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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.
Can you help answer these questions from other members on NexusFi?
Hello from Russia. Say thank you Google translator for meaning. I myself with the English at the dog. Woof woof.
In any case, glad to share experience with overseas counterparts. If you like the post, do not bother, write a response.
Your Alex.
I am in the process of making the transition from being an indicator based trader to an order flow trader. Over the past few weeks, I have been using Gomi's Volume Ladder to confirm the trades that I am making using a mechanical system on the CL. …
I've been observing the DomBands indicator uploaded by ZTR (download here: ) and I have noticed that turning points are often marked by big spikes in one or more of the lines. Not reliable enough to trade from alone, but it does sometimes provide …
After studying it for some time, it seems the majority of the action on the DOM is manipulated. Fake walls, orders being retracted, flash orders etc. It makes sense though. If you were a large institution, placing your entire order visible on the DOM …
You might also look at Volume Ladder/Footprint, as an alternative way to visualize flow:
I felt that we needed a thread dedicated to the discussion of Volume Profile.
Some basics, you can hover over these and click on most of them to get more info in the wiki. I also encourage you guys to improve the wiki articles by editing …
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).
Some time ago I did some work on Gomi's original volume ladder. I had the idea of converting it into a usable order book that would allow one to both customise the refresh rate as well as view the book in a format that many people like to …
