Bookmap - Anyone using it?

Laissez Faire said:
Thank you for the detailed reply, @wartrace. That's definitely a lot.
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This type of trading isn't for everyone but it is the clearest view of the market I have found and I find it useful. I would encourage anyone pursuing this type of trading (footprint from any vendor) to consider commodity/currency/bond markets first as they seem to be easier to trade using this method. Also, a completely new trader should just concentrate on ONE market; it will pay off knowing how a particular market behaves.

Another tip. Look at range charts rather than time based charts. If you put up a five minute or even one minute chart you will miss some good scalps.
 
wartrace said:
Another tip. Look at range charts rather than time based charts. If you put up a five minute or even one minute chart you will miss some good scalps.
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Please share with an example if you can.

I've back-tested range charts multiple times on the advice from others, but they never really spoke to me and I couldn't see and advantage over other type of charts.

I use a volume based chart as my 'fast' chart and it can help with early entries + it's also a proxy for volume/activity.
 
Laissez Faire said:
Please share with an example if you can.

I've back-tested range charts multiple times on the advice from others, but they never really spoke to me and I couldn't see and advantage over other type of charts.

I use a volume based chart as my 'fast' chart and it can help with early entries + it's also a proxy for volume/activity.
More...

The top screenshot is the ZS market on a one minute chart starting roughly at 8:55am. The second shot is a 5 range ZS chart starting at about the same time. Both of them had the same Orderflows indicators applied. The third shot is my other orderflow chart. I did not add the orderflows indicators to the minute chart from my second orderflows chart.
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434163753_7765379406819633_3959156408355594698_n.jpg

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Volume charts might work well; I just haven't used them. The point I am trying to make is that if you are trading on time based charts a lot of the scalps will not appear in time for you to take advantage.
 
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Footprint chart can be useful not only for scalp but also to set more accurate and tight SL and to mange the trade in more accurate way. You can spot support in the micro level, you can spot price absorption. It's a good tool I believe. Reagard platform I suggest Sierra charts or Investor/RT
 
Leob said:
Footprint chart can be useful not only for scalp but also to set more accurate and tight SL and to mange the trade in more accurate way. You can spot support in the micro level, you can spot price absorption. It's a good tool I believe. Reagard platform I suggest Sierra charts or Investor/RT
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I am not pimping orderflows; it is just what I decided on. I have heard good things about Sierra and there is one called "Gomi" that has had good reviews. By all means, select the footprint package you feel will suit you best.
 
Laissez Faire said:
Hello, SML,

I did not, and don't see myself doing so either in the foreseeable future. I'm still curious about the software and learning more about reading Level 2 data, though.

I'm content watching the free stream for now.

Thank you.
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Good Morning Laissez Faire,

I perfectly understand. Good decision you made.

Thank you
 
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