Price action , support resistance does not work in ES

[DevBru]

The ES is a lot different now - easy to see on the D.O.M. Years ago - it would hit 2 - 4 million contacts per day - now - lucky at times to hit 1.5 million. There used to be Thousands of Contracts on each side. Kind of funny - today - it should be over 2 million contracts - maybe get to 2.5 million by the end of the day.

If I am trading my Discretionary setup - instead of my Algo - I will Adjust to what I see - fast or slow market - I have no preference. When the market is Slow - I see a lot of Price Consolidation - that I call a Range Condition - which is actually one of my favorite trade setups.

I just thought of this - many years ago - I used Tradestation. I did several Posts in the TS Forum - on how I traded the using the D.O.M. - trading strictly off the D.O.M. - with NO charts - Scalping. I haven't had access to TS for years - but if there is anyone interested and they have TS - look up VSTscalper - I think that is what I used in the TS forum.

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3-4 million volume day's never were the norm in ES, those days only happen when in abnormal market conditions, just like we had in march 2020 or almost every time the market takes a dive.

I remember those few thousand contracts on each bid/ask as well, but those were the days the average daily range and volume was considerably smaller, like in 2017.

Now i haven't been around since forever but when i check my charts I can't find a period of normal market conditions and average daily volume of 3-4 million.

 

[themickey]

3-4 million volume day's never were the norm in ES, those days only happen when in abnormal market conditions, just like we had in march 2020 or almost every time the market takes a dive.

I remember those few thousand contracts on each bid/ask as well, but those were the days the average daily range and volume was considerably smaller, like in 2017.

Now i haven't been around since forever but when i check my charts I can't find a period of normal market conditions and average daily volume of 3-4 million.

DOM & Volume are different, no?

 

[VSTscalper]

3-4 million volume day's never were the norm in ES, those days only happen when in abnormal market conditions, just like we had in march 2020 or almost every time the market takes a dive.

I remember those few thousand contracts on each bid/ask as well, but those were the days the average daily range and volume was considerably smaller, like in 2017.

Now i haven't been around since forever but when i check my charts I can't find a period of normal market conditions and average daily volume of 3-4 million.

Back in the ".com" days - early 2000's - when the big crash happened in March of 2000 - if I recall correctly - there were days like that. I never said "average daily volume". Just look at the that post - "Years ago - it would hit 2 - 4 million contacts per day".

 

[DevBru]

Back in the ".com" days - early 2000's - when the big crash happened in March of 2000 - if I recall correctly - there were days like that. I never said "average daily volume".

Let me rephrase, not average daily volume but a longer period of time in which volume consistently exceeded 2.5 million, not just a few days or a week or 2.

Now i am not sure if Tradingview shows the correct volume for that period but it shows a daily volume in the region of 50K volume in early 2000 to 200K volume in 2001 and first period of 2002. Second half of 2002 and 2003 volume took a considerable jump to 600K and more.

Back in those days the SP futures, so not the e-mini but the large contract, had much more volume than it does now. However still nothing close to what would be 3-4 million ES contracts in per point/tick value.

I wasn't trading back then and i am not sure the Tradingview data is reliable, so anyone with first hand experience, feel free to share your experiences.

 

[VSTscalper]

Let me rephrase, not average daily volume but a longer period of time in which volume consistently exceeded 2.5 million, not just a few days or a week or 2.

Now i am not sure if Tradingview shows the correct volume for that period but it shows a daily volume in the region of 50K volume in early 2000 to 200K volume in 2001 and first period of 2002. Second half of 2002 and 2003 volume took a considerable jump to 600K and more.

Back in those days the SP futures, so not the e-mini but the large contract, had much more volume than it does now. However still nothing close to what would be 3-4 million ES contracts in total value.

I wasn't trading back then and i am not sure the Tradingview data is reliable, so anyone with first hand experience, feel free to share your experiences.

I do use Multicharts - which owns Trading View - but back then - I used Tradestation. We may be talking about different things - but I know the number of Contracts traded on some days - but not all - hit between 2-4 million - maybe not exactly 4 - but in the range. I am talking about the e-mini ES - not the Big ES Contract.

I am working with a Pit Trader friend - spent around 35 years in the Pits - I will ask him. He just tried to contact me on Skype - I will respond back to this thread again - after I talk with him. He sent me a Skype - about 40 minutes ago - just seen it - but he hasn't responded back yet.

 

[DevBru]

I think @bone also has been around quite some time. Can you add anything regarding the ES volume back in those days?

 

[savoir]

A person who scalped index futures using the DOM during the dot com years but doesn’t know that the DOM for Globex futures went only five levels deep at that time can’t be relied upon to know the daily volume during that period.

I monitor market pace by volume and I can still remember the calibrations I used on 5m bars during that era. But why press the issue? With all the bikini clad girls at Starbucks to remember, memories of trading can get fuzzy.

 

[VSTscalper]

A person who scalped index futures using the DOM during the dot com years but doesn’t know that the DOM for Globex futures went only five levels deep at that time can’t be relied upon to know the daily volume during that period.

I monitor market pace by volume and I can still remember the calibrations I used on 5m bars during that era. But why press the issue? With all the bikini clad girls at Starbucks to remember, memories of trading can get fuzzy.

My Pit trader friend worked at the CBOT - not CME - but nearby - but he agrees - there was huge contracts being traded on the big ES and the E-mini ES - much more than we see now and a few days ago. He said I can purchase the info from the CME - but - not worth it - and I don't really care.

I am nearing my middle 70's now - memory is getting a little fuzzy - except for girls in bikinis - that I remember well. I have an idea - we can all arrange to have a Meetup - at that Starbucks - this summer - on a nice hot day - you will see what I mean. It is one block from the beach. All traders are welcome to come - but if you are in my age bracket - we can hire a doctor to have on standby - just in case. They have inside and outside seating. Starbucks will wonder why all the old guys are showing up. Bring your pills - especially if you have a heart problem. I will be going to that area this summer - if there is any trader in that area that wants to meet - that can be arranged.

 

[savoir]

My Pit trader friend worked at the CBOT - not CME - but nearby - but he agrees - there was huge contracts being traded on the big ES and the E-mini ES - much more than we see now and a few days ago. He said I can purchase the info from the CME - but - not worth it - and I don't really care.

I am nearing my middle 70's now - memory is getting a little fuzzy - except for girls in bikinis - that I remember well. I have an idea - we can all arrange to have a Meetup - at that Starbucks - this summer - on a nice hot day - you will see what I mean. It is one block from the beach. All traders are welcome to come - but if you are in my age bracket - we can hire a doctor to have on standby - just in case. They have inside and outside seating. Starbucks will wonder why all the old guys are showing up. Bring your pills - especially if you have a heart problem. I will be going to that area this summer - if there is any trader in that area that wants to meet - that can be arranged.

I’m not questioning your veracity. Your memory is fuzzy, which is not important. There were huge volume days, especially after markets reopened after 9/11. But my pace calibrations on 5m bars have much larger values now than around the turn of the century.

I don’t doubt the bikinis at Starbucks. I live 2.5 hours drive from San Diego and I used to drive there every weekend to visit a girl I was seeing. I live near beaches here too— Manhattan, Hermosa, Redondo. Girls in bikinis don’t get much attention around here. It could be I’m jaded, though.

 

[VSTscalper]

I lived in Redondo Beach - back in my days when I "worked" for a living.