Can any one recommend a course that teaches you how to read the footprint - Trading Reviews and Vendors | futures io social day trading
futures io futures trading


Can any one recommend a course that teaches you how to read the footprint
Updated: Views / Replies:4,383 / 48
Created: by wyz00888 Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

Can any one recommend a course that teaches you how to read the footprint

  #21 (permalink)
Elite Member
Wartrace,TN usa
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: 6E
 
Posts: 72 since Nov 2013
Thanks: 45 given, 41 received


dom64 View Post
As discussed, a video with my use of the Footprint : https://www.youtube.com/watch?v=dMrqr7j2hxQ

A bit long but good examples happened as I went along, so I kept recording :-)

I really appreciate the video you posted dom64; it was very informative. One thing you did for me is clear up what it means when there is heavy volume on both sides. I ran into a similar situation this week in the 6E. I took a trade when I should have realized it was an area where there is temporary agreement on price.

To me the footprint is just a visual representation of previous trades on the DOM. It is a lot easier to see the imbalances and exhaustion on the footprint. With Jigsaw I tend to start seeing absorption on the DOM first but it's nice to see it visually on the footprint as well.

Thank you very much for making and posting the video.

Reply With Quote
 
  #22 (permalink)
Elite Member
Chicago, IL
 
Futures Experience: None
Platform: NT8,NT7,TWS,FOREX.COM app
Broker/Data: InteractiveBrokers, NinjaTrader Brokerage FOREX.COM, IQFeed
Favorite Futures: The one I'm creating in the present....ES, ZF, ZN, ZB, FX pairs
 
Blash's Avatar
 
Posts: 1,509 since Nov 2011
Thanks: 4,370 given, 2,201 received

Can any one recommend a course that teaches you how to read the footprint


trendisyourfriend View Post
Thanks for taking the time to prepare and share your video.



I have a question regarding the DOM...



You said that limit orders in the DOM may be real or fake. It's kind of a game played to trap traders in the wrong direction. How do you differentiate between what's real and what's false? And if you assume this may be a game to trap people would it not be better to avoid looking at it and just consider the footprint as it shows what really took place.



Also, i see you have bookmap, that makes quite a bit of information to look at in terms of numbers. BM shows liquidity in a visual way but you still look at the DOM. Is there a reason you keep both tools? With BM you could get rid of the tape as well as the DOM, no?



Fake orders are pulled from the market. You watch for this in Jigsaw. Limits subtracted away. If limits orders make there way to the front of the queue the probability of them getting filled goes WAY UP. There are no "fake" orders. If you place limits on the bid or offer side there is always a chance they can be fill and you need the account size to do it. It all depends on how fast traders going market, hit into the bid or lift the offer. If the queue is chewed through very fast for whatever reason they will be filled. Just wanted to clear up some this idea of "fake" orders. And this "spoofing" has gone down a lot since the CME's new rules regarding it, IMHO. But traders can still "change their mind".....lol.

IMHO first before the trading day in preparation for it you need to have a plan based on market context, big picture. Which is a skill developed over time but sped up if you have competent instruction. Without an idea of market structure watching theses order flow tool for long periods of time can be counterproductive.

Start with the last trading session's high and low for example.
Also ask these questions:
Are we in a range?
A wide range or a tighter one?
Are we trending, looking for a new area to range around in, new value?
After a large move in one direction on the day timeframe does it take a longer time to undo that move? For example, big up move followed by three days lower yet not completely undoing the up move? What does that mean?

Ron


Sent from my iPhone using Tapatalk

Edit: grammar

It is an axiomatic fact that while you meditate you are speaking with your own spirit. In that state of mind you put certain questions to your spirit and the spirit answers: the light breaks forth and the reality is revealed.
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)

Last edited by Blash; August 14th, 2016 at 05:06 AM.
Reply With Quote
The following user says Thank You to Blash for this post:
 
  #23 (permalink)
Membership Temporarily Revoked
London, UK
 
Futures Experience: Master
Platform: sierra chart, Jigsaw Trading, Bookmap
Favorite Futures: 6E futures, Cable
 
Posts: 93 since Aug 2012
Thanks: 3 given, 121 received



Wartrace View Post
I really appreciate the video you posted dom64; it was very informative. One thing you did for me is clear up what it means when there is heavy volume on both sides. I ran into a similar situation this week in the 6E. I took a trade when I should have realized it was an area where there is temporary agreement on price.

To me the footprint is just a visual representation of previous trades on the DOM. It is a lot easier to see the imbalances and exhaustion on the footprint. With Jigsaw I tend to start seeing absorption on the DOM first but it's nice to see it visually on the footprint as well.

Thank you very much for making and posting the video.

You are most welcome, glad you find it useful. There are additional elements to look at when watching the footprint but this is what I find useful.

All the best.

