is the TMF indicator, similar in function to the bid/ask volume-traded indicator made by dcraig. i couldnt do justice to his indicator, so i'll link to his posts: explanation of his indicator http://www.elitetrader.com/vb/showthread.php?s=&postid=1585349#post1585349 another chart example http://www.elitetrader.com/vb/showthread.php?s=&postid=1595340#post1595340
In reference to TMF, I believe what you all are looking at in Ninja and tradestation is a custom version of a tool that has existed for a while in Linnsoft IRT and it is a lot more customizable. Feel free to look at the writeup and compare... http://www.linnsoft.com/tour/techind/vb.htm And in reference to what notam mentioned about TMF's inability to see the number of contracts traded as in tape here is the next step where you can go dizzy seeing contracts traded at every price while being charted. http://www.marketdelta.com/newsite/footprint.aspx Please bear in mind this is not a recommendation on my part and I dont use either of them. I am merely showing what the commercial vendors have offered in the last few years in this direction. Let me be more vendor neutral and post how something similar can be done in about a 4 line DYO in ensign charting. (My appreciation to Howard) Line A is the spread. Line B and C are the Sum of last 10 values. Line D is the 5 Average of the Sum. To those of you who are willing to do old fashioned detective work, please search for the postings of "5pillars". He had a well documented system where he used support/resistance and aligned it with ergodic and most important to him, the bid ask spread plot. He was using IRT. He has stopped posting for a while and is missed. Back to AHG !!!!!!!!!!! cheers SS
Mark1, where do you put your initial stop when you play breakdown/breakout?The previous high/low is quit far... just curious thanks
Hi Ondaflex Ok first off I always enter a stop order with my entry order, it is by default at 4 points from entry for NQ (just a disaster stop). Cleared that, let's say we are talking about a short trade A few moments before the price breaks the support my attention goes stright to the Time and Sales, first I want to see a sustained momentum (don't ask me to quantify it, here is where screentime becomes your main asset, it's more like a reflex in my brain, like grabbing something that slips from your hands , you don't even think about it you just do it.) Then I usually wait for a pullback before entering, keep in mind that this may not be a " regular" pullback, I mean its amplitude might be not clearly visible on a 1000v chart as a LL LH. I look at the DOM ladder and I see the oscillation of the price, like a VU Meter my brain records peaks and valley (I know it sounds complicated but it's not in reality). The oscillation is within a certain range and possibly going down , I place my stop 4-6 ticks above the peak of the last oscillation and I enter (THIS IS A RISKY TRADE that's why I use a TIGHT stop), then I trail the stop manually, tightening the stop esponentially (this the key to squeeze the last point IMO) as we get close to a support or when I see a sign of exaustion ( a very long bar or the price gapping down 1 or 2 ticks is what alerts me). Now this sounds all very complicated and I understand it takes skills you need to build with time and patience. So as Anek said wait for less risky set ups, you don't have to trade the breakdown when the previous "obvious" pivot is very far. If you look at my last chart posted, I could have waited for the first real pulback or even better the second pb(the 10 point trade). Or wait for a formation where the last LH is close to the breakdown area, this way you limit your risk. Skip all the others. Don't feel in a hurry to jump in more difficult trades, stick to trades with low risk, there are plenty almost every day, you need to train your discipline, you need to be patient and wait. One missed trade is just an occasion to study it on the side line and learn from it, waiting for the next one. Hope it helps
Hi, I have never watched DOM. I think I may check it out. I have IB and esignal. Does anyone know if any of these have DOM ? Esignal seems to have something called Quotetracker, it seems free and has DOM, has anyone used this ? Is it free if ya have esignal and is it accurate ? Cheers
Razor, my friend never thought of opening the damn manual of IB TWS? There you have one of the best DOM ladder at your fingertips it is called BookTrader and it is surprisingly damn good. Ps. I'm just kidding hope my tone doesn't upset you, English often puts me in trouble...
Got the Book Trader up and running, will watch for a few days and see if it offers me anything useful. Cheers