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Bookmap How to help with trades?


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Bookmap How to help with trades?

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  #1 (permalink)
 sandy7263 
Hartford, CT
 
Experience: Advanced
Platform: AMP and Tasty
Trading: options and futures
 
Posts: 4 since Mar 2022
Thanks: 1 given, 0 received

I feel like I'm missing something. I'm trying out Bookmap and I was hoping that by seeing where the orders are I would be able to anticipate where price MIGHT reverse. Sometimes it reverses and sometimes it plows right through.

What is everyones favorite way to read Bookmap to make trade decisions?

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  #2 (permalink)
 Keab 
London UK
 
Experience: Intermediate
Platform: SierraChart/Prorealtime
Broker: Sierra Chart/prorealtime
Trading: SandP futures
 
Posts: 470 since Jul 2013
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From my experience with trading in general (as well as using Bookmap in the past), a lot of price action/market structure is actually a trap.
What I mean by this is that the support and resistance that you think is there is not
actually real/strong and price will ping around in a rather unpredictable fashion which is what you're experiencing.

Focusing on just bookmap is a mistake in my opinion as it doesn't tell you the areas that you need to be looking at to trade where price will move in a more predictable fashion.
I assume you're trading the ES (most people do?).

Try the following. Look at 2 minute charts (1 min is too choppy).
Make a mental note/Mark on the chart/however you want to do it when noticeably large volume comes into the ES. You don't need fancy indicators beyond a traditional volume bar.

The volume I'm talking about should stand out from others around it/nearby.
Look to see how price reacts. Is it a pin bar in an area of interest? Or is it a strong engulfing bar etcetc. You can use this to trade with as you're trading in the direction of bug volume in areas that make sense.

Also (and this is the key point), wait for price to reach these large 2 min volume areas if price has moved away. See what price does when it comes into these zones.
Look at bookmap to see if it will help you in these zones.

In my opinion it is kind of useless unless you have identified key zones of interest.
The way I've described here is a great way to do that.
Hope that helps.

One more thing. Bookmap really encourages you to look at very short term price movements. Drives you bonkers IMO!

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  #3 (permalink)
 sandy7263 
Hartford, CT
 
Experience: Advanced
Platform: AMP and Tasty
Trading: options and futures
 
Posts: 4 since Mar 2022
Thanks: 1 given, 0 received


Thank you for replying. I really truly appreciate it. I'm going to try your suggestion.
The common theme seems to be supply and resistance.


Keab View Post
From my experience with trading in general (as well as using Bookmap in the past), a lot of price action/market structure is actually a trap.
What I mean by this is that the support and resistance that you think is there is not
actually real/strong and price will ping around in a rather unpredictable fashion which is what you're experiencing.

Focusing on just bookmap is a mistake in my opinion as it doesn't tell you the areas that you need to be looking at to trade where price will move in a more predictable fashion.
I assume you're trading the ES (most people do?).

Try the following. Look at 2 minute charts (1 min is too choppy).
Make a mental note/Mark on the chart/however you want to do it when noticeably large volume comes into the ES. You don't need fancy indicators beyond a traditional volume bar.

The volume I'm talking about should stand out from others around it/nearby.
Look to see how price reacts. Is it a pin bar in an area of interest? Or is it a strong engulfing bar etcetc. You can use this to trade with as you're trading in the direction of bug volume in areas that make sense.

Also (and this is the key point), wait for price to reach these large 2 min volume areas if price has moved away. See what price does when it comes into these zones.
Look at bookmap to see if it will help you in these zones.

In my opinion it is kind of useless unless you have identified key zones of interest.
The way I've described here is a great way to do that.
Hope that helps.

One more thing. Bookmap really encourages you to look at very short term price movements. Drives you bonkers IMO!


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  #4 (permalink)
 Keab 
London UK
 
Experience: Intermediate
Platform: SierraChart/Prorealtime
Broker: Sierra Chart/prorealtime
Trading: SandP futures
 
Posts: 470 since Jul 2013
Thanks: 91 given, 279 received

Am curious, how are you finding it?
The 2 minute volume idea works for me as it gives you an anchor in terms of how to look at different areas which can be hard to do in a trading day. Let alone with all the info that Bookmap throws at you!

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Last Updated on April 22, 2022


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