Reply With Quote
The following user says Thank You to dom64 for this post:
 
  #24 (permalink)
Membership Temporarily Revoked
London, UK
 
Futures Experience: Master
Platform: sierra chart, Jigsaw Trading, Bookmap
Favorite Futures: 6E futures, Cable
 
Posts: 93 since Aug 2012
Thanks: 3 given, 121 received


Wartrace View Post
I really appreciate the video you posted dom64; it was very informative. One thing you did for me is clear up what it means when there is heavy volume on both sides. I ran into a similar situation this week in the 6E. I took a trade when I should have realized it was an area where there is temporary agreement on price.

To me the footprint is just a visual representation of previous trades on the DOM. It is a lot easier to see the imbalances and exhaustion on the footprint. With Jigsaw I tend to start seeing absorption on the DOM first but it's nice to see it visually on the footprint as well.

Thank you very much for making and posting the video.

There is no fake order as such in the sense that the capital is needed in order to place an order, but there a numerous moments during each session when liquidity (limit orders) is being added to be pulled as the price gets nearer to it. It's typical algos' activity but it does happen quite frequently. The Closer to the inside the more likely it is to remain and not be pulled and any unpredictable wave or market orders can indeed consume this liquidity.

Regardless it is very useful to watch and just looking at the tape is missing half of the story as we can have as many volume imbalances in the tape/footprint and huge volumes, if the Limits absorb, the price won't move much. It's part of the story where each element tells how it unfolds.

Reply With Quote
 
  #25 (permalink)
Market Wizard
Quebec
 
Futures Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker/Data: Stage 5 trading/AMP/CQG
Favorite Futures: ES, NQ, YM
 
trendisyourfriend's Avatar
 
Posts: 3,690 since Oct 2009
Thanks: 3,037 given, 4,472 received


dom64 View Post
There is no fake order as such in the sense that the capital is needed in order to place an order, but there a numerous moments during each session when liquidity (limit orders) is being added to be pulled as the price gets nearer to it. It's typical algos' activity...

What do you make of this information?

Reply With Quote
 
  #26 (permalink)
Membership Temporarily Revoked
London, UK
 
Futures Experience: Master
Platform: sierra chart, Jigsaw Trading, Bookmap
Favorite Futures: 6E futures, Cable
 
Posts: 93 since Aug 2012
Thanks: 3 given, 121 received


trendisyourfriend View Post
What do you make of this information?

It depends on the context. There is no "rule". Either liquidity is pulled and price goes through, or it remains and depending on the volume and momentum of marker orders, it either reverses.. or goes through.. I know this is not useful info but there is no right/wrong answer. You can easily take a chance and risk very little with a tight stop, so not very risky trades with decent potential reward.

Reply With Quote
The following 3 users say Thank You to dom64 for this post:
 
  #27 (permalink)
Elite Member
SF Bay Area + CA/US
 
Futures Experience: None
Platform: Tradestation, Ninja
Favorite Futures: ES & Equities
 
paps's Avatar
 
Posts: 1,405 since Oct 2011
Thanks: 1,838 given, 1,102 received


dom64 View Post
It depends on the context. There is no "rule". Either liquidity is pulled and price goes through, or it remains and depending on the volume and momentum of marker orders, it either reverses.. or goes through.. I know this is not useful info but there is no right/wrong answer. You can easily take a chance and risk very little with a tight stop, so not very risky trades with decent potential reward.

well an interesting thread. I like to see what others are looking into.

also interesting to see one of the few videos out there which try and capture Js & BKMap. I like this statement of yours as it is an important consideration in OF "Either liquidity is pulled and price goes through, or it remains and depending on the volume and momentum of marker orders, it either reverses.. or goes through.. I know this is not useful info but there is no right/wrong answer."<<The holy grail of Limit and Market Orders.

@dom64 i use both JS n BkMap and both have very unique insight into the world of trading (Limit Orders/Market Orders and how they are used). So it's great that you show a video of the GBP being traded. Would be great to see videos of the ES being traded with Full liquidity of the day "RTH". I guess that might show people what you trying to illustrate. Either ways there are many videos out there by JS itself or Bkmap itself. Use of both and exchange of context between the 2 tools is not something i have seen very much......and both have it's core strengths and imho the best OF tools available to retail.

Either ways good to see someone using these tools.

I did see in your videos something called HFT candles. Wonder what that was as you did not share that screen.

cheers n best

Reply With Quote
The following user says Thank You to paps for this post:
 
  #28 (permalink)
Membership Temporarily Revoked
London, UK
 
Futures Experience: Master
Platform: sierra chart, Jigsaw Trading, Bookmap
Favorite Futures: 6E futures, Cable
 
Posts: 93 since Aug 2012
Thanks: 3 given, 121 received


paps View Post
well an interesting thread. I like to see what others are looking into.

also interesting to see one of the few videos out there which try and capture Js & BKMap. I like this statement of yours as it is an important consideration in OF "Either liquidity is pulled and price goes through, or it remains and depending on the volume and momentum of marker orders, it either reverses.. or goes through.. I know this is not useful info but there is no right/wrong answer."<<The holy grail of Limit and Market Orders.

