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Jigsaw Trading's Peter Davies - Ask Me Anything (AMA)
Started:March 9th, 2013 (12:29 AM) by Big Mike Views / Replies:67,732 / 306
Last Reply:October 25th, 2016 (05:35 AM) Attachments:63

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

Old November 21st, 2015, 06:07 PM   #181 (permalink)
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lexxmd View Post
Thank you all for the reply ... do professionals read the price ladder on jigsaw all the time or at certain locations, and do they understand what's happening at any give time by looking at the price ladder?

because I have this expectation if i spend hours just in front of the jigsaw i can eventually understand the madness or see certain patterns that will allow me to scalp the market at any give time IS this realistic goal?

All professional day traders I know have some sort of situational awareness before going into the day.

That's a combination of being aware of the fundamentals - news, auctions etc as well as some sort of technical awareness. Like right now on the S&P - we are close to all time highs were we've failed a number of times. So of course, you can't ignore that and participation will change when you get there.

Those employing market making techniques care the least about charts. They just want to provide liquidity at spots where it's pretty safe to do so and then if they get filled, turn that position over very quickly. So charts are pretty much irrelevant but what is very relevant is correlated markets because it is of utmost importance to these guys whether the market is directional or not in the very short term and you really need participation increases across markets to be assured of that.

Spreaders, similarly don't care too much about charts and there's more pro's spreading than trading outrights. Again, there will be times that a fundamental shift could impact the spread relationship, so you have to have an eye on that (like a Fed rate hike)

As for outright scalpers - it's a mixed bag from what I have seen. At the end of the day, there are areas where participation WILL likely change if you move through a chart level. This isn't so much a guarantee that a level will hold or not in the long term but I do know fairly big traders that watch levels that would be considered "key technical levels" and just scalp the pause that often occurs there.

I think what it comes down to - if you go into the prop world, they will keep you away from charts and have you scalping smaller targets off the order flow until you are in profit. That doesn't necessarily become the end-goal though. As a trader progresses, they can move towards longer term trades which means incorporating the intraday volume profile too.

Most of the trading we see in markets like the S&P500 Futures is intraday speculation. Hence the use of Volume Profiles/Footprints to get a better idea of where people are positions for longer term analysis and trades with slightly larger targets. Bottom line being that the key thing on any day is how this speculative activity is playing out or if there's a relative lack of it.

For thicker markets like US treasuries - there's not much point looking at a chart intraday. There's barely any swings. Crude on the other hand has tons of swings and therefore the charts/footprint (in my opinion) help you to see the stop-out points easier than a straight volume profile would.

So - yes you can scalp without charts. In the retail world - people start off with charts and then some will stumble into order flow/DOM. In the prop world (certainly for futures) - it is the reverse, people are pushed to get to profit without charts and then later (once they know what really moves the markets) may look at incorporating charts.

Personally - I like charts for bias and for swing sizes.

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Old November 21st, 2015, 06:08 PM   #182 (permalink)
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My way of thinking/trading is to have areas you want to conduct business in ahead of time you conceive of during your daily trade assumption/thesis creation usually done in the morning taking into account the over night action as well as everything else you have observed over the past months and years. Looking at the DOM/price ladder and trying to figure out what is happening at any moment in time, as if there is constantly a way to discern what is going on, and make tradable sense out of it, is a sure fire way IMO to over trading and a very poor substitute for a clear plan.

IMO focusing on your risk is the only way to go. How much of your account are you going to risk to find out if your idea for a trade is going to work out? How much are you going to risk during streaks of trades both winning and losing? Streaks happen. Take advantage of them. And also protect from them on trades that don't work out. Most think focusing on the entry is the most important. I think focusing on trade management, market context and taking advantage of market extremes and exits is most important.

Don't be in a hurry to trade. Seek to understand what is going on in the Depth and Sales Jigsaw tool at your key locations never mind the rest of the noise.

I often relate to other businesses I am a patron of. For example restaurants. Home Depot. Amazon etc. Not every "trade" they make works out. Warranty work. Cold soup. Item broken in shipment. A poorly seasoned dish. A hair in a taco....lol..... This is the same thing we do just a diff industry. I look to buy peanut butter at the grocery store when its on sale for example. Not when its at the vpoc. Meaning the price most traded or just the regular price peanut butter is normally sold for. I want a good deal. So I wait for a sale. Sales are for short time periods. Then the price goes back to the "vpoc". I then stand in the grocery store aisle and sell all those jars back I bought on sale to the people that like to buy at the "vpoc"....lol.... So this means in trading have areas you will wait for and them watch the DOM to see if you are correct in your thesis about this area. You might end up waiting 2 or 3 days. So what. You are smart about it. There will still be uncertainty but you can stack the probabilities in your favor this way.
I like to think our business is a more pure form of all this peanut butter talk...lol...without all the complications of employees, massive over head etc etc..... our orders are our employees. But for this simplicity there is a price to pay. Namely retraining your brain to think in probabilities.

