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"Free" platforms/datafeeds OEC, TA, TOS.

  #24 (permalink)

Johor Bahru, Malaysia
Trading Experience: Advanced
Platform: NinjaTrader
Broker/Data: NinjaTrader Brokerage, Continuum
Favorite Futures: FESX, FGBL
Posts: 87 since Apr 2013
Thanks: 21 given, 141 received

KelvinKing View Post
I definitely recall in some of his videos he mentions that DOM reading is becoming less important as it was in the past, and also the reliability in DOM reading.

Perhaps he's talking from his own perspective of trading volume profile where he can afford to pay up 1 or 2 tics and have wider stops and scale into positions, and not from a purely scalping perspective.


And actually, when you ask yourself, what does FT71 really mean when he says his famous one liner "How is the market getting there, and how good of a job is it doing?". He always says it... but he never really explains it. Because he can't, not without a DOM.

From day 1, I have absolutely no clue how to see this and what it means. Because I was looking at only the price charts.

Now I know what he means, he's looking at the DOM the whole time.

So e.g. if the market is moving up 10 price levels. What he's looking for is how they buyers are hitting the offers and is there is any back ticking and how aggressive the back ticking is into the bid. Also, what he's looking for is are the buyers sweeping the offers or do they need to use a machine gun to hammer each offer at the price level. If they are sweeping the offers, likely price is moving higher, if they need to use a machine gun to hammer each price level, meaning there a lot of size sitting on each offer, the likely the buyers are going to run out of ammo real soon.


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