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agreed - any visualization of evolution of price action is some kind of aggregation, hiding a lot in the process. Time based charts are probably the worst (in that sense).
I respectfully disagree. I use 1 minute bars that show footprint/volume/delta BUT I don't interpret every bar though. I focus a lot on locations and areas of interest.
I also take note of what I call "standout" bars...bars which have unusually high volume and/or delta, where they occur and what did the bar "do"...for example: sometimes a high vol, high sell delta bar will push into an area where I would expect buying to possibly occur, the bar will immediately get taken out to the upside. I interpret this as all those aggressive sells were absorbed by buyers and many times a retrace back into the sell bar area will prove to be a good buying spot.
I am curious though which bar(s) types you use for the footprint charts...I'm open minded and always willing to see others ideas
I also think it depends on what you're looking for. I use one time based chart (daily). you can see previous action on certain levels including when revisiting daily highs and lows.
but for trading purposes I only consider range bars. a few examples from the last 30 minutes of today's action:
- 1 minute
- 2500 volume
- 10 range
again that's just my personal opinion and what I'm looking for. but let's say you want to look at the "cot". here, the range bars are pretty much useless, because they close at the high or low.
but I say this, some exotic bars (like unirenko) don't make much sense to me. especially because of the artificial opening.
so whatever you use and you're successful, no need to change anything
Are you using the GOM for ninja 8? It looks really good. I've been using ninja 8s Built in orderflow tool for lifetime license holders. Would you recommend GOM instead?
to be honest, I think both are excellent tools. I'm a "gom" user for more than 10 years now. he was one of the first with his volume ladder. also his programming skills are way ahead of other developers.
and what's really unique, are his additional indicators where you can create your own formula, plot your own custom values or levels. truly amazing
I do track the setup similar to what you've outlined above. I use footprint on range charts but over time I've found myself paying less attention to them and more on overall context and location, and drawing custom volume profile on areas of interest...
to watch and react to exhaustion/absorption/running-tape in real-time makes you feel the whole game is being played at warp speed, and totally messes with your internal clock
I have experienced the same thing and my numbers bars are set up like yours.
I use trans act futures for data but I was told that in order to get correct data you need to get your data from DTN feed.
Don't know if that's true or not.
I was wondering if when that happens I am not getting all the trades that are happening at that time.
