wannagetstacked
Well-known member
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Hi all,
I took a long hiatus from trading to play poker during the online poker boom, but poker is no longer easy money so back to Trade2win to blow my poker profits.....
I've spent the past few months watching the order flow on the ES and am starting to get a good feel for picking reversal points using only Time&Sales. Ideally i'd like to find a group of like minded traders to chat and talk order flow strategy with.
So far I've found that the standard ninjatrader T&S combined with the static ladder for entry points is my preferred setup. I like the look of the jigsaw trading ladder but feel like it distracts me from the tape.
At the moment i'm just scalping for a few ticks at the reversal points when the T&S really drys up after a move backed by plenty of big fills stops showing big prints. I'm basically piggybacking the other direction when big institutions stop putting money into the market. I'm not confident judging my exits based on order flow yet, but can make a few ticks profit, with stops of a couple of ticks and a high enough winrate to be profitable.
In theory you could do the same thing using a chart with just volume. But often high volume bars relate to lots of retail trade rather than institutional. On the T&S you can see when several 100+ lot limit orders on the bid/ask are taken out signalling big guns in at those price areas. The presence of these big prints doesn't tell you what direction price will move in, but can let you know when a move backed by the big guys is dying out more accurately than just a chart with volume.
It's the overall size of the prints as the price moves higher or lower that signals the intent of the biggest traders and reflects when they no longer want to keep price moving, and thus a high probability short term reversal point. The biggest traders don't give away their hand at a specific price as this would negate what they are trying to achieve. They cannot however avoid leaving their footprints in the sand as they enter over a longer range of price levels. It's for this reason why if you are trying to daytrade without using T&S or an equivalent as your foundation, you are likely doomed to be one of the so called 95%. Charts don't tell you where the big banks and flippers are getting in and out in realtime, T&S analysis can give you an edge proven by many pit traders.
If you trade in a similar way to me then send me a PM or post here so we can get on skype sometime. I work full time as a commercial property tax analyst which is why the ES from 6pm-8.30pm UK time is my home for now. I'm free weekdays after 9pm.
Charts are for chumps......
Nathan
I took a long hiatus from trading to play poker during the online poker boom, but poker is no longer easy money so back to Trade2win to blow my poker profits.....
I've spent the past few months watching the order flow on the ES and am starting to get a good feel for picking reversal points using only Time&Sales. Ideally i'd like to find a group of like minded traders to chat and talk order flow strategy with.
So far I've found that the standard ninjatrader T&S combined with the static ladder for entry points is my preferred setup. I like the look of the jigsaw trading ladder but feel like it distracts me from the tape.
At the moment i'm just scalping for a few ticks at the reversal points when the T&S really drys up after a move backed by plenty of big fills stops showing big prints. I'm basically piggybacking the other direction when big institutions stop putting money into the market. I'm not confident judging my exits based on order flow yet, but can make a few ticks profit, with stops of a couple of ticks and a high enough winrate to be profitable.
In theory you could do the same thing using a chart with just volume. But often high volume bars relate to lots of retail trade rather than institutional. On the T&S you can see when several 100+ lot limit orders on the bid/ask are taken out signalling big guns in at those price areas. The presence of these big prints doesn't tell you what direction price will move in, but can let you know when a move backed by the big guys is dying out more accurately than just a chart with volume.
It's the overall size of the prints as the price moves higher or lower that signals the intent of the biggest traders and reflects when they no longer want to keep price moving, and thus a high probability short term reversal point. The biggest traders don't give away their hand at a specific price as this would negate what they are trying to achieve. They cannot however avoid leaving their footprints in the sand as they enter over a longer range of price levels. It's for this reason why if you are trying to daytrade without using T&S or an equivalent as your foundation, you are likely doomed to be one of the so called 95%. Charts don't tell you where the big banks and flippers are getting in and out in realtime, T&S analysis can give you an edge proven by many pit traders.
If you trade in a similar way to me then send me a PM or post here so we can get on skype sometime. I work full time as a commercial property tax analyst which is why the ES from 6pm-8.30pm UK time is my home for now. I'm free weekdays after 9pm.
Charts are for chumps......
Nathan
