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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.
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
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.....
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
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.
Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
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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.
Ron
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