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How do I correctly configure Dom, candles and volume


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How do I correctly configure Dom, candles and volume

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  #1 (permalink)
Legendary no drama Llama
Reading UK
 
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I am watching the DOM and my candle chart simultaneously, attempting to see where the orderflow is headed. I want to try and get a process going, here is what I am currently attempting:

Looking at candle chart and if price action is moving up and then reaches a level and I start getting signals that price is stalling for a pullback or reversal, I then look at the DOM to try and see where all the orders are sitting. If I notice more orders in the sell column then there is more demand to sell and the orders in the buy column will get eaten and price should move down (all things being perfect...and my imaginary unicorn friend pooping rainbow coloured ice cream).

The problem is that the DOM moves so quickly that I would like to know if there is an easier way to summarise the total number of contracts traded during say the last 500 trades? Ive seen a video where this chap has volume bars at the bottom of the screen and this looks to be an easier and quicker method especially if I want to trade the tick chart.

If I am on the right track here, then how would I set this up with ninja trader? If Im off the track then how could I improve, or what could I do to get a foundation process going that I can learn off?

Thank you

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  #2 (permalink)
Gits (Hooglede) Belgium
 
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rleplae's Avatar
 
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look at the GOMI tools, it will split the volume in buy and sell
and you will more clearly see the rotation

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  #3 (permalink)
Legendary no drama Llama
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rleplae View Post
look at the GOMI tools, it will split the volume in buy and sell
and you will more clearly see the rotation

Would you mind showing a screenshot of that? Im still undecided on elite membership ...and I need elite to get access to that tool. Would elite membership give me access to that tool or would I still need to pay for it?

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  #4 (permalink)
Gits (Hooglede) Belgium
 
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Broker: Ninjabrokerage/IQfeed + Synthetic datafeed
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rleplae's Avatar
 
Posts: 2,991 since Sep 2013
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elite gives you access to a lot of indicators free of charge, that's a no brainer

On youtube you will find a number of movies with Gomi ladder

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