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This might be missing piece of our puzzle... Basically, it's a sideways tape that shows cancled orders! I think it will be very helpful. I dont how the indicator knows that the orders were canceled but Im not gonna ask questions and just try it and see if it helps.
Now that I look at it compared to the Tape, I ask you guys a question. Are they really cancled orders if they shows up as a prints on the tape?
Can you help answer these questions from other members on NexusFi?
Ok, im gonna answer my own question. Propositions:
1) If the Order Ticker truly shows cancled orders, then my tape reading should improve drastically in 1 day.
2) If the above is true, then that means that NinjaTraders Time and Sales are showing cancled orders as prints.(which is basically f***ing us up!>)
I will try tomorrow for the whole day. Then we will know truth.
Orders can be cancelled at all 10 levels - so I presume this is just showing orders cancelled at the inside bid/ask.
Ninja does make a lot of this information available programmatically but to see individual pulled trades at the inside bid/ask is a bit of a stretch given what's available.
They are prints, and NOT Cancelled orders (black coloured numbers)
I believe the CANCELLED, or rather PULLED orders show up as red numbers on a grey background,
ADDED orders show as a green number on a grey background.
assuming you haven't altered the colours ?
Ok hello to everyone. Atleast i am free)))
So as i promised
Large orders
Pros, with large contracts, in general need to open positions with a limit order, which is filled with the other traders.
Also, they can use market orders to enter the market if they see a large limit order of other large trader, but 70-80% of all cases they use limits. Why? Answer is spread and big liquidity. Large limit orders are source of this things.
Big players are better to open LONG at a higher price, but once and all, than will be waiting all day. Of course, it all depends on the objectives and conditions.
When you watch how big orders are fills, watch who are filling them. Is this big or small contracts?
If you see how big orders are filled with small orders in general, tape moving slow, big limits orders fills slowly and weak, than this is one situation.
If you see how big orders are filled with big market orders in general, than this is another situation.
After BIG orders are filled occurs a reaction. What kind of reaction you see? Is market strongly go far away after breakdown of BIG order or is it get slower and weaker
Than market goes to the big limit orders are this BIG orders stand still or pull off?
Price is always move in direction against the crowd emotions.
So this is small tutorial. Hope it helps)))
P.S. Supply on a picture number 3 is demand)))
Demand )) mistake)))
This is what I think so far:
BIG prints at 1 price level - public small market order buying is FAST, Pro can open BIG limit sell. Tight spread. Or, Pro with BIG market buy.
BIG prints at multiple prices - Public small market order buying is SLOW, If pro wanted to open BIG limit sell, his order would be split up at more than one price level, wide spread.
20 lot Buyer that gets filled by SLOW public market sell orders. He only get 12 filled at the price he wanted, then the rest of the 8 at the next level. Yeah?
simply you see size of them on the tape. Of course size is relatively to instrument which you trade
BIG market order for S&P500 E Mini is bigger than 100, for Russel 2000 is bigger than 5, so is for Euro FX too
So this is the way i know that orders are big
Also it is good than prints appears in a short time and compressed at one price or small spread ,such as
9:01:00 1322 100
9:01:00 1322 100
9:01:00 1322 100
9:01:00 1322 100
9:01:00 1322 100
9:01:00 1322 100
9:01:01 1322 100
9:01:01 1322 100
You can see it in all sceenshots iv shown you
If you are swing trader than to hold or not depends on which price you enter and fundamental conditions. If it is good than why not. But if you are intraday than no.
Take what market gives. It would be another trade and it will go fast and strong, than you hold as long as you can
If there is no selling prints than who is buying at the limit side? No one. So if no one buys .......
