Hi, I'm a real noob around these parts of the world and I'm wondering if anybody can shed some light about reading the T&S to trade. What should I look out for and what is its significance.
Set it to 100 lot and higher. Don't even bother with anything less than 50. Watch the speed of the prints. It will take quite awhile. When it's moving through S/R how does it move. You know what forget it. This is lost in translation. Try searching google. I think Trade the Markets has a decent free video and so does James aka SoulTrader at Traderslaboratory I find using volume whether that be the histogram or some form of market delta that help more.
I'll give you the best advice you will ever get. Ignore volume altogether and focus on price only. Volume is only slightly helpful to swingtraders on the daily timeframe.
I'll give you a handy little shortcut.... If you see a large bar then you can assume volume has gone up!!! A consistent little coincidence I've noticed after putting in my thousands of hours of trading. If you are trying to play Market Maker using volume I would say just send the floor traders a check directly cause they'll eat your lunch.
T&S is history... Use it only to kick yourself in the ass for what could have been... Focus on Level II DOM. If your trade size is 10 contracts build your own data feed calculating bid/ask to trade 10 contracts from the Level II data. Your charts will be much cleaner filtering out noise and impossible to fill orders.