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The reason I originally looked at the CL was because it was your instrument (seriously).
Now maybe I'll have to switch to the 6E (hee hee) (seriously).
This was posted Oct. 2011:
I've been trading that market since late-2006 or early-2007. Computer algorith trading has all but ruined it now, though. Hysterical whip in a 5-tick range, then spikes out 10-15 ticks and ping-pongs again . . . all day.
Good Luck!
Chartsky
Do you think the CL is less predicable than the 6E? Perhaps agreeing with Chartsky's comments above?
Regarding data for the 6E or spot forex EUR/USD... I'm thinking about actually getting some data in real-time
that I could record each day in NinjaTrader for market replay trading.
What is the cheapest way to get this data if you know off-hand? Does opening a small account with
MBT or whoever, allow me to get such data for free, or at a discount?
Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
Posts: 1,038 since Jul 2010
Thanks Given: 1,713
Thanks Received: 3,863
Not sure really. It's possible but I'm most interested in knowing of high and low volume areas (price levels). This is best seen on a volume composite profile where you can clearly see areas of acceptance and rejection.
Using a volume ladder could also aid in this for intra-day trading. You would look to identify the price areas with the most volume and what side of the market is controlling that level. Take a look at the attached chart where I drew a path of each bar's POC. It paints an interesting insight into what is occurring. You could trade this outright or use this as a heads up and integrate it into your standard trade set up. Whatever works best for you.
Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
Posts: 1,038 since Jul 2010
Thanks Given: 1,713
Thanks Received: 3,863
Here's another good example. Volume at one side of the candle shows either buying or selling churn with a trend change. This of course is no new discovery by any means but just a helpful insight and could aid in understanding the direction of the market. Also note the volume is corresponding at vwap and it's SD levels.
Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
Posts: 1,038 since Jul 2010
Thanks Given: 1,713
Thanks Received: 3,863
It's really not as complicated as it looks. The idea is to essentially look for volume churn. It does take a while to get use to but it's an excellent tool to have in your arsenal although I do prefer to look at volume profiles to better understand what the market is doing. The volume ladder is more of a look under the hood you could say.
At the end of the day, you have to just use what works best for you and your trading style. Just because something works for me doesn't mean it will work for you of course. Always happy to help and best of luck!