Jigsaw Trading's Peter Davies - Ask Me Anything (AMA)
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Here is the AMA recording (please give YouTube an hour to finish processing):
Mike
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
Thanks for the webinar, with regard to the requests for other platforms I'd like to add my vote to CQG, would make things easier for me if they could be integrated but I guess that's down to popular demand.
1-how is the liquidity15 minute before and after the OPEN of any future market?(especially CL and NQ)
I mostly watch the ES. There's no good answer to this because it never exhibits specific behaviour ahead of the open. It does appear that people back off it a little though. Sometimes it thins out AND slows down as people get out of the way as the open comes up. Normally thinning out would make it more volatile - but it's like everyone backs off a bit.
Then there's other times where it just sits in a tight range or trades a lot of volume at a price into the open and we look for the extremes of that range to hold (at least the first hit) as we open. This is good for a scalp but often it's only the first hit to that extreme that holds and quite often it's that fast you don't get a chance to hit it.
Then there's times where it's ranging around the high volume area of the Globex session. Then 5-10 mins before the open, it'll suddenly move out of that range 6-8 ticks. It can be churning for hours and then it just makes a move prior to the open on low liquidity. With those, I have no clear trade at the open.
After the open - well the first couple of minutes sometimes has a "tell" with a level that trades huge volume and then holds but like the action into the open, every open is different. I tend to look for an open that ranges or an open that makes a definite move and then play accordingly.
Sorry to be so vague.
2-its good to take trade around this times or not? why?
If there's say 4-6 prices with high volume that we are close to at the open - then often the "step" in the globex profile will hold and that's not a bad trade.
For me though - I'd rather let the opening 15 minutes play out nowadays to get a feel for where the market is headed. That's just me though - I found it's all a bit quick at those times & prone to rapid reversals. Like an open that shoots up, hits yesterdays high and then reverses - not a great time to be caught long. I find you can end up "chasing" the market a bit at those times.
3-how we can measure the liquidity of a market in a specific period of time? Did jigsaw tool help on doing it?
Any DOM can show you the stated liquidity - it's just how big the bids & offers are. You get a feel for that - so on ES, if I saw 2500 at every level, I'd think it was very liquid. If it was 400 at each level, it would be really slippy and illiquid. So you get a feel for each market.
Then Depth & Sales specifically shows you what's traded at each level as it goes through - a Footprint chart/GOMI Ladder on a Point & Figure chart would also show the same but in a different way - in that case you are looking to see how much trades through each level and again comparing that to what you normally see.
4-what is ur best platform for very quick and strong execution? and how we can minimize slippage?
I think OEC Trader/S5 Trader is lightning fast for execution but with NinjaTrader based solutions, the platform itself won't make any difference - it'll be the broker feed - CQG, TT, Rithmic, IB etc
On Ninja based solutions, you need to keep your Ninja Database small by clearing it out regularly or you get pauses on entering/changing orders - although I believe these pauses are AFTER submitting your order - so it just feels slow.
Hope that helps...
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Question regarding Volume Profile Reset
Hi Pete,
I just purchased the jigsaw tools, but i have been eyeing them for quite sometime. I had a quick question for you. I am currently using the S5 trader (oec trader) along with Jigsaw. But i am trying to find a way to get the volume profile on jigsaw to reset at the start of the trading session, that is 9:30 AM EST. I have the option checked "Reset at start of new session. but it does not do that.
The chart where the indicator is attached, I have three options for sessions. 24HR, Contract Setup, and Custom. If i keep the custom option with times 9:30-4:00, i am not going to get after hours information?
