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Post by Segwin on Jan 12, 2016 7:21:42 GMT -5
Setup a chart using the free GOMI products. So far I've just been observing for the most part. The Market Delta web site has a lot of free you tube videos explaining this type of system and how to trade with it. Because of the lack of data you get from Forex feeds I'm not sure I would use it to trade off of soley but it does has some interesting qualities like POC & VWAP. It also shows activity in the candle at certain price levels which can be telling. I have used it to confirm entering a trade to check on the activity of sellers and buyers per candle. This chart is set to 70 tick to match my candlestick chart but it maybe more useful in a longer time frame. I got these indicators from Big Mikes Trading which just changed their name to futures.io  |
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Post by traderAllen on Jan 13, 2016 0:03:55 GMT -5
I have looked into these types of trading methods. I think if I was only trading for a living and had a plan of setting up my computer for eight hours a day. I could probably make some usefulness from these methods. But in short-term scalping like I do in only two hours a day, I end up with analysis paralysis with methods like this. Just my opinion.
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Post by Segwin on Jan 13, 2016 7:20:04 GMT -5
Disclousure: I have not used this anywhere near long enough to be and ëxpert". With reference to the picture attached. I look for trading opportunities to trade between the two blue value, with price bouncing off the blue value areas, as long as I'm not conflicting with a established area of S/R. This works best in a range market. With regards to the candles that are in the box: I want to go long so I make sure that the upper red portion has 0 and the bottom green area has a positive number (you can also check the left side vs the right side). This just confirms that at this point there is no selling interest. I then move back to my normal chart to trade from. I realize that the trade wasn't a bounce off the value area as this is just an example.  |
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Post by Segwin on Jan 13, 2016 9:04:41 GMT -5
I should follow my own advise. This was a live trade which did OK (left a lot on the table though). I entered at two dojis with the thought of the resistance in the red circle as a good possible stop action area. My actual stop was a few pips below my dotted red line. Now looking back at the ladder I can see I entered on a negative candle as I was going long.   |
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Post by traderAllen on Jan 13, 2016 11:52:32 GMT -5
What I find confusing about market profile is it's based on the number of orders filled on the bid versus the number of orders filled at the ask. Now with Forex since we always pay the spread if I place a buy order I'm getting filled at the ask if I place a sell order I get filled at the bid. Which to me is backwards from market profile. Also keep in mind that in Forex you're looking at only your broker's data. There is a large pool of orders that you are not seeing. The futures market might be a better option for a market profile type indicator. Your thoughts please.
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Post by Segwin on Jan 13, 2016 14:14:42 GMT -5
It probably is more suited to the Futures market, for your reasons stated, but I'm trying to see if there is a fit for Forex. From what I've seen so far it does serve a purpose for entries as well as general sentiment however my time with it has been short. After a few weeks or so I'll be better able to make a decision whether it belongs in my kit or not.
I'll take any edge that works.
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Post by traderAllen on Jan 15, 2016 10:38:27 GMT -5
This is the market profile type indicator that I have. Note the difference and how it calculates from a Forex chart to a futures chart. All the settings are the same. The top chart the 6E the bottom chart is the Eurodollar.  |
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Post by Segwin on Jan 15, 2016 20:10:15 GMT -5
This is the market profile type indicator that I have. Note the difference and how it calculates from a Forex chart to a futures chart. All the settings are the same. The top chart the 6E the bottom chart is the Eurodollar. Actually that's terrible. By saying that I mean that all data should be the same no matter what platform, broker etc... This gig is hard enough...... Are the tick times the same AB? |
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Post by traderAllen on Jan 15, 2016 21:07:14 GMT -5
both are 70 tick charts running at the same time
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Post by Segwin on Jan 16, 2016 9:49:12 GMT -5
I've marked a few things on your picture AB. Is that line a 20 EMA? @ 10:31 the candles don't match no does the price level. Why is this? Albeit not by much but support and resistance levels would be off as well. IMO the top chart is better because it shows a much clearer touch and rejection of price action.  |
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Post by traderAllen on Jan 16, 2016 10:42:44 GMT -5
Remember futures is a derivative of the spot price. Although the charts will be close they would never be exact. Typically the futures chart is about six pips to 10 pips difference in price from the spot price. yes its a 20 ema. Also keep in mind that futures only has one data source. With FXCM, spot Forex combines about 10 data sources to give you the best bid and ask.
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Post by traderAllen on Feb 21, 2016 15:15:53 GMT -5
The focus this week is going to be on market profile in market Delta, a friend of mine is wanting to improve his trading using these methods so I told him I would try to help him out. I've adjusted my chart setups for these methods so during the chat room this week that is what I will be looking at and discussing.
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Post by Segwin on Feb 22, 2016 12:18:25 GMT -5
I'll try to get in the chat room if I can AB. My home inspection business has been swamped, which is a good thing, but leaves little time for anything else.
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Post by photize on Feb 27, 2016 8:53:50 GMT -5
Hi Allen and Segwin, I have been looking at the Gomi again this week and a few other proprietry ladder systems (Auction Dashboard, NOFT,Ludvick Turek order flow chart,and a few more ladders :-)) well I like the commitment of traders on the Gommi, mostly usefull at a significant S/R and to stay in a trade as the show sentiment.
I did however realise a few months back when I was investigating, (I have a supdem background and now Volman) that if you follw the setups shown for the Ladder candles which appear to profile block trades areas of control (value) etc etc, these areas all require pressure and momentum to be broken and become attracters when looking back. Sounds familiar? well stick up some M15 ladder candles and compare the price movement to the 70 Tick the blocks and poc's of the individual candles are inherantly Volman blocks and ranges and of course appear at significant focus points.
To sum up many people trade many systems they all have the same data thats fixed, the interpretation is the only difference .
Enjoy Pho
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Post by Segwin on Feb 27, 2016 11:46:14 GMT -5
Good post Pho.
On a side note I did download and try Auction Dashboard a while back but due to the lack of level 2 data found it of little use on Forex ( I understand however if you have 25K in FXCM they can supply L2 data). GOMI has better information as well as being free.
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