lol. It is smart idea if you figure out bet before 8.30am I tried ADX 20 which would have helped to keep form chop, but it also keeps me from good trades as it is too late to enter when ADX cross over 20
The smaller the chart (ie: 377 tick) the harder it will be to see chop.
Your 3m chart looks fine to me in the area you highlighted.
I would caution against using any indicator to detect chop if you plan to use it in a literal signal-generation type of way. The best thing to do for chop is to look at a bigger chart, look for higher highs or lower lows, look back to the left on an even bigger chart (like 3-4x bigger) and look for key s/r areas that align with where price is trading now.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
If you want to support our community, become an Elite Member.
Favorite Futures: CL & 6e, looking at ES, ZB and AU again.
Posts: 2,100 since Nov 2009
Thanks: 1,104 given,
Chop & DOM
Marked up these charts (Pacific Time, US) to show what I watch for when reading the DOM. I had not been using this indicator as I know from watching the DOM what to look for. But this makes me reconsider that decision. Works great for ES as the DOM is usually between +/-6,000 and +/-20,000 and the heavier (more populated) the DOM the slower the movement. There are very slight differences between what the NT DOM shows and what the Zondor Recorder displays, as this is a Hybrid version.
Notice on each push down the buying potential increases. Reaching an extreme level on the Total Difference of the Bid & Ask on the last push down. There is a series of HH - circled- of the blue line - Difference in Total Bid and Total ask +/- 5 Rows in this case.
After the Sellers have been overwhelmed by the Buyers the price moves up.
This is DOMBandsHybrid in the Elite Downloads section, but there is a regular version in downloads, but it is not persistent. Meaning if you change anything on the chart they start over from zero.
R.I.P. Andy Zektzer (ZTR), 1960-2010.
Please visit this thread for more information.
Last edited by ZTR; May 30th, 2010 at 01:30 AM.
Reason: Added comment on Hybrid version
The following user says Thank You to ZTR for this post: