Damir's Trading Journal

You're talking about a kind of Level II, but it doesn't show layers of waiting, just the current waiting orders for the current price, so I don't know how much use it would be for longer than a few minutes.

Do you or anyone know how to set IB's tradestation not to log you out?

Quote from Fast_Trader:

Hey, do you guys watch the Market Depth on YM to get some clue on S/R? For example, I was watching the depth on YM and saw Bid for over 200 contracts at 9570, so when I shorted it at 9575, I covered at 9571 since the 200 contracts at 9570 weren't gonna let price drop through 9570. And that's exactly what happened, it bounced off of 9571, and went back up to 9575, but now the Size of 200 had moved down to the 9567 level, and when YM came down this time, it went down to 9568 and then bounced.

Anyone else notice this or am I just nuts :D

-FastTrader
More...
 
Quote from OnTheEdge:

You're talking about a kind of Level II, but it doesn't show layers of waiting, just the current waiting orders for the current price, so I don't know how much use it would be for longer than a few minutes.

Do you or anyone know how to set IB's tradestation not to log you out?
More...
No, it shows up to 5 price levels on the Bid and Ask side. So, lets the say current market is at 9571x9572, market depth will show me the size on 9571, 9570, 9569, 9568, and 9567 on tjhe Bid side and vice versa on the Ask side.

-FastTrader
 
That must be Level II. Where did you find it?

Quote from Fast_Trader:


No, it shows up to 5 price levels on the Bid and Ask side. So, lets the say current market is at 9571x9572, market depth will show me the size on 9571, 9570, 9569, 9568, and 9567 on tjhe Bid side and vice versa on the Ask side.

-FastTrader
More...
 
Quote from Fast_Trader:

Hey, do you guys watch the Market Depth on YM to get some clue on S/R? For example, I was watching the depth on YM and saw Bid for over 200 contracts at 9570, so when I shorted it at 9575, I covered at 9571 since the 200 contracts at 9570 weren't gonna let price drop through 9570. And that's exactly what happened, it bounced off of 9571, and went back up to 9575, but now the Size of 200 had moved down to the 9567 level, and when YM came down this time, it went down to 9568 and then bounced.

Anyone else notice this or am I just nuts :D

-FastTrader
More...

Consider this scenario: I want to go long 50 Contracts, but the liquidity or depth is very thin, So i put in an order above the offer to sell 500, people looking at depth see this as some sort of support, so more shorts suddenly appear assuming the 500 offer will act as a buffer, I managed to buy my 50 into this breif selling, then I pull my order for 500 above the offer. Job done.

This is a well known method (market abuse) for getting filled at the levels you want by bringing in more volume, you can see it day in day out in the pit and on the electronic exchanges, just watch those big orders get pulled before they get filled.
 
Quote from OnTheEdge:

That must be Level II. Where did you find it?
More...

IB TWS users: Right click on the symbol's row, left click on Market Depth.

IMHO don't waste your time, it's totally unuseful and deceiving.
 
Quote from Kap:



Consider this scenario: I want to go long 50 Contracts, but the liquidity or depth is very thin, So i put in an order above the offer to sell 500, people looking at depth see this as some sort of support, so more shorts suddenly appear assuming the 500 offer will act as a buffer, I managed to buy my 50 into this breif selling, then I pull my order for 500 above the offer. Job done.

This is a well known method (market abuse) for getting filled at the levels you want by bringing in more volume, you can see it day in day out in the pit and on the electronic exchanges, just watch those big orders get pulled before they get filled.
More...

I more favorable method locals use is the drop the floor trick. They insert large orders, usually in the 1000-1500 range, at 3 levels under the current price. When enough longs are on board they pull the orders and sell into the coming long covering panic . If you watch the market depth on ES you will see it soon enough.

TM Trader
 
Quote from Fast_Trader:


No, it shows up to 5 price levels on the Bid and Ask side. So, lets the say current market is at 9571x9572, market depth will show me the size on 9571, 9570, 9569, 9568, and 9567 on tjhe Bid side and vice versa on the Ask side.

-FastTrader
More...

Notice the market depth on the YM is a little bit delayed. IB claims the fix is in the works for a while now, but nothing yet.

TM Trader
 
big size flashing in the direction i want to go scares me, more often than not it seems to be fake. if the big size is real, the price should move, not just sit there.

long YM @ 9543.
 
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