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Absolutely agree with that. Analyzing the market is like reading or understanding a language. There are several approaches to understand the context and what happens in detail. At the end of the day we all are looking at the same stuff through different colored glasses. You can wear blue colored order flow glasses to read the market or you look through yellow indicator glasses or whatever there is, in the end we all look at the same thing. We just have to find the right fitting glasses
I started using footprint a few months ago with the free one on this site . Its the best move I made . I watched every video and website i could find. I have become more cosistent and making more money amnd spending less time trading.
Dont take my word for it Reaserch and learn all you can. You wont regret it.
Here is my accessory tool for seeing and hearing orderflow. Watch the price action and then hear and see the tempo at any given point. It's just a tool. Simple. Fits my very short term trades.
I too trade 1 lots (YM in my case; 60 ticks @ $5=$300 & $5>1lot round trip commish) Looks like that chart is Ninja(NT) which I also use for just Delta Footprint but not free and had to buy lifetime subscription. I use it with my Ensign charts that show me price along with a sub panel for oversold/overbought entries with trend or fade on the retrace........we all know trend is friend. IMHO entry is everything and NT is great from managing the position if you can keep hands off and let it do its thing; once you figured out your trailings; profit; entry stop. Problem is getting in the way of your strategy and getting stopped out B4 it moves your way. The market is insidious at sniffing out stops and playing on the old adage: 1 in the hand is better than 2 in the bush NOT!! in trading though LOL 60 (or more)ticks profit > than losses is the holy grail <g> all day long or just in the AM to start the day.
Anyway I've found Delta Footprint to be a nice partial supplement to discover supply/demand tone changes in a retrace trend fade or outright trend change. I still lean more heavily on overbought/oversold for entry BUT THEY DONT RING A BELL on the apex!! Over BOT/SOLD can grow like a tumor <g> .
Below is my NT panel for Cum Delta histogram along with a 3 period moving average in yellow and ATR in white. All I want to know from Cum Delta is IF there is supply or demand "in the weeds" for a quick reversal move in a counter trend retrace or trend trade on some type of support. Still.... picking that spot is the whole ball game to keep from getting stopped out B4 the reward...............insidious SOB algos LOL:
I took a course in Order Flow from Neerav Vadera at G7FX.com. I was unfamiliar with order flow, so his course was a good introduction.
TraderDale also offers a course in order flow https://www.trader-dale.com/order-flow-indicator-and-video-course/. He also has a book about order flow that can be purchased through Amazon.
I found both courses helpful in understanding order flow, but for me, actually using the trading method has been a difficult skill to learn.
There's a lot of ways to use order flow. It depends on what you want to do. I'm a scalper so I'm looking for that type of setup. I like the volumetric bars in Ninja. If you spend some time studying the information, there's a lot to exploit. If there's a real breakout, like there was this morning on the long side, you're going to see it on the volumetric bars because the delta and volume are obvious. I also use the Ninza volume delta indicator which I think is excellent.
ES 09-22 (1 Min Volumetric) 2022_09_07 (8_09_41 AM)
As an expert in orderflow, it's a gimmick. It's a broad term that many use in the wrong context. In the context they use, it's just a bunch of random numbers. Ask them what it means and I bet they can't give an good answer lol
Study auction theory. Check out profit with the profile by keppler. Orderflow is the what. Auction theory is the why. Auction theory is the broad term that covers what and why a market moves.
I've developed day trading strategies that can be profitable, they are fat tailed in nature, accumulate many frequent losses and then have a huge win to make back losses and make a profit. But for me siting in front of a screen all day waiting for a 'setup' was worse then a 9 -5.
I studied long term trend following and while it seems to work well, placing 7 trades a year in a market- and giving back 40% of open trade profits frustrated me.
I developed a swing trading system that ticks my boxes. I trade a portfolio of 19 futures contracts. I benchmark my system on a spreadsheet and scrape and input data sometime around noon. I update the data with closing prices and update my buy/ sell signals daily at the market close.
I just watch the market all day, and watch my balance rise and fall, I just let the system play itself out, but literally do nothing until I start scraping .........
Order flow seems trendy (maybe just the term not the process) , I grimace when I see YouTube pop ups- that doesn't mean it can't be exploited for a time, until it's arbitraged away, just not for me.....
