Yea, his definition of "read from charts where clusters of orders are most likely to be stacked" is the most forex thing I ever heard. I think only forex traders would say look at charts then figure out where the orders going to be since they really don't have any volume to go by. I used to do that, but then realize it's bullshit. I rather have the right information which subsequently led me to futures.
Main story by Chatgpt(its all about my game): Scalping the NASDAQ, or any financial market, is a trading strategy that involves making quick, small trades to profit from short-term price fluctuations. It's important to note that scalping can be highly risky and requires a good understanding of the market, technical analysis, and a disciplined approach. Here are some steps to consider if you're interested in scalping the NASDAQ. Learn about technical analysis, chart patterns, and technical indicators, as these will be crucial for making quick trading decisions. Develop a Scalping Strategy: Your strategy should focus on very short-term price movements, often looking to profit from small price fluctuations in a matter of seconds or minutes. Define clear entry and exit criteria, including stop-loss and take-profit levels, to manage risk. Consider using technical indicators such as moving averages, RSI, MACD(I include forget about this one please. Maybe good for spotting divergence but you can spot this as well using Stochastic or RSI), or stochastic oscillators to identify potential entry and exit points. I like to include pivots(classic) and MA's(at least the 200SMA's for all TF's) as these are often good targets to TP or points of reversals. Risk Management: Implement strict risk management rules, such as setting a maximum loss per trade or per day. Be prepared to exit a trade quickly if it doesn't go as planned. Continuous Monitoring: Scalpers need to monitor the market constantly and react quickly to changing conditions. Use real-time charts and news feeds to stay informed(I include news, Vix, bonds). Stay Disciplined: Stick to your trading plan and avoid emotional decisions. Don't chase losses or overtrade. It's important to maintain discipline and not let a losing streak lead to impulsive decisions. Remember that scalping is a high-stress, high-risk trading strategy that may not be suitable for everyone. It requires quick decision-making, discipline, and the ability to handle losses(I include lots of practice). Regarding the big issues Im reading above amongst some of you I like to include: dont make war, make love!!
You're @Xela, 100%. lol so you're deriving supply and demand imbalances from "clusters of orders" that you can predict from the chart? How's that work? I'll wait. OK, so choose a link: https://www.google.com/search?q="tr...j0i15i22i30.4714j0j7&sourceid=chrome&ie=UTF-8 I hope for your sake your comments are meant as satire.
Even if it were so, what's the utility? The dealer knows for certain. An exchange analogy would be the CME knowing where these dangerous "clustered orders" are sitting, no DOM, and actively trading against you for their own book. Not only is there no DOM on what this fool is trading, but as a decentralized mkt there is no way to know where resting orders may sit with institutions. As if these bucket shops have any impact. The dealer matches xela's piker micro-lots internally and via triangular arb as risk builds on their book. @Xela... why not trade CME products where you can actually see the depth of mkt?
des, XelaFella is conflating order flow and price action. Price action and/or charts is orders done, not pending. Hiiiistory.
Its mainly for the big boys that like to make fast money. The name of the game is daytrading at its best but it only suites the very dedicated experienced out there
To be honest, I got into volume profile later in my trading. BUt of course you can't do volume profile analysis on forex, even though you will see so many threads on FF about volume profile/order flow/etc in that forum. THat forum happened to be my first few resources on trading when I started. No wonder I'm a damn degen lol. FF is literally seting countless traders back with the information you learn from there. I think CFTC should just ban retail forex in the US just like CFDs ...