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Tape is my shape - Currency Edition
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Tape is my shape - Currency Edition

  #11 (permalink)
Trading for Fun
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Alright the easiest and a perfect example I will give you happened during the Asian session.

Attached is the chart and the purple highlight is the area of interest.

Attached Thumbnails
Tape is my shape - Currency Edition-6e_dom_3.gif  

Last edited by adaseb; March 11th, 2013 at 07:13 AM.
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  #12 (permalink)
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There was a huge bid on the DOM that I got an alert too.

Seemed like a good trade to take because price was on support and also on EMA support. Good Risk/Reward

Look at the DOM at 1.2995, see that HUGE BID.

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Tape is my shape - Currency Edition-6e_dom_1.jpg  
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  #13 (permalink)
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Now wait for this to fill first. It will appear as sell order but it will actually be buy orders.

Looking at the T&S, some of the order filled, not entirely because price failed to go lower.

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Tape is my shape - Currency Edition-6e_dom_2.jpg  
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  #14 (permalink)
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Now after a few minutes the buyer at 1.2995 really wants his fill. Why?

Because he moves up his bid price to 1.2996.

This is what you need to observe when watching the DOM.

Very Eager Buyer.




Sorry for the seperate posts but I wanted to explain each image so you know what you were looking at.

Attached Thumbnails
Tape is my shape - Currency Edition-6e_dom_4.jpg  
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  #15 (permalink)
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Hi, thanks for the tips and walking through an example. I'm still new to orderflow and hope you don't mind a few questions.

Are you able to trade with your methods just using the NT supplied DOM and T&S? Using extra 3rd party orderflow tools and addons for NT is not necessary? Would using vvAggregatedTS help with your analysis since it attempts to organize market orders from the tape into blocks?
i.e. https://futures.io/download/vip_elite_circle/1246-download.html?view
https://futures.io/elite-circle/24373-vvhgs-little-helpers-keeping-them-one-place.html

In an earlier post it was mentioned the 6E lags the sport forex pair, $EUR/USD. What kind of significance does this have to the volume for both instruments? How does arbitration factor in? Thanks.

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  #16 (permalink)
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Cloudy View Post
Hi, thanks for the tips and walking through an example. I'm still new to orderflow and hope you don't mind a few questions.

Are you able to trade with your methods just using the NT supplied DOM and T&S? Using extra 3rd party orderflow tools and addons for NT is not necessary? Would using vvAggregatedTS help with your analysis since it attempts to organize market orders from the tape into blocks?
i.e. https://futures.io/download/vip_elite_circle/1246-download.html?view
https://futures.io/elite-circle/24373-vvhgs-little-helpers-keeping-them-one-place.html

In an earlier post it was mentioned the 6E lags the sport forex pair, $EUR/USD. What kind of significance does this have to the volume for both instruments? How does arbitration factor in? Thanks.

Yes you can use the regular DOM and T&S supplied in NT.

I have no idea if vvAggregatedTS would help or not. I never used it. I usually aggregate them in my head as I see them print.

6E does not lag or lead spot. Its exactly the same price at the exact same time. Price sometimes is a few ticks higher on the future because its basically an options contract which holds a premium. The guy who posted that has no idea what he is talking about. If it actually did lag, then we would all be billionaires because we would simply buy whenever it was lagging spot and would have guaranteed winners.

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  #17 (permalink)
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Yes this also works very well with Gold and oil futures

thx

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  #18 (permalink)
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Even though there is almost instant arb between spot and futures. I would expect the order book of CME futures to be different from the actual order book resting on interbank. Are you saying that it would be directly proportional? In fact EBS might provide much better level 2 data.

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  #19 (permalink)
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androiduser14916 View Post
Even though there is almost instant arb between spot and futures. I would expect the order book of CME futures to be different from the actual order book resting on interbank. Are you saying that it would be directly proportional? In fact EBS might provide much better level 2 data.

Agreed.

Trouble is with spot forex, there is no order book or centralized exchange.

Plus the currencies are correlated and there's arbs there too - not just spot vs futures but currency vs currency.

I have a friend runs a spot forex USD/THB desk - basically it's an open outcry system with him matching up large banks on both sides.

On a good day, a billion dollars will go through his desk. I know he's worked for 2 firms here and so I guess that unless the first firm shut down the desk when he left (never asked), they are still doing it.

That's just one pair traded through a couple of firms with nothing linking them and them not being able to see each others book. Whilst this is tiny, they still impact USD to a small degree and no-one sees their order books.

It is an interesting point about the futures order book being different & probably unrelated to spot and large bids/offers there probably not being on the spot too (although us small fry never know).

I think sometimes you have to stop thinking about which is the tail and which is the dog - because it's the same for index futures. DOM for the ES probably isn't going to reflect the combined DOMs for the 500 stocks in the index.

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Last edited by DionysusToast; November 16th, 2014 at 11:07 AM.
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