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Can any one recommend a course that teaches you how to read the footprint

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Can any one recommend a course that teaches you how to read the footprint

trendisyourfriend View Post
Thanks for taking the time to prepare and share your video.

I have a question regarding the DOM...

You said that limit orders in the DOM may be real or fake. It's kind of a game played to trap traders in the wrong direction. How do you differentiate between what's real and what's false? And if you assume this may be a game to trap people would it not be better to avoid looking at it and just consider the footprint as it shows what really took place.

Also, i see you have bookmap, that makes quite a bit of information to look at in terms of numbers. BM shows liquidity in a visual way but you still look at the DOM. Is there a reason you keep both tools? With BM you could get rid of the tape as well as the DOM, no?

Fake orders are pulled from the market. You watch for this in Jigsaw. Limits subtracted away. If limits orders make there way to the front of the queue the probability of them getting filled goes WAY UP. There are no "fake" orders. If you place limits on the bid or offer side there is always a chance they can be fill and you need the account size to do it. It all depends on how fast traders going market, hit into the bid or lift the offer. If the queue is chewed through very fast for whatever reason they will be filled. Just wanted to clear up some this idea of "fake" orders. And this "spoofing" has gone down a lot since the CME's new rules regarding it, IMHO. But traders can still "change their mind"

IMHO first before the trading day in preparation for it you need to have a plan based on market context, big picture. Which is a skill developed over time but sped up if you have competent instruction. Without an idea of market structure watching theses order flow tool for long periods of time can be counterproductive.

Start with the last trading session's high and low for example.
Also ask these questions:
Are we in a range?
A wide range or a tighter one?
Are we trending, looking for a new area to range around in, new value?
After a large move in one direction on the day timeframe does it take a longer time to undo that move? For example, big up move followed by three days lower yet not completely undoing the up move? What does that mean?


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Edit: grammar

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Last edited by Blash; August 14th, 2016 at 05:06 AM.
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