Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Yes I used them for about 6 months at $200 a month and it has made a big difference in my trading. I never used Tim there, as there is a cheaper guy Shane whom I think is really good. He does the video I attached earlier. The light bulb went off in my head when I see how he teaches the market. I watched Tim Morge in a few videos from the interactive broker web site and he only mentions his career winning average is 60%.
Adding indicators to my charts just confuses me, I find reading price much easier.
There is another one "Trade The Plan" but I believe 5K is required to purchase the software.
True, it is being synthesized into OHLC with volume.
And if you look at the tick charts, it's the same no? Just that there is the time component to it that the data is separated by 5min for a 5min time frame chart. As as a consequence, your timeframe of managing a trade would be fairly short? Compared to say a h4 time frame chart trade which can extend maybe to weeks?
Well my main point is this, the Dom is the right here right now, time and sales shows actual transacted. And charts are the indicators for the compressed version of the time and sales or in some cases bids or ask charts, simply data processed and plotted in candle stick format.
What you might be missing is that, I have never said that I am against order flow trading. Just that Forex does not give you the luxury to use it in the form of the Dom and time and sales. The only viable way to do it is through futures and stocks.
And to be honest, I don't get why people differentiate between charts and orderflow or price action trading when they are for all intends and purpose, practically the same thing. Just that some exchange structures may have or may not have some data available so all you can do is adapt and use the next best tool available. They are really just different ways to look at the same data, given the data resolution possible on that market structure. You are simply using a process to display a data which you could analyse and get insight into the situation.
In fact, when I make markets in the crypto exchanges I actually use those since I will try to exploit the more illiquid parts of the price queue, maybe shading price abit here and there or working the queue to get better fills.
So in fact, the 2 can be used together and work them both if they apply in the method I am using. Just that you have to know and understand what you are using and why are you using it that way.
I would invite you to think about this, if you are a swing trader, what has the time and sales impact of the last 5mins has any bearing on your trade which extends for say 1 week? You would need more data to show more significance right? If that's the case, then that's a huge amount of time and sale data to have to look through isn't it? Maybe afew hundred A4 size pages. So you might as well just compress it as see if there is enough strength for it to make an impact on price by showing some sign of a possible momentum push in your direction. Also, what about news or events? Perhaps this could show some insight into why the Dom acted that way.
Forex is decentralised market structure, meaning you can't assume the volume that your broker shows you is all the volume. Futures on the other hand is different in that it's an exchange model with the best bid best ask after aggregation.
An example is, if your broker showed you a volume spike, it may be because your broker only transacted relatively low volume, so you have a very heavily embedded assumption that all broker price and volume is the same. Which is not. Your broker reflects his volume and price if they even show it.
If not go try pulling up charts from different brokers and you can see different charts with different price and quotes, as it reflects their dealing skill and where they shade prices, and how the customers in that shop are tilting their orders, sometimes you can see spike on 1 broker which you don't see on another.
But that doesn't mean they would show fake prices, well some scammy ones may, but as a whole, they have their own tilts while staying near where true prices are as the one who quotes out of line gets snipped by arbitrageurs.
Think about it, say I'm market making
Markets at 1.0001 1.0005, if I have an existing position at net 50lots at 1.0000, and I want to get rid of it till 10lots maybe I leap it at 40lots at 1.0004 and 10lots at 1.0005 for my sells, then I put my longs at 0.9995 just to shade lower so as to discourage people from selling to me since I want to get rid of inventory first. just to let traders who want to be long take my 40lots first. Then I have reduced my volume by 40lots while taking 4pips profits. Then I can quote a slightly tighter market maybe at 1.0002 at 1.0004 again. Since now I'm lighter on my inventory and I can quote a more competitive price as I now can take on more inventory since I'm still far from my limits on size.
But what you would see is price at 1.0001 at 1.0004, then after I'm done with by 40lots, you would see me step in and price goes to 1.0002 at 1.0004.
But what your broker sees is this, broker sees, liquidity provider giving me these prices, how do I quote to pass price to retail clients, maybe internal book (A book B book format) maybe I match some stops here and there and I net the difference if I can't shade price and just offload it to liquidity provider.
I tried Bob Volman forex price action scalping with too much pressure i cant handle and frustrate very much and giveup, better avoid daytrade if your frustration level is high.
After that i take Professional Trading With Institutional Supply & Demand course from udemy, you can get 15% discount code from mail after a few days signup with tradersimon website
I also take TraderDale Volume Profile Training Course with lifetime membership and daily level and video teaching which you can trade less stressful.
TradingwithRayner website provide many free basis foundation resources and sometime paid courses you can try, mainly trend following.
You got lucky with Mike doing an email mail shot of your post I looked on the first day and you had one or two replies, then the email and the next day you have six pages!
I hope you find something useful in all the replies. I have no real advice except to say that remember that even if something does work for somebody else if may not necessarily work for you:
They could be able to trade more size and scale in and out.
Be day trading when you only have time to place trades at the end of the day.
They like slow moving treasuries but you like fast markets.
They have lots of expensive software.
They are having a short random winning steak and credit their most recently bought indicator with that success.
vice versa and etc etc.
Tons of different ideas here but I would focus only on any suggestions that actually make logical sense to you why they would work in your timeframe and why other people might also be thinking about continuing to buy after you buy, or sell after you sell.
You do not win as a trader, you just get to play again the next day. If that game doesn’t appeal to you then you should not trade. Gary Norden
Well this is the feel of price action on 5mins charts, and I'm adding some intermarket correlation as well. Notice the pinbar and notice the time in which the pinbar occured which is near other turning points with correlated markets. Gbpusd should be similar, usdchf should be opposite.
But notice something special, it's not exact, as what we are doing is profiling for relative strength of EUR, GBP, USD and CHF. And with the recently Brexit issue. Notice that the correlations are not as tight compared to prebrexit. Now it can tear and decorrelate as and when something happens, and depending on markets tilt.
Yea I got the email as well and was confused for a second since I made the thread haha. Yea tons of different suggestions and types of trading, I'm going to go through the replies a few more times and see what jumps out at me as something I think I'd find interesting.
Interesting stuff, I've known EU is usually inverse of USDCHF but I've never really looked into too much. From your earlier post about London open I know it's the best time with the most activity. I just can't be awake then and then be alive at work later in the day. That's another reason I started to look at futures, I could trade around the open and a little after before having to go to work. Thanks again for your posts and giving me something to look at.
I looked on the first day and you had one or two replies, then the email and the next day you have six pages!