Can any one recommend a course that teaches you how to read the footprint | Trading Reviews and Vendors


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

  #24 (permalink)

Membership Temporarily Revoked
London, UK
 
Futures Experience: Master
Platform: sierra chart, Jigsaw Trading, Bookmap
Favorite Futures: 6E futures, Cable
 
Posts: 93 since Aug 2012
Thanks: 3 given, 123 received


Wartrace View Post
I really appreciate the video you posted dom64; it was very informative. One thing you did for me is clear up what it means when there is heavy volume on both sides. I ran into a similar situation this week in the 6E. I took a trade when I should have realized it was an area where there is temporary agreement on price.

To me the footprint is just a visual representation of previous trades on the DOM. It is a lot easier to see the imbalances and exhaustion on the footprint. With Jigsaw I tend to start seeing absorption on the DOM first but it's nice to see it visually on the footprint as well.

Thank you very much for making and posting the video.

There is no fake order as such in the sense that the capital is needed in order to place an order, but there a numerous moments during each session when liquidity (limit orders) is being added to be pulled as the price gets nearer to it. It's typical algos' activity but it does happen quite frequently. The Closer to the inside the more likely it is to remain and not be pulled and any unpredictable wave or market orders can indeed consume this liquidity.

Regardless it is very useful to watch and just looking at the tape is missing half of the story as we can have as many volume imbalances in the tape/footprint and huge volumes, if the Limits absorb, the price won't move much. It's part of the story where each element tells how it unfolds.

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