@dom64 i use both JS n BkMap and both have very unique insight into the world of trading (Limit Orders/Market Orders and how they are used). So it's great that you show a video of the GBP being traded. Would be great to see videos of the ES being traded with Full liquidity of the day "RTH". I guess that might show people what you trying to illustrate. Either ways there are many videos out there by JS itself or Bkmap itself. Use of both and exchange of context between the 2 tools is not something i have seen very much......and both have it's core strengths and imho the best OF tools available to retail.

Either ways good to see someone using these tools.

I did see in your videos something called HFT candles. Wonder what that was as you did not share that screen.

cheers n best

Thanks Paps, glad you find it interesting. I can't do without Jigsaw and really find Bookmap valuable too, so the combination of both, to me, is key. In my opinion, the fact that nothing is definite and a set rule is what makes Trading difficult and one of the main reasons why the 90/90/90 statement is probably true (90% of traders loose 90% of their capital within 90 days). From young age we are conditioned to
learn rules. If x then y or if z then w type of reasoning. Here, we have to make do with something which might be gamed (limits) and something that might or might not be what it appears to be (is a market order an "intentional" aggressive decision to buy/sell or is it just exiting a long/short position?), and make sense of this combination. Sometimes it is what it appears to be and sometimes it is not, but this is completely against what we spent our life learning. There is of course much more to it than just that limit/market realtionship, but in effect this is the only thing that makes the price move.

I wish I could tell you the HFT Candles tab is some magical indicator but I am sorry to report it is not.. Just a candle chart where I have added a number of order flow related stats that I find useful.

Cheers,

Reply With Quote
The following user says Thank You to dom64 for this post:
 
  #29 (permalink)
Elite Member
Wartrace,TN usa
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: 6E
 
Posts: 72 since Nov 2013
Thanks: 45 given, 41 received

In your opinion what does Bookmap have to offer a trader over Jigsaw? Since Jigsaw has added a similar feature (Auction vista heatmap) it looks very similar to bookmap. I have just started using the heatmap with Jigsaw.

I agree with your statement "It depends on the context. There is no "rule". Either liquidity is pulled and price goes through, or it remains and depending on the volume and momentum of marker orders, it either reverses.. or goes through.. I know this is not useful info but there is no right/wrong answer. You can easily take a chance and risk very little with a tight stop, so not very risky trades with decent potential reward."

Just because there is absorption happening doesn't mean the market will reverse. Once you get burned once or twice it is a lesson learned. I think it is wise to let it play out and like you say enter with tight stop.

Reply With Quote
 
  #30 (permalink)
Elite Member
Buenos Aires Argentina
 
Futures Experience: Advanced
Platform: NT, MT4, Sierra
Favorite Futures: S&P, Bonds, Crude, FX
 
Posts: 250 since Sep 2014
Thanks: 37 given, 238 received


Surely there are "rules" aren't there? Otherwise, the market making algos of Virtu or Citadel wouldn't know how to react to incoming orders to the market. Additionally, other fast scalping algos surely also have rules to determine if there is sufficient liquidity to deal for the scalp. The challenge lies in breaking down how those other algos behave (which are rules based, not a generally human market maker anymore adding or removing liquidity) and then calibrate the strategy accordingly.

Admittedly, this is probably not something that can be simply done without computer assistance of data feeds breaking down orders by the microsecond (or at a very, very bare minimum millisecond).

Reply With Quote

Reply



futures io > > > Can any one recommend a course that teaches you how to read the footprint

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Battlestations: Show us your trading desks and win $750 in prizes

August
 

Ask Me Anything (AMA) w/Rod Casilli @ Collective2

Aug 23
 

Prototyping Python Strategies (part 3, Live Trading) w/Ran Aroussi [1PM ET]

Elite only
 

Develop Strategies and Perfect Execution w/Brannigan Barrett @ Axia Futures

Elite only

Introduction to Phillip Capital futures brokerage services

Aug TBD

How Monte Carlo Analysis Can Help Your Trading w/Kevin Davey

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Is there anybody can recommend an option trading course wyz00888 Options on Futures 15 December 20th, 2016 08:40 AM
Which datafeed can you recommend? upgrayedd Reviews of Brokers and Data Feeds 8 February 22nd, 2016 11:59 AM
Anyone recommend material to learn how to read the tape? (i.e. level 2, timeofsales) sterling729 Stocks and ETFs Trading 2 October 16th, 2014 08:27 PM
Recommend a forex course Magiklair Trading Reviews and Vendors 3 June 5th, 2014 05:02 PM
Recommend me (some) hosters? NetTecture Elite Automated Trading 5 November 1st, 2011 03:11 AM


All times are GMT -4. The time now is 08:59 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-08-20 in 0.17 seconds with 19 queries on phoenix via your IP 23.20.64.16