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It's occurred to me that orders are what moves the market so it makes sense to pay attention to DOM. I can find unlimited amounts of resources explaining how DOM works i.e, the number of bids vs the number of asks etc. For example, attached is a screenshot of my DOM for ES. 1 shows the bids and asks and current price, which I understand. And 2 shows the volume traded, which I also understand.
HOWEVER, when the market is open it moves very quickly with numbers changing multiple times ever second during peak volatility times so I find it impossible to see when to enter long/short etc. No where can I find a live video of someone trading and actually explaining what they're specifically looking for or how to read the DOM during these times.
Does anyone have any resources or advice for using the DOM whilst trading? I'm not a fan of indicators so trading using the order flow makes complete sense to me.. I just struggle to read it.
Can you help answer these questions from other members on NexusFi?
So the real problem here is that the NinjaTrader DOM is awful. Get Jigsaw or SierraCharts. NoBS is the best source to get started as already mentioned.
Thanks for all the advice, info and feedback. Those videos were great, not sure why I couldn’t find them when searching on YouTube..
I’ve been studying most of the weekend and my conclusion is that I don’t think I’m quick enough to trade from the order flow directly, however, I’m going to experiment with using it to time my entries.
I’ll give it a good crack this week and see how it goes. The plan is to use a 233 HLC tick chart with S/R levels and DOM for entry – wish me luck!
Thanks! I'll look into it. I haven't spent much time with t-notes etc as I'm located in New Zealand so the volatility normally kicks in around 2am my time.
Currency and index futures have a little more volatility around 6pm onwards hence why I normally just focus on them but I'll look at ZN tonight and see how it behaves.
I've had a look and unfortunately Ninjatrader doesn't have FGBL. I'm limited as to which brokers etc I can use as a lot of the main ones don't allow NZ residents.
