Can anyone comment on their favorite QuoteTracker & Sierra Charts indicators for watching volume and DOM? I have been working on watching 5k-10K volume charts for helping me let a trade run. I'm looking for the indicators, that when tweaked, will help a tick chart hint to some changes. PPO Histogram & Twiggs Money Flow in QT looks promising as a way to see some volume momentum change a little ahead of a price change, as well a potential confirmation of trend change for when it starts to show up in my 5-10K volume chart. My only DOM window at this piont is Book Trader in IB, but I wondered what I might be able to chart in QT or Sierra to help visualize DOM a little better. Thanks in advance for any tips on helping dial in QT & Sierra charts. RJ ...
Just my opinion: turn off the DOM and ignore the inside bid/ask (on liquid futures). Until someone comes up with a clear description of how to use the DOM, what you see here is just people fishing for a way to use it.
I agree. DOM/traditional Level 2 are manipulated in my experiences. Just seems to be lots of noise that the tape won't show. Focus on the chart for support and resistance and the tape for the true buying and selling pressure as well as short term support and resistance. JMHO
Strongly disagree. DOM is of paramount importance. I have started a thread where we discuss the ways it can be used. http://elitetrader.com/vb/showthread.php?s=&threadid=103293
Super post.... Quite a while ago I used a drafting board to plot data during the day. Then, I was carving turns at about the 10 to 15 rversals a day. The offsetting of sets of data is one of the best ways to combine the Wyckoff notions and the Crabel notions you mentioned. The preprinted grid I used was for 30 minute bars overlapped by 15 minutes. What you see is each 30 minute bar occupying half of the time period in width. The 26 slices is double the # of 30 min bars in a day during RTH's. I projected the cross hatching to be able to stay at least 15 minutes ahead of the markets for turns. The last two bars were used to project. You can see the color coding and the lines used to project. Yellow started the day and the orange kicked in 15 minutes later. This was when YM was in the 9200 range as you see. When I started with commodities there was no YM it was only DJXX then. The YM added a lot of volatility and volume thank goodness. I saved boxes of these kinds of charts in with the other daily prelight and debriefing. What I learned then was to keep slipping down to a finer measure of the markets. Nowadays it is easy to go out ahead at least two trades but more than P and V are used. The accuracy is to the finest measure of the market (a tic). One of the things to really consider is that not all traders gt what they want. A lot of order that show are left on the table when price changes. For example, if you leave price out of the picture, you can use volume equations to do all trading turns. But it is not necessary to leave out price as a lagging indicator of volume. When you look at the markets in terms of the market operation and the trader operation in terms of trader plays separately, you get to always see a phantom screen there that displays what is going to happen fairly soon. The phantom screen is filled in with the price and time of at least two trades out. Sometimes in a trading room I put my finger on this place on a chart. People then get to se it happen. I found that it is possible to get to simplicity. My path didn't go there directly. First, I had to go to comprehensive. I do what you are doing:throwing things away. mcichocki is doing the reverse: he weeds before he gets to see what is possible to see. He feels Wyckoff has it bawards as he states. Now we have the PC and coding available; it works faster than we do by 5 to 20 times. That makes slicing and overlapping so much easier. And we can use more data too. It gets very simple after all.
I'll look into that thread. I'm open to any clear and concise conversation on anything. I have no patience for long winded anything. It's just how I live my life, I'm a no BS kinda guy and like it short and to the point. I can only speak on what I see on the DOM and that's alot of baiting that has the order disappear before the price level is hit. Maybe I just fail to see what's working behind the scenes, so I'll be adding some screen time to DOM again. Thanks for the link.
You're failing. Screen time will probably not help (see your comment on T&S which demonstrates the point I am making). People who "get it" do not do what you are doing nor to they operate from the theme you espouse. You are on the wrong page themewise. You do not want input so it is not coming to you. There is no more to read below this point.
This is why I am quitting ET. I will change my password and won't remember it. You are a moron, Jack. Hasta la vista, baby!
Once again, everyone who doesn't trade exactly like you think is the right way is doing it wrong huh? There is more than one "it" to "get". And from the drivel I've read in your posts, I don't think you get any of the multitude of "it"s.