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Jigsaw Trading's Peter Davies - Ask Me Anything (AMA)
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Jigsaw Trading's Peter Davies - Ask Me Anything (AMA)

  #121 (permalink)
Market Wizard
Bangkok
 
Futures Experience: Intermediate
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bushwacker View Post
Just bought Jigwaw tools over Thanksgiving. So, just getting everything setup.
Saw Dec. 01, Pete was in Chat room. Looked like he logged out @10:00 EST.
QUESTION: Does Pete have a set chat room schedule?

Thanks,

Bushwacker

There's no fixed schedule. It's an informal chat room. It's really meant as a place that customers can talk to each other. More for openness than anything else.

But I do call out levels of interest in advance and I do call out trades if I can do so before they've gone in my favor quickly - then it's pretty pointless calling out a trade I took 4 ticks ago. I found calling out every trade made me extremely risk averse because 'being right' in the room took priority over getting in and out of position.

So the fact we do call out levels/trades is just for entertainment value and not really what it's intended for which is general chat between traders.

Most days I'm in from about 8am and then I post my prep and get more active around 9:30am.

Some days are quite busy with lots of people chatting - last few weeks I've been talking to myself. New people seem to be quite shy about coming in and speaking up. So it's lurkerville in there.

I'm done by lunchtime but if I get what I need before then, I'm out.

I don't go in every day. Some days I'm grumpy and don't bother... Some days my wife insists I take her for dinner.

In terms of what you'd get from me - a handle on the levels as they develop intraday and after a week or so, you will pick up on that and be able to do it yourself.

what you will get from the other people in there is ideas about what they use. It's fairly normal for me to be a few people to be short and then someone to get long in there and so you just have to be sure that if you are in there, you don't let other people's positions sway your opinion.

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  #122 (permalink)
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Hi Peter, can you please talk a bit about what happened today on ES during first hour / hour and half? The volatility was quite high and I did not see any volume clusters forming on the volume profile (just one big flat bell curve, price going all over it). Also on T&S I did not see much, as the price was often jumping up and down few ticks while printing only couple hundredth contracts at each price level, while totals for each price level (on the mentioned volume profile) was cumulating up to 5 digit numbers.

Was there a way to read the T&S in a way that was giving information what/why was this happening? I'm only into my second week using Jigsaw, so I am not very experienced with the tools, but till yesterday I was feeling that I am understanding more and more each day. Today I again started feeling lost with what I'm seeing.

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  #123 (permalink)
Market Wizard
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grasiu View Post
Hi Peter, can you please talk a bit about what happened today on ES during first hour / hour and half? The volatility was quite high and I did not see any volume clusters forming on the volume profile (just one big flat bell curve, price going all over it). Also on T&S I did not see much, as the price was often jumping up and down few ticks while printing only couple hundredth contracts at each price level, while totals for each price level (on the mentioned volume profile) was cumulating up to 5 digit numbers.

Was there a way to read the T&S in a way that was giving information what/why was this happening? I'm only into my second week using Jigsaw, so I am not very experienced with the tools, but till yesterday I was feeling that I am understanding more and more each day. Today I again started feeling lost with what I'm seeing.

Agreed. In the AM it moved around like Crude. So the action was different. Not my cup of tea to be honest but after 10:30 it slowed down a bit.

It was 2 sided and the 2 sides were pushing against each other. There were icebergs but they were not stopping the market.

What I observed in the turns was mostly one side fading. So we had regular moves of 6-8 ticks for example

440 sell & tick down, 500 sell & tick down, 600 sell & tick down, 450 sell & tick down, 400 sell & tick down
Then 50 sold
Tick up
Back Down and 40 sold
Tick up

You got a fairly decent down momentum move and then an oscillation between a few prices where the ticks down just could not hold.

Look for this today if we have the same sort of pace. Look for that 3 tick wiggle at the end of a good momentum run.

At the 3 tick wiggle - don't expect them to hang around for long - I missed a number of fills on longs trying to hit into the offer as they started to pull but it went without me.

In terms of T&S - if you look at the above scenario, what you are seeing is size selling down to an area and then stopping. By the time size steps in on the other sides, you've missed 3 ticks because of the lack of liquidity. You want to see them selling down and the more large sells into the low the better because there's more trapped there. You just want 30-90 seconds with no large sell so it can dawn on them that they are stuck.

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  #124 (permalink)
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DionysusToast View Post

At the 3 tick wiggle - don't expect them to hang around for long - I missed a number of fills on longs trying to hit into the offer as they started to pull but it went without me.

In terms of T&S - if you look at the above scenario, what you are seeing is size selling down to an area and then stopping.

Funny, this is what happens in small ranges (up to 8-10 ticks) in a balanced area on German Bund all the time except for that small size at the end of the move. There is virtually none. There is no "stopping". It is either, or, and you have no time to change your mind, you have to ACT.
The same happens on pullbacks but those are usually 3, 5 ticks maximum and the "small numbers" at the end can be 8 compared to 400-600 contracts just one price level ago.

Successful trading.

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  #125 (permalink)
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hadamkov View Post
Funny, this is what happens in small ranges (up to 8-10 ticks) in a balanced area on German Bund all the time except for that small size at the end of the move. There is virtually none. There is no "stopping". It is either, or, and you have no time to change your mind, you have to ACT.
The same happens on pullbacks but those are usually 3, 5 ticks maximum and the "small numbers" at the end can be 8 compared to 400-600 contracts just one price level ago.

Successful trading.

Interesting stuff.

I think we'd better keep this to ourselves!

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
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  #126 (permalink)
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Thanks for the reply Peter.



DionysusToast View Post
Agreed. In the AM it moved around like Crude. So the action was different.

At times like this, if the ES starts moving like CL, maybe treasuries start moving like ES? For a beginner just learning to watch T&S, would you suggest to maybe switch to treasuries during a high volatility day like this or should one stay on ES (the learn more vs learn too much dilemma)?

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  #127 (permalink)
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grasiu View Post
Thanks for the reply Peter.


At times like this, if the ES starts moving like CL, maybe treasuries start moving like ES? For a beginner just learning to watch T&S, would you suggest to maybe switch to treasuries during a high volatility day like this or should one stay on ES (the learn more vs learn too much dilemma)?

If it's just one day, I think better to stand aside.

If it looks to last, then you have a choice of either switching to an instrument with the liquidity you are used to or gritting your teeth and figuring out how it's playing out.

If you are new to it, I'd look to switch.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
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  #128 (permalink)
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Snapshot doesnt include my limit

Hi, Peter,
I would like to ask why when I submit buy limit order below best bid,
snapshot column doesnt reflect my commitment. Its because simulation
mode probably, yep?

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  #129 (permalink)
Market Wizard
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Dolar View Post
Hi, Peter,
I would like to ask why when I submit buy limit order below best bid,
snapshot column doesnt reflect my commitment. Its because simulation
mode probably, yep?

You are right - it just shows the limit orders @ the exchange and your SIM order ain't there!

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  #130 (permalink)
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Hi Peter,

what I call vacuums, the fast explosive moves that are likely to pullback due to having used up all the short term fuel - verses what I call grinding action, which has constant supply of fuel (therefore don't fade!), are two concepts that I now have a greater understanding of what's occurring having just watched your 2 webinars on futures.io (formerly BMT).... so thank you - I plan on watching them again


Question: Trying to get my head around what is happening in the two examples below in relation to using CD in determining bias
I recognise both days traded in a range between previous days highs and lows, however I'm surprised to see the CD trending so strongly to the upside.

thanks again

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