Pete and Purdy

I first met Pete Steidlmayer when he come to London in the mid 1980s. He came to teach Market Profile in London for the first time. These were the days before CQG when the only Market Profile available ran on those early non colour Macs. I can't remember how exactly it happened, but it ended up that my Mac was the seminar display of MP. I was kind of in awe of Pete but when I met him I saw a great down to earth guy wearing chinos and old penny loafers (with the penny in them).

While we were chatting, Pete told me that while he was in London he wanted to buy a particular shotgun that was being sold at auction. Now Pete is a very, very successful trader and I had visions of him just bidding until he won the gun.

The next afternoon he was back at the seminar venue and I asked him how he liked his new Purdy shotgun. Pete said, "I didn't get it". I asked him why not and he said that there were too many initiating buyers and the price got so much above value, he would have rather been a seller than a buyer.

And that taught me a practical application of Market Profile.

And now for today's trades.

 

Click chart enlarge