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The problem i see in using timebased bars is that entry at barclose can be so many times at the end of a move. However, I like the idea of timebased charts specifically 5 minute, but take the entry intrabar when the previous bar hi/lo is taken out. See my thread
This is a takeoff on what AR01 and TMFT were talking about in FatTails thread All those smart guys inspired me to do something a bit simpler than what I'm currently doing with the LLMA. I'm not giving up the LLMA by any means but exploring another …
Hello all,
I have not been posting for various reasons lately (massive go-live for my project). I have been reading and appreciate everyone's generosity.
Background:
My full time job keeps me from day trading as much as I would like. I'm learning …
I have used the compressed tick or volume charts as well but never came to terms with their use. I like their look because you get a sense of the waves that price is truly making. Very little hidden from view but again, I just never came to terms with their use.
It would need to be a recording, not a screen shot as it's changes over time that you need to see.
An explanation will probably do though.
Icebergs : Let's consider the NQ as icebergs are easy to spot there. Let's say you have 50 contracts on the inside bid, then you see 30 trades come in, then another 10 come in, then another 20 come in and STILL you have ~50 contracts on the inside bid - this is a sign there's an iceberg order there. As trades come into the level, the amount of contracts bid doesn't reduce despite trades hitting the bid.
Fake bids : Much easier. Look 2 or 3 levels away from the inside bid/ask for large numbers of contracts. As price moves to that level, the contracts get pulled, the quantity reduces rapidly without many (or any contracts hitting it).
Small trades vs large trades. Someone that puts in a 500 lot order on the ES is not a retail player. Similarly - someone that puts through a 1 lot order at the high of the day more than likely is a retail player. Of course, you need to read up on the CME tick reporting changes that occured in 2009 to get a handle on how to do this. It's easier on non-CME markets that still report the old way.
- How can you know in realtime (not in hindsight) that we are at the day's high?
- Today big "smart" orders are split up into small chunks as we all know and as the link you cited (see below) extensively explains again. Therefore a 1 lot order can very well be placed by an algo no matter if we are in the middle or at an extreme of the day.
Let me be totally honest with you. I am currently involved in a commercial venture and one of the products does this.
I'd prefer not to be promoting this on the trading forums as I enjoy participating on them and I don't want (or see the need) to be using forums as a means of commercial gain. There's enough scammers on the forums already - although futures.io (formerly BMT) seems to have very few. I'd rather not be considered as one, rather my very few customers will know me as a supplier of niche products.
Let's just say that if I worked it out - anyone can.
