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Help on studying OrderFlow for Currencies


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Help on studying OrderFlow for Currencies

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  #1 (permalink)
Colombo Sri Lanka
 
 
Posts: 6 since Jan 2020
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I have been studying currency market for just over two years and mainly on price action. Previously I had no experience any sort of trading.

Since I trade scalping (supply-demand setups) based on price action, so far it has been difficult to improve my win rates (actually profit factor). I have heard order flow is a great way to use as an entry specially for scalp setups.

In currency market, there's no central exchange so there's a problem with the accuracy of volume data.

1. So please can I know how we can use orderflow in currency effectively?

2. What are the orderflow tools we can use in currency market? What are the sources of data for these tools for currency market?

Any tips will be highly appreciated.

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  #2 (permalink)
Elite_Member
Wiltshire, United Kingdom
 
Experience: Beginner
Trading: US Equity Index Futures
 
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One option is to use data from the CME US Currency Futures for charting and orderflow and keep your current platform broker for order entry.
The 6E is equivalent to the EURUSD, 6B to the GBPUSD - https://www.cmegroup.com/markets/fx.html . Arbitrage means the futures and spot markets move pretty much pip for tick (in the same way that all the different forex brokers data feed prices are very close to avoid arbitrage opportunities)
That does mean though paying for a data feed such as Kinetick to feed Ninjatrader to get the data. Or opening a futures account and paying $10-20 a month for the data. Some companies allow very small accounts and don't have inactivity fees so you don't have to trade but just have the data.

You can sign up for a two week demo with a brokerage which will allow you to see whether the order flow data is useful. Having said that though, Ninjatrader for examples Depth of Market isn't the best, and I don't think you have access to there Order Flow tools such as a Footprint Chart without purchasing their lifetime licence.
You could also try a Jigsaw Tools demo, or a Bookmap demo as another couple of suggestions.

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  #3 (permalink)
Colombo Sri Lanka
 
 
Posts: 6 since Jan 2020
Thanks: 9 given, 5 received



matthew28 View Post
One option is to use data from the CME US Currency Futures for charting and orderflow and keep your current platform broker for order entry.
The 6E is equivalent to the EURUSD, 6B to the GBPUSD - https://www.cmegroup.com/markets/fx.html . Arbitrage means the futures and spot markets move pretty much pip for tick (in the same way that all the different forex brokers data feed prices are very close to avoid arbitrage opportunities)
That does mean though paying for a data feed such as Kinetick to feed Ninjatrader to get the data. Or opening a futures account and paying $10-20 a month for the data. Some companies allow very small accounts and don't have inactivity fees so you don't have to trade but just have the data.

You can sign up for a two week demo with a brokerage which will allow you to see whether the order flow data is useful. Having said that though, Ninjatrader for examples Depth of Market isn't the best, and I don't think you have access to there Order Flow tools such as a Footprint Chart without purchasing their lifetime licence.
You could also try a Jigsaw Tools demo, or a Bookmap demo as another couple of suggestions.

Thank you very much for clearing out lot of doubts. Though I got myself familiarized with NinjaTrader 8, as you mentioned we have to pay a large sum for their order flow tools.

I got an IB account for trying their data but some says its snapshots not actual tickdata. By the way I will keep looking for another broker+data provider. I am looking into Jigsaw tools and Bookmap for possible demo options to first try them out.

Thank you.

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  #4 (permalink)
Elite_Member
Wiltshire, United Kingdom
 
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Posts: 955 since Sep 2013
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Sameer9 View Post
I got an IB account for trying their data but some says its snapshots not actual tickdata.

Yes. I have heard order flow tool sellers like Jigsaw warn against using IB for that reason. Fine for general charts and things but not for accurate tick by tick data.

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  #5 (permalink)
SpeculatorSeth
Salt Lake City, Utah
 
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Trading order flow on currencies is a little different, and I'm not sure if it would be effective or not. It's a segmented market so the flow you'll see in the currency futures is a very small part of the overall market. When I've looked at them I've noticed that the correlations between cumulative delta and price are the opposite of what they are in other instruments. Perhaps this means these markets are dominated by hedgers more than others?

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  #6 (permalink)
chicago, IL USA
 
 
Posts: 8 since Mar 2020
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I second the quality of Ninja trader on the order flow. From what I remember it seemed pretty convoluted. What is the mainstream platform and most widely used that isn't going to charge a fee close to that of another newsquawk feed? Going with a broker sounds like the best deal whether or not I plan to actually trade futures contracts....

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