FootPrint Charts

I haven't used them, so I can't tell anything about that company.

But if someone want to sell you a tool, and you are not sure if that tool is for you, of course he would propose you that he will teach you how to use that tool. So in your psycho you think, that if someone will teach you how to use it then you have more chances to be succesful using it, so you desire to buy it.

I'm not saying it's bad tool or good tool. But that it's just tool.

You can think about it like that - long time ago japanese candelsticks were something new. There were some super programs, that recognized the patterns, there was a lot of courses. $$$ in the air. There was also a time of black box technical systems (and for some ppl it still is that time), same story. Tape reading - some super tools to read tape better then others, same story. DOM reading, same story,market profile, same story, few last years it's "orderflow" (and "" because, there is orderflow nad "orderflow"). I'm sure that in some time from now it will be some quantitative solution, they will tell everyone that everyone can make money trading using some Python scripts. And each of those "new" concepts after some time is free to everyone in almost all platforms. Why ? because it doeasn't metter. There is nothing that will give you an edge (as a retailer) over other reatilers. It's good to have good platform, good source of news etc. but it's not critical. Ok, 10+ years ago, when the technology was just developing, in example having TT for scalpers and short time traders, was an edge over others (but it was not cheap, so not for typical retailers). But now, I cant see anything like that. It's just the way you get the information. And how to process it - that's the job.
 
Hi Robbo,

To be honest I never really explored them, I stayed focused on the things I have had working for me anyway. But I think there is something in them worth exploring.
Tom

No worries Tommo
 
Nothing will give you "edge". Those are just tools and "edge" is your abiliity to use tools. You can make money using anything - technical tools, fundamental tools, quantitative tools or just buy/sell button. I'm sure there is even 1 person in world that make money using moon cyckles (ok that's not very probable but you know)... And you can also make no money at all having all the tools in the world. It's not about tools, it's about how you use it.

But to give some answer directly for your question - I found fooptrint to looks nice, even the theory behind it souds nice but for me (and that part is important - "for me") it's not useful. It's nice to know where is some absorbtion, or where is imbalance, or where there is posibillity that some traders are trapped. But what you don't know is - what is the intention of this market buing or selling. Is this group of traders just making intraday trades ? Maybe this is some institution that just need to execute large order ? Or maybe it's part of spread (very likely) ? And what about absorbtion ? Is someone getiing into position and want to hide it before you ? Or maybe someone wanted to go out without moving the market ? And manyyy other questions. Like I said - just a tool. If you build some framework around it, and it's part of your decision process - that's good for you. I have one idea where that tool can be effective, but I didn't test it yet. And sorry, but I wont write that one.

Of course I'm sure you will find someone who is using it and make some money (maybe), but it's not the chart type that gives him edge.

That what I meant, Footprint charts look great but how many traders after learning about them and spending hours and hours of screen time watching them actually keep using them in a profitable way. Or are they just a good sell for the vendors.
 
That what I meant, Footprint charts look great but how many traders after learning about them and spending hours and hours of screen time watching them actually keep using them in a profitable way. Or are they just a good sell for the vendors.

In fact, my post was to Tommo :D
 
I have recently met a guy at NYC Trading Expo who is running a trading group using NOFT trading /ES. He has lots of educational materials on how to use it. If anyone is interested please PM me. I am not part of the group, have not attended trading sessions, nor endorsing this in any way.

P.S. Moderators, if this is not appropriate, feel free to remove this post.
 
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