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Markets in Profile: Profiting from the Auction Process



"Good books teach, but the best books enlighten. Markets in Profile is much more than a lucid explanation of the Market Profile and its application; it is an enlightening perspective on auction markets and the principles underlying all trading, regardless of time frame. Clearly written with many practical examples, Markets in Profile moves seamlessly from trading how-to's to trading psychology and back again, emphasizing the trader's dual challenge of understanding markets and understanding self. In so doing, authors Dalton, Dalton, and Jones have produced a worthy successor to their classic Mind over Markets."
—Brett N. Steenbarger, PhD, author of The Psychology of Trading and Enhancing Trader Performance

"Markets in Profile is a brilliant, insightful work that should be required reading for any trader. Dalton, Dalton, and Jones will transform your trading technique through their unique knowledge of the markets and understanding of trading psychology."
—Martin Sheridan, commodities trader, NYMEX member

"This book provides a fresh approach to behavioral finance—ideas that I have used to great benefit."
—Gregory A. Ehret, Senior Managing Director, State Street Global Advisors

"Few people understand the dynamics of the auction process as well as Jim Dalton. Market Profile offers a graphic representation of this process and Markets in Profile illustrates Jim's mastery of it."
—Steve Dickey, Vice President of Market Data Products, Chicago Board of Trade

"Market data speak volumes and Jim Dalton has deciphered the code. In Markets in Profile, Jim shares his techniques of profitable trading in a most readable and entertaining format. Serious traders, both professional and amateur, should benefit from the application of Jim's volumetric approach to reading what investors are telling us through their collective buy-sell transactions."
—Walter Sall, professional investor

JAMES F. DALTON has been a pioneer in the popularization of the Market Profile, a unique method of identifying trading/investment opportunities. Most recently, Mr. Dalton was director of research for managed accounts at UBS Financial Services. He began his career in the investment industry as a broker with Merrill Lynch and Shearson Lehman.

ROBERT BEVAN DALTON is a freelance writer and creative director for a variety of agencies, organizations, and nonprofits in the great northwest.

ERIC T. JONES has observed markets and investors throughout his twenty-three years of developing investment products and leading investment manager research teams.



CHAPTER 1 The Only Constant.

The Creation of ERISA.

The Rise and Fall of Relative Performance.

The Fall of the Great Bull.

The Rise of Absolute Return.

Succeeding in an Absolute Return Market Environment.

Pure, Unbaised Information.

People Change Markets, Markets Change People.

CHAPTER 2 Information.

Fundamental Information.

Rational or Irrational?

Market-Generated Information.

The Auctions.

Fair Value.

Market Profile Fundamentals.

Authors’ Note.

Demystifying Market Behavior.

CHAPTER 3 Timeframes.

Breaking Down Market Timeframes.


Day Trader.

Short-Term Traders.

Intermediate Traders/Investors.

Long-Term Investors.

Your Timeframe Is your Strategy Cornerstone.

CHAPTER 4 Auctions and Indicators.

The Search for Value.

Concept Review.

Key Market-Generated Indicators.

Perfecting the Art of Visualization.

CHAPTER 5 Long-Term Auctions.

Auctions in Action.

The Compound-Auction Process.

The EBB and Flow of Balance.

Where Do Trends End and Brackets Begin?

Clarity in the Maelstrom.

The Big Picture.

Asymmetric Opportunities and Risk.

Long-Term Strategy Development.

Assembling the Big Picture: Context within Context.

CHAPTER 6 Intermediate-Term Auctions.

Convergence and the Bracketing Process.

Defining the Intermediate Term.

The Transition from Bracket to Trends.

The Transition from Trend to Bracket.

The Convergence of Intellect and Emotion.

Accelerate the Learning Process.

Prelude to a Sea Change.

Hear the Bells A-Ringing.

Countertrend Auctions.

The Quest to Do Better than "Normal."

Oh, the Difference a Few Points Makes.

CHAPTER 7 Short-Term Trading.

Analyzing Short-Term Markets.

Common Mind Traps.

When and Where to Look for Short-Term Trades.

Opportunities Around Intermediate-Term Brackets.

Technical Indicators.

Your Own Worst Enemy: Your Brain.

Seeking the "Exceptionally Tasty Patterns."

All Prices and Opportunities Are Not Equal.

Ongoing Forensic Investigation.

Looking for the All-Important Reference Points.

Never Be a Laggard.

A Golden Opportunity.

Fade the Extremes, Go with Breakouts.

"The Expert Reasons Contextually."

CHAPTER 8 Day Trading Is for Everyone.

What’s a Day Trader to Do?

What You Don’t Do May Be More Important than What You Do.

The Real World in Action.

Top Down.

Lack of Conviction.

Flight to Safety.

Inventory Imbalances.

Correction of Inventory Imbalances.

Trend Traders’ Trap.

Market Condition.

Yesterday’s Trade.

Example 1.

Example 2.

Example 3.

Trader Checklist.

The Market Is Open.





Day Trader’s Checklist.

Example 1.

Example 2.

Example 3.

Practice, Practice, Practice.

CHAPTER 9 Profiting from Market-Generated Information.

Timeframe Diversification.

The New Paradigm.

Appendix A: Market Update.

About the Authors.