pihadave 

Thanks for that explanation. What timeframe/tick chart do you generally look for a Wyckoff setup? Would it be more relevant on a longer time-frame such as a 4hr or 2500 tick? The reason I'm leaning toward a pattern-related strategy is due to the fact that I tend to have a keen eye for identifying patterns so I'm trying to play to my strengths.

It's not something you look for. When it starts unfolding you will see it without effort because it's obvious.
This works best in higher timeframes. If you want to follow institutional players then you need to go stand on their playground and watch the game. You should focus your attention on entry patterns and sequences and methods of entry because wyckoff is simply the analysis part. Be an analyst before being a trader in other words observe before executing.
Hope that mAkes sense.

Grantx 

It's not something you look for. When it starts unfolding you will see it without effort because it's obvious. This works best in higher timeframes. If you want to follow institutional players then you need to go stand on their playground and watch the game. You should focus your attention on entry patterns and sequences and methods of entry because wyckoff is simply the analysis part. Be an analyst before being a trader in other words observe before executing. Hope that mAkes sense.

I agree, a 2000 tick chart is too small to effectively see large scale accumulation/distribution because it usually happens over a longer span of time; the bigger players can't fill their position objectives without being overtly obvious or moving price out of the range they are interested in within such a short interval.

fminus 

Yes. The inside bid and offer is the nearest bid and offer. IMHO the default DOM provided by NT currently is absolutely worthless. If you're using NT, I would look into the Jigsaw DOM of something similar that keeps track of volume printed at the levels split into volume hitting the bid and lifting the offer. This will keep you from having to constantly do math in your head to figure out how much is trading at a level relative to what is showing on the bid/offer. I also want to caveat and say that I still use charts to identify areas where "something might happen" and footprint charts, but these are all just secondary to my DOMs and use them when I forget how much volume traded at a certain level. I would recommend you check out some of the webinars hosted by FIO from John Grady (No BS Day Trading), Peter Davies (Jigsaw), or the Axia guys. Hope this helps.

Thanks for clarifying. Yeah, I've checked out a few of those videos in the past but have learnt a lot since then so perhaps I'll re-watch them over the next few days. Unfortunately I can't watch them live as they're normally in the early hours of the morning for me.

I have heard that NT isn't the best for DOM so will definitely check out Jigsaw. I'm going to experiment with a smiliar style to yours so I can learn how to read the DOM. As in, find an obvious key level then watch the DOM to see if I can see what's happening. Hopefully by doing that I'll learn how to read it and also develop a strategy..

Will keep you posted on my progress!

rassi 

@Grantx your better versed in Wykoff! My view based on this chart alone is I would want to be selling above 1 or buying around 3 depending on how and when we arrived at those levels. I really don’t like tick charts as I’m so used to time based. Please can the OP post a follow up chart of this, same timeframe please.

That was a tick chart so it'll be hard to go back and find it, however, I'm still trying to identify a Wyckoff setup so will post another one when I see one and keep the chart open to show how it panned out.

Grantx 

It's not something you look for. When it starts unfolding you will see it without effort because it's obvious. This works best in higher timeframes. If you want to follow institutional players then you need to go stand on their playground and watch the game. You should focus your attention on entry patterns and sequences and methods of entry because wyckoff is simply the analysis part. Be an analyst before being a trader in other words observe before executing. Hope that mAkes sense.

Thanks for that. I'm going to keep my eye out for another setup on a larger timeframe/longer-term chart then post a screenshot when I see one and we can see if I'm right!

Rrrracer 

I agree, a 2000 tick chart is too small to effectively see large scale accumulation/distribution because it usually happens over a longer span of time; the bigger players can't fill their position objectives without being overtly obvious or moving price out of the range they are interested in within such a short interval.

Wow, so a 2000 tick chart is too small? I thought that was long-term enough! As an example, would a 3500 tick chart on CL be long-term enough to identify large scale accumulation/distribution?

pihadave 

Wow, so a 2000 tick chart is too small? I thought that was long-term enough! As an example, would a 3500 tick chart on CL be long-term enough to identify large scale accumulation/distribution?

Dude, seriously, don't listen to me. Every day I do this I realize more and more I don't know what the fuck I'm talking about lol, 'scuse my German. It should be plenty, but it didn't look like accum to me.

Hello there,

did any of you guys scalp or swing trade es futures using daily price movement range, i am currently in a trading room where raghee horner teaches swing trading futures using daily price movement ranges

simplertrading.com

Anagami 

Successful trading is a lot simpler than that. Find momentum, find a held bid, go long. Opposite for short. Take profit at several times your risk.

fminus 

The DOM is pretty overwhelming at first but it's one of those things that once you keep watching it, it doesn't look that fast after a while. In fact, on most days the DOM is painfully slow to watch. The trick to it is, you're not looking at ALL the numbers displayed on the DOM at the same time. In fact 99% of the time I'm ignoring everything but the inside bid/ask and the volume traded there. After a while, your brain will get used to watching the DOM and unusually large bids/offers, icebergs, and certain activity becomes obvious. I know the idea of just having a DOM up sounds crazy and I personally resisted the idea for many years, until I hit rock bottom and just gave the entire DOM thing a chance before totally giving up. I have found for myself that my pre-conceived notions of what trading should be kept me from being open to and exploring ideas of what trading actually is. We all have heard stories that prop traders force their new traders to stare at a DOM. When I first heard this many years ago, my first thought was "those poor bastards". But having journeyed where I have journeyed, it makes perfect sense now. My best overall advice to you or anyone still trying to find their way is to figure out what professionals do and to emulate that instead of trying to copy someone's system in a journal thread. For those that are able to consistently trade off a chart or their entry signal is some oscillator, my hat is off to them because they have mastered a skill I tried for several years and couldn't make work.

These points +1000. Just focus on the inside bid / ask. Watch the DOM and don't make any assumptions. Eventually the bid becomes confident. You will see sell orders continue to come into the market, but they will be ignored. There is a decent sized window where the market sentiment has changed but hasn't been completely reflected in price. This is where you click. If you avoid distraction and just focus on this, you will start to see differences in DOM behavior.

I'm a long only trader, so that's why I'm focused on the long side. This was the only way I was able to get to a place of consistent profitability. Market replay in a lot of platforms (specifically NT) is abysmal, so you need to either be sure your platform has a robust replay, or build your own tools. It can be done!