Tape is my shape - Currency Edition - Currency Futures | futures io social day trading
futures io futures trading


Tape is my shape - Currency Edition
Updated: Views / Replies:2,653 / 18
Created: by adaseb Attachments:7

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you dont need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 7  
 
Thread Tools Search this Thread
 

Tape is my shape - Currency Edition

  #1 (permalink)
Trading for Fun
Canada
 
Futures Experience: Advanced
Platform: Ninjatrader Metatrader
Favorite Futures: Forex futures
 
Posts: 58 since Aug 2010
Thanks: 2 given, 31 received

Tape is my shape - Currency Edition

I'm going to try to make this thread very similar to the "Tape is my shape (tape reading, time and sales)" created by bloom. Only difference being that this one will be for currencies mostly the 6E (eur-usd) unlike the other thread which was for ES.

I would like this thread to be a discussion where other traders can discuss and share ideas.

Please ONLY keep this thread regarding Currencies!!

You need to keep in mind there are a few differences between ES and 6E. Most of the volume in ES is from the futures market, while the 6E is opposite. It mostly follows the spot market price.

I been trading like this for over 2 years or so. Not much has changed in the past couple of years. I only use the futures data to filter trades pretty much.

I only use this when the big players are buying the Euro Dollar, when they are buying the crosses such as Eur/Jpy or Eur/GBP, I avoid and might focus on indices like DAX30 or metal like Gold.

In the other thread what was discussed alot was about "large bids/offers" and "large market orders hitting bids/offers". For example, there was a large 2000 offer, and some large buyer hit the offer using a 2000 lot market order. What that means is you have a large seller and large buyer.

On 6E is slightly different. You will typically see a large offer, and then spot price will advance and a bot will typically take out that large offer to avoid price deviation which can cause arbitration.

I know this is probably very confusing to understand but I will post photos and maybe some videos.

Reply With Quote
The following 4 users say Thank You to adaseb for this post:
 
  #2 (permalink)
Quick Summary
Quick Summary Post

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

 
  #3 (permalink)
Trading for Fun
Canada
 
Futures Experience: Advanced
Platform: Ninjatrader Metatrader
Favorite Futures: Forex futures
 
Posts: 58 since Aug 2010
Thanks: 2 given, 31 received


Ok First Lesson.

This is one of the VERY EASIEST types of trading opportunies you can discover.

Very easy to see and very easy to confirm.

What do you see at 1.3020?

A large bid that stands out. THis is what you need to look out for.

You MUST confirm that this order fills, because sometimes it might get pulled from the DOM.

Confirming if it fills is VERY EASY, look at the T&S and make sure an order thats rougtly between 100-150 lots gets recorded when its hits the bid. It might not be one 150 lot order, it can be separted into smaller orders such as (1,1,1,2,3,5,6,25,25,75,2,5,1,2,1) and most will typically fill as roughtly the same time stamp.

ONLY take that long if price is on support! If this is the low of the day, don't go catching a falling knife, because 1.3020 might be where a large player is taking profit NOT opening a long position.

You basically need to use some basic technical analysis here.

SIMPLE? Yes however there is one problem.

This isnt 100% accurate. Sometimes large player are wrong, sometimes they use stops which are much much too large for most, and sometimes the trade just doesn't work. BUT it works very well at filtering trades.

Second problem is that, its RARE to see this setup. Most large bids/offers are hidden or executed in a different fashion, which I will get into later.

Attached Thumbnails
Tape is my shape - Currency Edition-dom6e.jpg  
Reply With Quote
 
  #4 (permalink)
Trading for Fun
Canada
 
Futures Experience: Advanced
Platform: Ninjatrader Metatrader
Favorite Futures: Forex futures
 
Posts: 58 since Aug 2010
Thanks: 2 given, 31 received

Ninjatrader is a GREAT platform because you can program your own indiciators to help you find these setups.

You should program a simple script that can alert you when there is a large difference on any of the DOM levels and get an audio alert.

This can EASILY be achieved using a simple code such as


Quoting 
for (int z=1; z < 4; z++){
if (onlyasks ==1){
if (askRows[z].Volume-bidRows[z].Volume > block){
// if (askRows[z].Volume > block){
DrawArrowDown(CurrentBar.ToString(),0, High[0] + (2*TickSize), Color.Blue);
Alert("up", NinjaTrader.Cbi.Priority.High, "Reached threshold", "Alert1.wav", 10, Color.Red, Color.Yellow);
}
}
if (onlybids ==1){
if (bidRows[z].Volume-askRows[z].Volume > block){
// if (bidRows[z].Volume > block){
DrawArrowUp(CurrentBar.ToString(),0,Low[0] - (2*TickSize), Color.Blue);
Alert("up", NinjaTrader.Cbi.Priority.High, "Reached threshold", "Alert2.wav", 10, Color.Green, Color.Yellow);

}

What the code does is, it looks only in LEVEL 2 to LEVEL 5 of the DOM, Not the inner level and compares for a difference in bids and asks, if there is a difference which you get to set in "block" it alerts you.

This script needs work however because I get too many false alerts, but you get the general idea. You can also set it to only alert you when a DOM level is greater than a certain value rather than just calculate the difference.

Reply With Quote
The following user says Thank You to adaseb for this post:
 
  #5 (permalink)
Trading for Fun
Canada
 
Futures Experience: Advanced
Platform: Ninjatrader Metatrader
Favorite Futures: Forex futures
 
Posts: 58 since Aug 2010
Thanks: 2 given, 31 received

When to Use This?

ONLY use it when you are going with the trend, DO NOT search for reversals, no matter how large the sitting order can be.

Looking at the chart I posted are 2 lines. One lower and One higher.

Basically when price broke the lower line, look for a short using the DOM.
When price broke the higher line, look for a long using the DOM.

You will see MANY LARGE BIDS when price broke the lower line, and IGNORE THOSE BIDS, they are mostly take profit.
Same goes for the LARGE OFFERS when price was at the High of the day.

As I said, just use some basic technical analysis and go with the trend.

Remember there are 2 types of orders.

1 is to open a position - which is what you are looking for
1 is to close a position - which is typically take profit.
sell/buy stops - or stoploss orders are NEVER shown on the DOM.

Remember just because large players all take profit at the same areas doesn't mean it will reverse, it can still continue the trend.

Attached Thumbnails
Tape is my shape - Currency Edition-gbpspike.gif  
Reply With Quote
The following 2 users say Thank You to adaseb for this post:
 
  #6 (permalink)
Elite Member
Australia
 
Futures Experience: Advanced
Platform: NinjaTrader, Multicharts
Favorite Futures: Spot Forex, Gold, Silver
 
Posts: 176 since Oct 2010
Thanks: 114 given, 114 received

There is no tape in Spot Forex. And the 6E is such a tiny tiny part of the FX market and something that lags behind the moves in the OTC markets anyway.

There is no edge that you can gain by watching the DOM in 6E that you couldn't gain by simply watching the $EURUSD chart. As for the sub-second arbitrage opportunities you think you can beat the algos, trading at home in Ninjatrader?

Reply With Quote
 
  #7 (permalink)
Trading for Fun
Canada
 
Futures Experience: Advanced
Platform: Ninjatrader Metatrader
Favorite Futures: Forex futures
 
Posts: 58 since Aug 2010
Thanks: 2 given, 31 received


Traderji View Post
There is no tape in Spot Forex. And the 6E is such a tiny tiny part of the FX market and something that lags behind the moves in the OTC markets anyway.

There is no edge that you can gain by watching the DOM in 6E that you couldn't gain by simply watching the $EURUSD chart. As for the sub-second arbitrage opportunities you think you can beat the algos, trading at home in Ninjatrader?

Really? Then why is it that I am that 1% off all the traders out there that actually does this for a living and actually makes money.


And if 6E lagged the spot market then there would be arbitation, wouldn't there?

You do not know what you are taking about pretty much.

Reply With Quote
 
  #8 (permalink)
Elite Member
Australia
 
Futures Experience: Advanced
Platform: NinjaTrader, Multicharts
Favorite Futures: Spot Forex, Gold, Silver
 
Posts: 176 since Oct 2010
Thanks: 114 given, 114 received


adaseb View Post
Really? Then why is it that I am that 1% off all the traders out there that actually does this for a living and actually makes money.

.


Sigh.... I thought you were just being nave but I see now that you are a snake oil salesman.

that's the trouble with this business and something that keeps it being respectable enough - the number of scammers out there who are always selling their holy grail method. Anyway buyer beware.

Reply With Quote
 
  #9 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,354 given, 83,237 received


Traderji View Post
Sigh.... I thought you were just being nave but I see now that you are a snake oil salesman.

that's the trouble with this business and something that keeps it being respectable enough - the number of scammers out there who are always selling their holy grail method. Anyway buyer beware.

Use the report post feature to the right of every post to report someone violating our policies. Include details and we will take appropriate action.

Do not engage with the person yourself. Rude exchanges between members will result in multiple members being banned. We do not tolerate it.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following user says Thank You to Big Mike for this post:
 
  #10 (permalink)
Trading for Fun
Canada
 
Futures Experience: Advanced
Platform: Ninjatrader Metatrader
Favorite Futures: Forex futures
 
Posts: 58 since Aug 2010
Thanks: 2 given, 31 received



Traderji View Post
Sigh.... I thought you were just being nave but I see now that you are a snake oil salesman.

that's the trouble with this business and something that keeps it being respectable enough - the number of scammers out there who are always selling their holy grail method. Anyway buyer beware.

You actually think I am trying to sell you something?

If you think that then maybe you should learn some english. Re-read my posts.

All the info I provided and script was FREE.

Seriously, please DO NOT post in my thread anymore. Thank you

Reply With Quote

Reply



futures io > > > > Tape is my shape - Currency Edition

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Tape is my shape (tape reading, time and sales) bloom Traders Hideout 1264 December 14th, 2017 06:38 AM
Account Currency not equal to Base or Counter Currency caliph Currency Futures 4 February 13th, 2012 02:15 PM
NT vs TOS, why is candles size,shape,formation different between these platforms? Rad4633 NinjaTrader 3 October 19th, 2011 10:24 PM
US Is in Even Worse Shape Financially Than Greece: Gross Quick Summary News and Current Events 1 June 13th, 2011 02:30 PM
Benefits of NinjaTrader Standard Edition ptop NinjaTrader 0 February 18th, 2011 11:42 AM


All times are GMT -4. The time now is 06:18 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-17 in 0.15 seconds with 20 queries on phoenix via your IP 54.82.81.154