Ron

Good post

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Old January 1st, 2016, 08:39 PM   #183 (permalink)
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Rest Much....?


ahh.......... Just now saw your email Peter


Somebodies been hard at work with the team of skilled coders.......

Looks like an edge of some degree to little old me and I take whatever edge I can. Thanks Peter.

......Just took on a new meaning?????



Ron

Doubt kills more dreams than failure ever will. Perfect: the enemy of Done. per·fec·tion·ist: ultimately one lacking self-confidence

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Old January 2nd, 2016, 12:45 PM   #184 (permalink)
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Blash View Post
ahh.......... Just now saw your email Peter


Somebodies been hard at work with the team of skilled coders.......

Looks like an edge of some degree to little old me and I take whatever edge I can. Thanks Peter.

......Just took on a new meaning?????

Ron

Thanks Ron - it was Keng that did all the work - I just take the credit..

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Old January 7th, 2016, 11:13 PM   #185 (permalink)
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Futures Edge on FIO

Are you a NinjaTrader user?

 
Yupp thnx Pete. I had missed yr email on the release and caught it in my twtr feed when saw someone using it.

Got it downloaded last evening just before the drop on ES happened or was happening. So was able to play while trading the move since yester OVN.

Still need to play with it for optimal settings. But seems we have something useful there. Lots of balls bouncing all around .. Sweet

Thnx


Blash View Post
ahh.......... Just now saw your email Peter


Somebodies been hard at work with the team of skilled coders.......

Looks like an edge of some degree to little old me and I take whatever edge I can. Thanks Peter.

......Just took on a new meaning?????



Ron


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Old January 8th, 2016, 02:09 AM   #186 (permalink)
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paps View Post
Yupp thnx Pete. I had missed yr email on the release and caught it in my twtr feed when saw someone using it.

Got it downloaded last evening just before the drop on ES happened or was happening. So was able to play while trading the move since yester OVN.

Still need to play with it for optimal settings. But seems we have something useful there. Lots of balls bouncing all around .. Sweet

Thnx

Great - we have a few more things coming before it goes 'live' - settings, wise there shouldn't be much to set as it's 'self-learning' in terms of knowing where large volume traded, although - we are having to wise that up a bit and you will see that out in the next few days.

The only real settings are the pixels per interval - I prefer 2 or 3 and then the interval - which I like to set about 3 or 4 - but I switch it around as I want to see more/less history. The intent is for the settings you need to use intraday will all be on that main window, so if it's not on that main window, you should be able to use the defaults.

And for the perpetual tinkerers - there's always the settings window.....

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Old January 8th, 2016, 04:14 AM   #187 (permalink)
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Pete luv the way with click of a button... it shows up the chart which is the heat map.

Wish we had similar stuff for drawing up a R / S tape. Not sure if thats possible in a future wish list.

normally have it setup in this config ...as do not use much of the stuff in Depth Window

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Old January 11th, 2016, 04:49 AM   #188 (permalink)
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paps View Post
Pete luv the way with click of a button... it shows up the chart which is the heat map.

Wish we had similar stuff for drawing up a R / S tape. Not sure if thats possible in a future wish list.

normally have it setup in this config ...as do not use much of the stuff in Depth Window

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Actually - you'll be able to run all the tools @ the push of a button soon-ish.

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Old January 14th, 2016, 03:55 PM   #189 (permalink)
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All of this is possible - it's just not high up on our list right now, I'm trying to add more developers as 3 is not enough for what we are trying to do.

It is ON the list though!

Hi Pete...revisiting original request to see if any on radar now.

"
Wondering if any of the below features or add on's are in the works...as there is a lot of value in the sweeps and the snapshot

a) Is there a way to Alert (audio - based on size) when bids/offers are pulled away...guess a audio of snapshot
b) anyway of plotting a)
c) anyway of alerting how fast the bids/offers are being replenished..and perhaps plots of the same
d) Plotting of parameters tied to Reconstructed tape or Summary Tape
e) Counter to keep track of sweeps at different price levels and maybe plots of the same.
"

Hence thought of checking. Any chance of getting any of this from one of the best OF tool out there.

What I would really love is perhaps a start / stop button which then calculates and display Tape Delta using R Tape. And will be amaaaazziiing if any APIs or functions to get this done problematically based on another indicator in Ninja.

cheers & best

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Old January 18th, 2016, 01:11 PM   #190 (permalink)
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FYI
To everyone even slightly interested in the Jigsaw tools IMHO the wise thing to do right now is purchase them because the Auction Vista Heatmap, while in beta, is included in the current price which is already an extremely a fair and value driven price IMHO.

The latest YouTube video about the Heatmap beta2 release.

http://youtu.be/Oo9ptC89UGg

Ron


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Doubt kills more dreams than failure ever will. Perfect: the enemy of Done. per·fec·tion·ist: ultimately one lacking self-confidence

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Buy Low And Sell High (read left to right or right to left....lol)
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