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DOM/Tape reading in position trading
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DOM/Tape reading in position trading

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DOM/Tape reading in position trading

Would reading the tape/DOM/order flow analysis be a viable entry indicator for swing/position traders? I am guessing that a lot of scalpers or intra-day traders watch order flow at least to some extent during their trades, and I wanted to find out if any position traders on futures.io would use it when either picking their entries or exits.

My position would be that if price action is used by many position traders, then tape reading/order flow analysis would prove to be beneficial too. However, it does seem that the DOM/tape reading tools (Jigsaw trading comes to mind) are aimed primarily at intra-day traders.

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Tape will get you a more efficient price by gauging the immediate flow of the market. If your analysis is inter day or intra day a better price is a better price imo.

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My initial thought was... If you can "read" order flow well enough to improve your entries, then you are better than most and should just be scalping. Order flow is soooo immediate and doesn't carry forward. Using order flow to manage your swing trades will lead to overtrading and bad habits.

After thinking about it, I could see the DOM as being useful to watch. If you have an important trendline, channel, or area that you are watching, the DOM will tell you if everyone else is watching it too... However, i would not use tape reading or absorption or footprints, etc... These will not add much value.

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Gambit88 View Post
My initial thought was... If you can "read" order flow well enough to improve your entries, then you are better than most and should just be scalping. Order flow is soooo immediate and doesn't carry forward. Using order flow to manage your swing trades will lead to overtrading and bad habits.

After thinking about it, I could see the DOM as being useful to watch. If you have an important trendline, channel, or area that you are watching, the DOM will tell you if everyone else is watching it too... However, i would not use tape reading or absorption or footprints, etc... These will not add much value.

Combination of all for me. Everyone is different and one has to find his/her own way to read the order flow but find useful all of the above: https://www.youtube.com/watch?v=Qxm9_RQ88Bc (this is long hough!).

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