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How do I use the order book when daytrading the ES?
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How do I use the order book when daytrading the ES?

  #1 (permalink)
Berlin, Germany
 
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Sawyer's Avatar
 
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How do I use the order book when daytrading the ES?

I'm using TWS Book Trader for order entry when I'm daytrading the ES, mainly because I find it the most convenient way to handle my orders. It displays 10 lines of bid and ask sizes, but I'm not sure how to make use of that information. Can anyone recommend some good resources, preferably free stuff? Thanks a lot.

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  #2 (permalink)
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  #3 (permalink)
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Sawyer View Post
I'm using TWS Book Trader for order entry when I'm daytrading the ES, mainly because I find it the most convenient way to handle my orders. It displays 10 lines of bid and ask sizes, but I'm not sure how to make use of that information. Can anyone recommend some good resources, preferably free stuff? Thanks a lot.

You can look at some of these threads for ideas or discussions on DOM reading:

https://futures.io/traders-hideout/10912-tape-my-shape-tape-reading-time-sales.html

https://futures.io/traders-hideout/23417-webinar-order-flow-tape-reading-new-pit-john-hoagland.html

https://futures.io/elite-circle/3685-order-flow-trading-concept.html

https://futures.io/ninjatrader/2366-dom-bands-indicator.html

https://futures.io/traders-hideout/12667-dom-useless.html

You might also look at Volume Ladder/Footprint, as an alternative way to visualize flow:
https://futures.io/elite-circle/20727-volume-profile-footprint-discussion.html

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  #4 (permalink)
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Sawyer View Post
I'm using TWS Book Trader for order entry when I'm daytrading the ES, mainly because I find it the most convenient way to handle my orders. It displays 10 lines of bid and ask sizes, but I'm not sure how to make use of that information. Can anyone recommend some good resources, preferably free stuff? Thanks a lot.

JigSaw has a really good section on their site called "Lessons" and it is free. Really good resources there. There isn't too much around the net pertaining to reading the order flow (in comparison to other forms of technical analysis).

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  #5 (permalink)
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philipp's Avatar
 
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try this one

https://futures.io/ninjatrader-programming/23233-ninjatrader-trader-custom-order-book-1ldom-source-code.html

and this one

How-To: Order Book ~ The 1Lot Trader

hope it helps

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