Guys))I am happy to say that i begin to trade without charts at all)))) This is so good i cant imagine before )))) I see whole market now and even can tell there market should be after 5-10 minutes from opening ))))
They both pretty much do the same thing: TRY to aggregate orders split up by the CME back to the original size. Key word is try, because this is virtually impossible. Reconstructed TS uses a proprietary aggregation method, Aggregate TS has a couple open source options. Both are great products, the main differences being bells and whistles.
Aggregate TS is one of the hundreds of great indicators you have access to when you sign up for elite membership. vvhg updates it very often and adds different bells and whistles all the time. He has added a speed of tape bar and delta bar which can be very useful.
Reconstructed Tape offered by Pete is also a great tool, but I would HIGHLY recommend his Depth and Sales tool if you want to get into tape/order flow reading. A couple key features I like is that the depth can be displayed on the TS window, and you can have Buy Only and Sell Only windows(its easier to track size when they are split for me)
You really can't go wrong with either, but if you decide to go with Pete's, I suggest also getting Depth and Sales
Reconstruction isn't impossible, it's not even close to impossible but I do keep the reasons close to my chest.
What makes reconstruction problematic is that some feeds drop information to improve performance whereas other feeds (TT Feed, Zenfire) to ensure you are always up to date with current price. Other feeds (IQFeed, Kinetick) send you all information but can be laggy at peak times such as after a news announcement.
In any case, no individual print on any Time & Sales is important. It is the overall changes over time that you look for. Of course, exceptional prints over 500 lots for instance are interesting but can easily be half a stat arb trade - as can any individual print.
As long as what you have is meaningful, consistent & doesn't print 300 lines at a time, I think you can make a case for using it.
This is as unbiased as I get.
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Best to discuss my stuff off the board but the 12 weeks is based on Futures prop programs and the length of time they expect students to go live on small size.
Lots of people take more than 12 weeks but this is the baseline at certain prop shops and this is what they tell their interns on the first day.
One of the reasons they push people towards the DOM (normally XTrader) is because they feel it is an essential skill. This does not mean traders are never allowed to use charts, they just aren't allowed to use them until such a time that they have 'got' the DOM.
Now - many will disagree with the following:
Longer term analysis can yield more ticks per trade but the thing about that is it takes a long time to develop that skill. There is only 1 trading day per day (funny, that). You need to experience many days before you get a good enough feel for the way things work intraday to turn yourself into a day position trader.
On the other hand, tape reading/order flow analysis 'setups' appear many times per day, so whilst the opportunities are smaller, this method will get you to profit before longer term analysis will. So you get profitable on order flow and then you have time to focus on other techniques because you have an income.
I don't see a great deal of value personally in poring over months of historical intraday chart as a means to experiencing days. I don't think this really replaces experience because you already see the results in front of you. It is my opinion that the way forward is to do pre-market analysis, put together "what if" scenarios of how the day will play out and track what actually happens against this analysis. This is why I think that it takes so long to become proficient at position day trading for most normal people.
Last edited by DionysusToast; December 9th, 2012 at 06:20 AM.
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