Jack, your simplistic illustration sets, IMO, could be misleading. There are ALWAYS a wall or walls on both bid and ask columns. Walls move and disappear on the static DOM, visually. That is what you did not say.
Correct... there are constantly walls visible on the DOM. Which ones are important and which not? And why? But I suppose that you don't constantly watch the DOM. You only watch it when you "have permission" to watch it. So there must be another flow chart which tells you when the right moment is to move your focus from the 5min chart with the PP's, bands and Modrian table to finer tools (OTR, DOM and T&S) and what the(ir) hierarchy is.
Hi frenchfry. Thank you for the reply. I have already abandoned the thinking you have. I mean I disagree more or less everyone of your statements.
FYI I do not do static. SCT stands for something that is non static. To put up six views of the DOM where each makes a different point does imply the non static nature of stuff. In the DOM examples there are both the non static turns and the non static continuation. SCT is like looking at DNA in various locations of the body to see the dynamic of DNA changing in a personage. As has been shown, DNA can be abstract down to about 10K parts and still suffice to enable research, replication, and cures to be implemented. Getting food to Mars will be done electronically by sending electronic signals to machines that will use DNA to create food in siut. (Read J. Craig Venter's " Life at the Speed of Light", for example). I understand it is a mistake for me to post illustrations. I did not know Pekelo could not read prints of trades (at 100 cars, etc), etc.. Certainly EVERY post I make is able to mislead. There are many facets to misleading. With respect to your position about walls on DOMS, we just disagree. graphically. the 10 elements at or near Best Bid/BestAsk do NOT Always contain walls. I define a wall one way you define it your way. My job is to complement my sketches wilh actual snagits in the area of significant activity and to also accompany this assortment with precise text. traditionally many people who do not work have felt misinformed by my posts. I beleive that is not going to change. for example Pekelo will NEVER understand correctly what I write. In ET he is the one who posts an "education" thread that is filled with CW type references that actually, from my point of view misinform. I can see it is a good I idea for me to step back and just address pertinent stuff. I find the DOM really provides terrific "tells" about big money. I feel a trader has to know what makes trends continue. I aslo feel it is important to deal with who and where, what people do that stops trends. You are absolutely correct about the "movement" of walls on a view where the BestBid/BestAsk is STATIC. My view of the static BestBid/BestAsk has been articulated for several years. In all of those comments you will NOT find any comments from me about the "movement of Walls" at those times. Today from bar 48 to 60, was an interesting time vis a vis the ingredients to keep track of. BM separation played an important role. So did the Walls. What would a discussion of Walls look like during that dozen of bars? Don't reply, this is not worth continuing to discuss, for me. I can cut back on my comments in ET since I am creating misunderstandings (I'm misleading) on the part of others (who can be mislead). NB: When my pics have arrows on them as part of the structure, the arrows indicate the dynamic of the process that is ongoing in the structure. Regard my comments as SA oriented. Sorry about the misleading my pics can create
For past readers, there is a collection of nine tables (each a different color to minimize your being mislead)). The collection is interlocking around "continue" and "change" (reverse). Google: "Sweeps charts".
Please could we stick to the topic. DOM and other finer tools are not suited to this method which is trading at 5 minute intervals. Letâs not get ahead of ourselves and introduce these tools which are in themselves trading strategies. There is a ton of literature out there on DOM scalping etc. Perhaps start a different thread for such trading strategies. Back to the topic; Jack please could you post a recent log, your own personal work not one belonging to a student. Much appreciated.
Very clever! I see it is missing OTR and is still based on volume gaussians instead of bands. In general I think it would need to be adjusted to how this thread started and progressed. I always try to imagine Jered or another alias who never heared of SCT and older terminology uses this thread as a starting point. Then that person will not be familiar with everything you use in the coarse or medium tables. Therefore at some point in time it would be great to consolidate everything (channels, pace, PRV, FTT, bands, etc.) I mean show on current charts how and which of those elements are used or which have been replaced by the bands, BM's, etc. or update those sweeps charts to what readers of this thread are used to. The DOM part will require a lot of visualizations, illustrations, snapshots/screenshots of different moments in time in order to be better understood. At least for me. I will try to contribute those when I have more free time.
Thank you for your leadership. Certainly, I will do most of what you suggest. I was trading from the open so, there has to be some compromise on your part. I am a MAT trader so there is a lot at stake when I am trading. Students (your term; I use "team members") do all the work when I trade. I'lll post the chart for yesterday. I supported its clean error and ommission free production. Next, I will post the chart snagits so you can see how supervision works. Next, I will post the pages of the log. you will see a change in handwriting. Ignore, for you purposes the part that is not my hand writing. The stuff that is not in my habd writing is identical to what I would havewritten. Unfortunately for many, I use the DOM to have the most precision view of the market. Also, I do not agree with most of what has been written about the DOM. A lot of people use the 5 minute chart. One characteristic of expert trading is that reversals in hold/reversal trading occur within the five minute bars. I probably have mislead many people who, like you, think I trade at five minute intervals. When I do research, I do use a P&L which only uses closes of 5 minute bars as a comparator for different ideas in trading. By using closes for trading system comparisons, I feel (an opinion) that the comparison has fewer descrepancies. Over the next four days I will write a critique (about 30 to 45 pages) of yesterday. I will redact the DOM parts if I post portions of the critique.
Here is a clean chart for yesterday. The panes show the "highlighting". Make a list of this automated work that is done to help the trader. we use it and we have to degap between bars (and at open) to make it more accurate. As you can see bar 1 does not have a border nor a colored infill. The goal is to have current STATUS annotated. We know we know what is IN-FORCE at all times. The deeper CONTEXT is on the 30 min chart. We use different chart name symbols to keep annotations separate. With his in hand, the goal becomes LOKING-IN the intra bar status of three things: price, volume and EE's. As learning occurs this is done too late, then in the Present and then, finally, in anticipation. What anticipation looks like is the annotation and logging done ahead of the Present. Since trading has several clicks of the mouse we click right up to n-1 clicks and save the last click for optimum profit segments.