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Market Internals does not apply to products of the CME Group. You will have access to all prices and products and indicators by purchasing data of the exchange you wish to trade on.
I have started using the NYSE tick after a discussion with some traders and find it helps to show whether a move is actually strong or not.
Start simple. In the first hour/hour and a half look at how price performs relative to the Tick chart. If the tick chart rises up and forms a swing high, then retraces back down to tbe low reading (or even lower) but the ES remains significantly higher then what is that telling you. Is this bullish or bearish? If a buy signal/trigger based on location and price action comes along should you go long or ignore it? And the same in reverse for a short.
I was wondering how you are liking tradovate. I am considering using them myself. I have the trial, for 14 days. The main question I have is so you have any issues with speed of execution at any time? I do scalping and that is a major factor.
I am happy with Tradovate. What I do is scalp 90% of the trades. I make 75% of my income from Micro Futures day trading and the other 25% I day trade stocks.
The data feeds are 50% cheaper than Kinetick or other data feed companies.
What I do is connect TradingView to Tradovate and I have 1 monitor for Tradovate and the 2nd monitor with Tradingview. I like to have as much visual data as possible for making trades. Recently I started using BookMap on a 3rd monitor which combined with 3 monitors my loss has been less than $100 each day. Currently, during these turbulent times, I set Tradovate to stop trading when I have earned $700 after losses. I prefer to go closer to $1k profit daily but my losses are higher. The cool thing about linking TradingView and Tradovate is when I open a trade on Tradovate I can see the open trade on TradingView as well. I use Brackets with Tradovate which keeps my losses to less than $10 per trade. When I win, which is 90% I only pay for the extra bracket fees so I calculate how much I need to scalp so I earn at least $5 per scalp after fees. Some days I scalp about 120 contracts in order to hit my daily mandatory figure and Tradovate + TradingView allows me to get lost in the trading and even though there are a lot of fees the Tradovate interface allows me to automate elements like brackets and cutting me off when I reach my profit. I felt that with NinjaTrader 8, I was not able to automate as many of these features. The BEST part of Tradovate is it is primarily browser-based which means all my settings, indicators, layouts are all stored in the Cloud. I can trade from my wifes travel laptop for example. Heck, I even traded on a Chromebook.
Sorry, that was kind of lengthy, I hope that answers your questions.
I'm potentially interested in doing exactly this. Was it relatively easy to do, @forestcall ? Are there directions anywhere? I have some experience with TradingView but none with Tradovate ...
Inside the actual trading tool there is a setting to pay $10 to connect to Tradingview + $13 for MES/MQN or ES/QN.
Check out "Matt Trades" on Youtube and he has a daily stream using Tradovate. He has a few vids that show you how to add the indicators he uses which will give you a quick training. I dont use the Indicators he uses but I found the video helpful. You need to pay $10 to utilize the TradingView connection but after you pay you can use it in Simulation mode.
I can not put it into words why having both Tradovate and TradingView at the same time helps me with my win ratio. But between the 2 tools, I can visualize volume better and I can make $5-$15 profits with small scalps. Whereas when I go with longer trades I have a much greater chance of having a loss. I don't think my scalp technique is very sex at all, in fact it is rather barbaric. But in a solid 3-4 hours of trading, I can make $700-$1000. One thing I will say about this scalping strategy is I have to turn off all distractions. I cant have any chat sounds, I turn my phone off and lock my home office door so my kids dont come in. Any distractions and I lose money. Nothing about my process is sexy but at the end of the day I can pay the bills.
@Keab "move is actually strong or not" RE: AHR123 would consider as part of identifying an opportunity and the strength of it to dictate a direction. So to speak “how do you catch wings” and reach a lengthier stay w/an open order. [signals a robot can use (or perfecting a robot)]
Other rather a predisposition is “what makes you feel to open 3 contracts or 10”?
Logic, [prevent suicide] is the strength of the volume that an open order will NOT dictate a change in course due to number of contracts opened at a time the volume is weak and so the recipe may entail a gradual injection of contracts rather than abrupt 100 contracts on a position.
Here, even my case, a small account on trading may want to go stealth before causing suicide/else waste of money.
[Market Internals] As a general idea, @forestcall “use a second intel/feed/indicator” to justify an opportunity, it is a good practice.
AHR20200724
PS: lately I mentioned “Back to bayonet” when no AMMO is a fact [RE: a Chinese said all in]. https://www.zerohedge.com
