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My intention is not to scalp in and out of trades, I use orderflow ONLY to gauge who is an control at the SR levels that I am already watching ( Single print zones, buying and selling tails, VPOC's , VWAP 's etc etc ). First step for you may be to use some method and learn to read the larger market context , a lot of traders here use market profile, volume profile, ADR , Floor Pivots , trend lines etc etc. Whatever methods you use , end result is to have some SR levels you are interested in. Once price start testing those SR levels, now the question is to determine whether or not to enter a trade. Market Internals ( TICK , Spreads), Orderflow, Volume study etc may help you choose a side that have a higher probability to workout at those SR levels. Most important thing is to develop trust in your ability to determine the SR levels, read market activity at those levels and execute trades, which can only happen thru experience and screen time.
Most of the orderflow traders use it for scalping, I have no experience with that. I am in the process of posting the Orderflow app on tradestation app store, will be available in few days.
Order Flow and it's association with Footprint / DOM, etc are just labels.
In essence OF....is Order & it's Flow . Use whatever to help read it accurately.
Nothing reads it better than Tick data ...since that Tick has all the data.
@paps, Tick is the trade or transaction. Where the last ask and last bid was and whether the bid or ask came down / up to facilitate that transaction signifies which side is in control. Orderflow and other such charts capture and present this information over regular tick data.
again this is from my limited knowledge of auction / orderflow, I may be missing some basic information on the tick itself .
Hi @rahulgopi you are correct. It is the transacted data. When I meant Tick Data...it is more like a tickerplant which one may have...which supplies this live/historical data.
Yes OF charts such as footprint help. I too use it if looking at an instrument or two since it is quite graphical but takes up too much real estate. But multiple simultaneous instruments i rely on my capture of actual tick data & analysis of the same. I meant tick specifically...since the characterization of tick determines everything. to me it's the God particle of trading . So for me it's Tick/TimenSales which determine what i need to of OF in the markets.
So pretty much meant what you understood
Edit: RG another thing...bias/belief...nothing matters to me nowadays when price moves. Price knows everything. i follow price. I do a lot of other stuff including OF analytics....but everything goes off the window if it's not following price
Day 9, 08-17-2017
Trade #1… Short 2 ES (one @ 2463.25, one @ 2463.00) @09: 53 Stop @ 2465.25 (-$200.00)
Why: Breakthrough of trend line.
Results: Covered @ 2459.75 for +$333.20…
The market went down so fast (YES!) I didn’t have time to think... Hit close button to exit trade and cancel stops… Market continued down somewhere around 26 points, due to Fed. Reserve comments about interest rates…
Aftermath… needed this one bad… Turned of computer for the day…
Day 10, 8-18-2017
Trade #1… Short 1 ES @ 2425.75 @9:32, Stop @ 2427.75 (-$100.00)
Why: Continue trend after small pull back…
Results: Covered @ 2425.00 for +$72.60…
Results: Very late on the entry… Signal was much earlier @ 2430.00… Exited out a little early, market went to 2421.25 another 4 points…
Trade #2 Short 1 ES 2422.25 @09:44, stop @ 2424.25
Why: Same condition as the Trade #1, small pullback…
Aftermath: Market moved against me for -$102.49 loss… Actually, should’ve exited trade sooner on the move up… (Made-up mind to only be a seller in today’s market…not a good idea)
Trade #3 Short 1 ES @ 2423.25 2 09:43, stop @ 2425.25
Why: Same as both previous trades…
Aftermath: Sharp move down, close trade order got me out @ 2421.50 for +$87.50…I know grabbed the quick profit… Market went down to 2420.00 (low of the day) additional 1.5 points…
All said and done about $17.00 to the good… I’ll take it…
Thoughts for the week… Still let previous trades (and days) influence my trading… I’m still exiting trades prematurely… (This is a big problem that I need to work on…) Also, not knowing if this is a trending day or a non-trending day… Went 2 weeks without adding to or subtracting indicators from my chart…
Premarket trades tend to be bad trades…
Weekly results:
Monday +$95, Tuesday -$167, Wednesday -154, Thursday +$333, Friday +$17…
+$124.00 for the week.
Writing this journal has been an eye opener. (Yes, I was doing bad things) Seeing it on paper, made it more it REAL…
It has also made a big impact on the impulse trades…
Day 11, 08-21-17
Trade #1 Long 1 ES @ 2424.00 @ 09:37
Why: Breakout…
Results: Covered @ 2425 (09:37) +$47.60… Hit resistance quickly…
Aftermath: (Nervous exit, wanted to start the day with a gain) Market went into a small range for about 7 minutes… The trade turned out nice…
Trade #2 Long 1 ES @ 2421.50 @ 09:59 (Terrible trade)
Results: Out @ 2420.25 @ 09:59, -$77.40…. What didn’t go wrong… Jumped the gun, didn’t wait…
Market was heading down, very tiny pull-back… I’m a sucker for the reverse trend…
Aftermath: market continued down…
Trade #3 Short 1 ES @ 2418.50 @10:03
Why: Finally dawned on me to be short (so I sold at the bottom)
Results: Market made quick work of my stupidity, out @ 2420.00 -$77.40…
Aftermath: position would’ve had a drawdown of 3 points… then went to 2417.25 for possibility of a small gain… Total for the day -$107.2… Have long way to go… Continuing the same bad behavior…
Its good that you recognized the end of the first trade. Greed might have caused many to stay in. As for the other trades. Have you thought about trading only retracements from a breakout or established trends. I realize you will miss moves by doing this. On the plus side it will refine your ability to spot retracements and will substantially reduce your risk profile. Question, prior to your first trade today did you look at a larger time frame to determine market bias?
. Use whatever to help read it accurately.