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I’m curious? It seems charts hinder day readers not help I like a couple of indicators but curious if anyone just trades the dom or price ladder ? And is profitable
Not normally but I got a wild hair up my ass and was doing the top step trading combine on my phone in bed flipping back and forth between doms and chartsnwith nonkayout or flow and then I just started pinging the Dom since it was fake.
So yes I have traded without charts but the way I have done it is using the Dom and watching for levels on the Dom of supprt n resist by the numbers
I don't use charts, I only use the DOM. Seems to me like one can not gain anything using charts. In all situations the price has a 50% chance of moving up or down. My whole strategy is based on money management and managing the size of my losses. I may be completely wrong because I am not profitable yet.
I started trading an algorithm derived from a chart but calculated on a spreadsheet. I coded the buy and sell points into an indicator and can place trades off a chart, but I find myself going back to the spreadsheet. I find there's a purity to just using the spreadsheet, after all it's all about numbers anyway.
BTW I'm not an order flow guy, I short term swing trade, Order Flow just seems to be another 'in' thing- that will get arbitraged away from too much participation, IMHO.
Even if this were so (though I respectfully suggest it's actually not terribly difficult to disprove), questions like "by how much?" and "how often?", among others, can also be pretty significant.
I would think the next tick might be 50/ 50 ..... But to think up or down by say 10 points there would be a bias, or 50 points or a hundred points there hopefully is a bias, because that's what we are all trying to exploit.
We look at it slightly differently, I think (but that's fine, anyway) - I'd suggest that if that's true of the next 10 point movement, then even the next tick won't, in itself, really be 50/50 either.
Not to belabor the thought- but it could tick down then move 10 points up ............
How many trades are pure profit- without an 'adverse price excursion' to some degree against your trade direction?
Actually, long back, I was using google sheet/excel's to generate levels and send those to my broker platform which supported python (and java). No charts were involved.
I've also phone/call traded couple of times, again no charts were involved but trade was taken based on some fundamental correlations my countries Index has with some others which opened before or after our market opened, including currency as well as commodities. Different Market opening timing can help a trader great deal if they know how to.
I'm also finding above discussion of 50/50 rather interesting. I had done some back tests on my traded market, which has had significant bull run in last 10 year cycle. What I had tested was after opening, price went in which direction and if I had traded at opening on long side in intraday by following long term trend of index, what was my likely hood of profit.
Results were horrifying, in fact what markets did was cover long movement in gap ups, then price would come down or go sideways, making intra longs fairly fruitless. Especially if one traded options. Whatever was left would be done in by volatility and whipsaw's into areas where one would likely keep SL for such intraday longs.
Charts are not compulsory and I'm not even considering DOM implications, which was what the OP probably considered as the alternative or at least framed a question around.
So that's that. I DO use charts though, not modernized DOM. So..
