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Orderflow trading
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Orderflow trading

  #1 (permalink)
Elite Member
Sagamore Hills
 
Futures Experience: Beginner
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Orderflow trading

Hello All,

With the thought in mind that we all start at the beginning I'd like to learn Orderflow trading. I''m a member of the Elite Circle as well.

I've downloaded most of Gomi material but not sure I have everything I need. One of the problems with navigating through this site is the vast amount of discussion and material there is. Just to get to the correct Gomi recorder had me bouncing through numerous threads. It's easy to spend a lot of time and not sure you're any further ahead.

I appreciate any help that can be given.

Thanks in advance.

Terence

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  #2 (permalink)
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  #3 (permalink)
Elite Member
Tucson
 
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Orderflow Trading


Hi there Terrence,

I was looking at the Gomi tool last year, but no one responded when I had questions.
Were you able to get it to work? Does it show accurate picture of what is happening in the chart candle as price moves?

Thanks

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  #4 (permalink)
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Segwin View Post
Hello All,

With the thought in mind that we all start at the beginning I'd like to learn Orderflow trading. I''m a member of the Elite Circle as well.

I've downloaded most of Gomi material but not sure I have everything I need. One of the problems with navigating through this site is the vast amount of discussion and material there is. Just to get to the correct Gomi recorder had me bouncing through numerous threads. It's easy to spend a lot of time and not sure you're any further ahead.

I appreciate any help that can be given.

Thanks in advance.

Terence

Hi Terence,

This is the latest version of Gom recorder GomBaseAndDeltaPackage.2.6. You can download it from download section.

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  #5 (permalink)
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zkendr View Post
Hi there Terrence,

I was looking at the Gomi tool last year, but no one responded when I had questions.
Were you able to get it to work? Does it show accurate picture of what is happening in the chart candle as price moves?

Thanks

I believe it is working but I'm not the person to ask as I've just started down this road. Sorry.

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  #6 (permalink)
Market Wizard
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Segwin View Post
Hello All,

With the thought in mind that we all start at the beginning I'd like to learn Orderflow trading. I''m a member of the Elite Circle as well.

I've downloaded most of Gomi material but not sure I have everything I need. One of the problems with navigating through this site is the vast amount of discussion and material there is. Just to get to the correct Gomi recorder had me bouncing through numerous threads. It's easy to spend a lot of time and not sure you're any further ahead.

I appreciate any help that can be given.

Thanks in advance.

Terence

I think your first step is to define what you want to use it for.

I always use the analogy of "icing" and "cake". In trading, the cake is your overall analysis, the state of the market, the context, the areas where you think you might want to take a trade. That could be price action based, volume profile based, auction market theory based etc..

In that analogy, the cake tells you approximately where to get in and the "icing" on that cake is the order flow confirming the entry in that location.

So order flow can be the icing on your trading cake. If you have no cake, it's going to be of limited use.

The exception is if you want to scalp. In that case, you can use order flow on it's own but you will need a few other items (correlated markets) to understand the overall state of the market so you scalp appropriately. Scalping a directional market and a rangebound market (and any market will switch between the 2 from a scalpers perspective, many times a day), require different approaches.

Hope this helps.

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  #7 (permalink)
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DionysusToast View Post
I think your first step is to define what you want to use it for.

I always use the analogy of "icing" and "cake". In trading, the cake is your overall analysis, the state of the market, the context, the areas where you think you might want to take a trade. That could be price action based, volume profile based, auction market theory based etc..

In that analogy, the cake tells you approximately where to get in and the "icing" on that cake is the order flow confirming the entry in that location.

So order flow can be the icing on your trading cake. If you have no cake, it's going to be of limited use.

The exception is if you want to scalp. In that case, you can use order flow on it's own but you will need a few other items (correlated markets) to understand the overall state of the market so you scalp appropriately. Scalping a directional market and a rangebound market (and any market will switch between the 2 from a scalpers perspective, many times a day), require different approaches.

Hope this helps.

Thanks for the reply.

Actually I've been trading Forex for about a year but was thinking about entering the futures market.

As I understand it orderflow has limited, if any use, on Forex due to a few different reasons. Inlooking into the futures market orderflow seems like a good tool to have in your kit.

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  #8 (permalink)
Market Wizard
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As you mention there is no market depth or time & sales for Forex, that means there is no “order flow” for forex. What many traders do is watch the order flow on forex futures but trade the equivalent cash forex markets. The benefit being you can trade very small size on forex and so you can start trading with very low risk.

Arbitrage keeps the Forex & Futures in line. Many people say “but the cash market is so big in forex, surely the futures market is always lagging” – and of course if that was the case, we’d all be able to watch Forex and make money on the lagging Futures. But just like the S&P500 futures and the underlying index – there may be a clear leader for certain periods of time, but there is never a clear leader all the time because of the role arbitrage plays. What we can see is that Order Flow comes into these related markets at the same time (in human timeframes) and if you worry too much about which is the tail and which is the dog, you’ll never get into a trade on any market.

So I think watching 6E for example on the Futures but trading EURUSD is an excellent way to work your way up to Futures trading and get live experience with low risk. Futures in my opinion, are much fairer markets with better fills.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
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  #9 (permalink)
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Hi @Segwin

Nice Thread. Order flow is not an easy way because can have a lot of subjectivity when you are out of context. My recomendation on that is:

1. Have a method to take context. Candle charts to see price action, volume profile or market profile can be a good option to take the context
2. Look at buy and sell activity in 2 ways:
Intentions (limits)
Agressors (market orders)
3. Use OF on specific areas. Those can be produced with the same orderflow information or previously looking at context and structure.

Let's discuss an example:

Here you have an structure chart 2 minuts and this can be a good option to start looking some short term structure. I'm not an specialist reading price action but take things the more easy you can:

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Then we can focus on intentions and see how this structure is reacting at those levels. For that you can use any software available that can give you this map (jigsaw, bookmap....)

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Now we can look at a volume ladder chart to see the reactions at this structure points and intentions map, for the confirmation about what is logic to find (support: buy activity/resistence: sell activity)

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With this 3 components and knowing how to read them, you can have a nice picture about what is likely to happen in a short term. Like you see is not easy and is more and lonely way with a lot of hours to run, but is a good option to trade looking at what the professionals are doing. If you want to discuss more, let me know what topics you want. Like the sea, is a big knowledge and you first need to know if you feel confortable using the reading method and then focus in specific tools, not trying to know about all but knowing well what you use.

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  #10 (permalink)
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Thank you Ignacio!

Great information and I appreciate your responding. Who's volume ladder do you use?

Let me chew on this for a bit and I'm sure I'll have more question.

Thanks.


Last edited by Segwin; January 22nd, 2016 at 05:26 PM.
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