 Time Frames 132 How Distributions Develop 133 The Impact Of Confidence And Uncertainty 140 The Role Of Price In Distribution Development 140 The Current Price Influence 145 A Real Life Example 146 Shifting From Balance To Imbalance 169 RECOGNIZING THE START OF A TREND 174 Relevant Reference Points 174 Monitoring Activity 176 To Sum Up 183 CONCLUSION .