I use certain simple aspects of Market Profile in my trading. I have read several articles that claim the Value Area High and Value Area Low (VA-H and VA-L) provide good support and resistance. I have tried this out over several months and found these levels to be quite effective. I still prefer to rely on my major support and resistance levels but the VA-H and BA-L can come into play when we are nowhere near the major levels. They are particularly useful prior to the US cash open at 2.30pm UK time, I quite often trade off the value areas in the mornings but usually for just a few ticks.
A full explanation of market profile can be found on the CME website. As I said I only use the value areas, I havnt studied it enough to come up with a strategy for using the initial balance on point of control.
http://www.cmegroup.com/education/interactive/marketprofile/
