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I agree this is the ultimate way to go, but I still do use charts for considering the levels to enter from. They give me a bigger picture in terms of what to expect, what direction to favor and what levels to watch for.
Hopefuly, soon I'll be just like you and use solely DOM/tape to nail those trades!
Second entry to the short side, almost identical setup to the first one.
DT, looks like i found at least one I'm gonna be looking for from now on.
Again, price and delta swings confirm the downmove (see attached pic.)
Video:
00:13 - 00:40 - look how bids are being added at 53.75 - 54.25 lvls to make the market look strong.
00:45 - 00:55 - price breaks through 54.50 offer, only 165 trade agains 54.75
right at 00:55 someone hits 54.50 bid (he probably had bids there which he pulled off as the number of trades is less than the number of limits on the bid there), firms up 54.75 offer and pulls 400 from 54.25 bid. He also adds 200 to 54.50 offer
00:55 - 1:00 more pulling from 54.25 and more adding to inside offer @ 54.50
This is a place to go short!
1:00 - 1:15 situation repeats but 1 tick lower.
1:20 - 1:30 2 tick pullback and the same type action again:
bids firm up, offers being pulled - buyers come in
someone pulls away orders from inside bid, slams market against inside bid, firms up offers and pulls away bids at lower lvls.
Set up time in your T&S it would be more easy to explain.
From 25 second of the video you see a lot of printing at the offer 54 50. Almost all tape green. 41 second of the video tape accelerates and price doing 1 tick. But 55 second tape slows and you see a large amount of printing at the BID. And Bid 54 50 is quickly filled. This means there is no large buyer. Compare how much time it takes to filled 54 50 offer. From 55 sec to 1.35 you see moderate speed with offer bid printing. You can see a large amount of printing at the offer 54 50 without moving higher. This means offer is holding. 1 min 35 sec tape accelerate and begins printing a large amount of prints at bid 54 00. This is the place to go short with stop 54 75 or 55 00.
I am not expert of small tape))) I did not watch it all the time. If you read a thread from begin you know why)))
Please notice
I DO NOT WATCH A DOM in this situation. Only a tape
Bloom, what filter would you recomend to use? My left tape is raw, right one has filter of 50. Honestly, right now i do pay more attention to the DOM rather than to the tape. But as I get further I believe tape/DOM is a powerful combination to make precise entries.
For me, I set bias by a delta on a 700-900 tick chart but if it's working for you on a 55 tick chart, that's good.
In terms of a BIG delta shift that would have me looking to change my bias, I'd be interested in delta moving up at least 10k to change from short to long bias.
Here are my trades for today. Demo for now.
Some interesting action. One thing I figured exits are just as important as entries. I'm having a hard time sitting on my hands, letting the trade go.