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Novice ES trader system advice


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Novice ES trader system advice

  #21 (permalink)
London/UK
 
Experience: Intermediate
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Hi,

For anything DOM related jigsawtrading is the best informational resource in my opinion. I think their videos are here on futures.io (formerly BMT) as well.

But you'll need to add something extra to just watching the order flow. Figure out what method you'll be using for determining the location of interest. Order flow means different things under different circumstances.

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  #22 (permalink)
Oldenburg, Germany
 
 
Posts: 64 since Aug 2014
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isla View Post
Hi,

For anything DOM related jigsawtrading is the best informational resource in my opinion. I think their videos are here on futures.io (formerly BMT) as well.

But you'll need to add something extra to just watching the order flow. Figure out what method you'll be using for determining the location of interest. Order flow means different things under different circumstances.

Is just watching the DOM and charts not enough?

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  #23 (permalink)
wichita,ks, united states
 
Experience: Advanced
Platform: NinjaTrader
Broker: AMP
Trading: ES,TF,NQ,CL,
 
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Well specific setups using the DOM are taught by John Grady, and he teaches the 30 yr note and possibly the ES. His setups are hard to find on the tf and es honestly because the low size used in these contracts doesn't give you much thinking time. I don't know specific setups used on the 55 tick. My understanding is bunched up lines all around a support area. clusters of 55 tick bars show lots of interest in an area. The OHLC bar has been used in all the times I've seen an example. depending on the break (up or down) thats the trade. You increase your odds of success by using the higher time frame chart to show trade direction. Have you tried youtube?

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  #24 (permalink)
London/UK
 
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Trading: ES, 6E, FESX
 
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arroganzmaschine View Post
Is just watching the DOM and charts not enough?

DOM and charts are instruments. You need to developed understanding of what moves the price.

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  #25 (permalink)
Oldenburg, Germany
 
 
Posts: 64 since Aug 2014
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matthoffman View Post
Well specific setups using the DOM are taught by John Grady, and he teaches the 30 yr note and possibly the ES. His setups are hard to find on the tf and es honestly because the low size used in these contracts doesn't give you much thinking time. I don't know specific setups used on the 55 tick. My understanding is bunched up lines all around a support area. clusters of 55 tick bars show lots of interest in an area. The OHLC bar has been used in all the times I've seen an example. depending on the break (up or down) thats the trade. You increase your odds of success by using the higher time frame chart to show trade direction. Have you tried youtube?

I thought I knew the direction by using short term direction within the tick charts (e.g. 500 ticks for ES). Then I localize support/resistance areas or just trade trend direction with DOM. But I'm struggling sometimes identifying the right direction in entering the trade.

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  #26 (permalink)
wichita,ks, united states
 
Experience: Advanced
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Trading: ES,TF,NQ,CL,
 
Posts: 19 since Jan 2014
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arroganzmaschine View Post
I thought I knew the direction by using short term direction within the tick charts (e.g. 500 ticks for ES). Than I localize support/resistance areas or just trade trend direction with DOM. But I'm struggling sometimes identifying the right direction in entering the trade.

I've not used the dom on Sierra charts but, If I were planning a long trade, I would watch the dom as it pulled back. When the volume of trades cuts off, especially if its near a support line, vpoc, low volume node, high volume node. I would enter my long there. I think you confirm this on the 55 tick chart as a double top or bottom. So the bars tap that area and pull back from it.

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  #27 (permalink)
Oldenburg, Germany
 
 
Posts: 64 since Aug 2014
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matthoffman View Post
I've not used the dom on Sierra charts but, If I were planning a long trade, I would watch the dom as it pulled back. When the volume of trades cuts off, especially if its near a support line, vpoc, low volume node, high volume node. I would enter my long there. I think you confirm this on the 55 tick chart as a double top or bottom. So the bars tap that area and pull back from it.

Especially for ES. Which two tick charts would you recommend? I just used 500 tick until now.

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  #28 (permalink)
wichita,ks, united states
 
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arroganzmaschine View Post
Especially for ES. Which two tick charts would you recommend? I just used 500 tick until now.

I've seen people use the 440 and 576 and 610. I don't think it matters too much, theres no magical chart number. I would stick with odd numbers since even numbers are going to be popular with most newbies and you may have a slight edge by using a odd number. So if you like the 500 try using a 490 instead. Ideally you get a slight angle in the trend direction ahead of other people using the even number.

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  #29 (permalink)
Oldenburg, Germany
 
 
Posts: 64 since Aug 2014
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matthoffman View Post
I've seen people use the 440 and 576 and 610. I don't think it matters too much, theres no magical chart number. I would stick with odd numbers since even numbers are going to be popular with most newbies and you may have a slight edge by using a odd number. So if you like the 500 try using a 490 instead. Ideally you get a slight angle in the trend direction ahead of other people using the even number.

When do I leave the long trade? On the last high? Or just hold it until another resistance appears?
Just use on charts or two? (e.g. 490 and 1000 tick?)

In addition to that: How long do I have to wait? And how much do I have to watch the DOM until a clear signal appears? Just short term buying pressure? Or over a timeframe of 1-2 minutes?

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  #30 (permalink)
London/UK
 
Experience: Intermediate
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Broker: Optimus/Rithmic
Trading: ES, 6E, FESX
 
Posts: 104 since Jun 2012
Thanks: 78 given, 158 received



arroganzmaschine View Post
When do I leave the long trade? On the last high? Or just hold it until another resistance appears?
Just use on charts or two? (e.g. 490 and 1000 tick?)

Don't focus too much on chart configurations. Also it's not useful for your development as a trader to ask many questions. Trust me, no answer will be better than the one you'll get after a bit of thinking yourself.

Try to go beyond squiggles and numbers on your screen. Develop a framework for yourself and then use the tools for execution of your OWN ideas.

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