Wait, is this actually how people scalp?

[ElectricSavant]

Yeah I got it...those ATR's are just identifying if I trade or not...>50 (I was looking at night trading and sometimes they get larger than 50)

...but I am working from the DOM only...are there any chart thingy's I can use? I can show a profit on Demo but I need more practice...its only been 2 days lol. This TT platform with the VAP is like playing a video game...lol I suspect the fills are a little more difficult live...the DOM will need to reveal those sure set ups that indicate ease of movement in my direction for me to take a trade live, rather than the risks I am taking in Demo. You guys know what I am talking about (I learn quickly).

What I want is my entry with the one-tick target bracket with larger stop (I sometimes tighten up the stop according to what I see on the DOM) to hit right away and exit under a minute with my one-tick target. I am used to a 1:3 risk benefit ratio but with one-tick trading that is impossible. It's just to minimize losses as much as possible so you don't wipe out one hour of work.

ES

P.S. The folks at TT are very nice to me...They act like they know me lol..maybe they are ET users! I can maybe hit them up for a commission rate that would allow me to make some money. They simple make too much money on my trades and I cannot pay them their standard rate if I am to survive. At least now i have something to do while watching my Forex automation.

View attachment 188787

 

[ElectricSavant]

Look...I need a mentor for one day to be on the phone with me on Demo TT. How much would one of you guys charge me? Please PM me. I am convinced I can do this scalping thing.

ES

 

[1a2b3cppp]

Pictures of your tt dom layout?

 

[ElectricSavant]

Pictures of your tt dom layout?

 

[ElectricSavant]

lol... I am replying to myself...but I got an idea, maybe I can use the 6 period ease of movement indicator for additional confirmation...or maybe the 1 period I really do not know (remember I am using M1 charts).

I don't know maybe DOM is enough.

ElectricExlaxTraderSavant

Developed by Richard Arms, Ease of Movement (EMV) is a volume-based oscillator that fluctuates above and below the zero line. As its name implies, it is designed to measure the “ease” of price movement. Arms created Equivolume charts to visually display price ranges and volume. Ease of Movement takes Equivolume to the next level by quantifying the price/volume relationship and showing the results as an oscillator. In general, prices are advancing with relative ease when the oscillator is in positive territory. Conversely, prices are declining with relative ease when the oscillator is in negative territory.

Yeah I got it...those ATR's are just identifying if I trade or not...>50 (I was looking at night trading and sometimes they get larger than 50)

...but I am working from the DOM only...are there any chart thingy's I can use? I can show a profit on Demo but I need more practice...its only been 2 days lol. This TT platform with the VAP is like playing a video game...lol I suspect the fills are a little more difficult live...the DOM will need to reveal those sure set ups that indicate ease of movement in my direction for me to take a trade live, rather than the risks I am taking in Demo. You guys know what I am talking about (I learn quickly).

What I want is my entry with the one-tick target bracket with larger stop (I sometimes tighten up the stop according to what I see on the DOM) to hit right away and exit under a minute with my one-tick target. I am used to a 1:3 risk benefit ratio but with one-tick trading that is impossible. It's just to minimize losses as much as possible so you don't wipe out one hour of work.

ES

P.S. The folks at TT are very nice to me...They act like they know me lol..maybe they are ET users! I can maybe hit them up for a commission rate that would allow me to make some money. They simple make too much money on my trades and I cannot pay them their standard rate if I am to survive. At least now i have something to do while watching my Forex automation.

 

[CALLumbus]

lol... I am replying to myself...but I got an idea, maybe I can use the 6 period ease of movement indicator...or maybe the 1 period I really do not know (remember I am using M1 charts).

ElectricExlaxTraderSavant

Developed by Richard Arms, Ease of Movement (EMV) is a volume-based oscillator that fluctuates above and below the zero line. As its name implies, it is designed to measure the “ease” of price movement. Arms created Equivolume charts to visually display price ranges and volume. Ease of Movement takes Equivolume to the next level by quantifying the price/volume relationship and showing the results as an oscillator. In general, prices are advancing with relative ease when the oscillator is in positive territory. Conversely, prices are declining with relative ease when the oscillator is in negative territory.

Instead of adding some funny indicators, which will add nothing but confusion, I suggest you to add a feature that the TT platform offers that can really give you some additional information that sometimes can give you a very useful hint if you should keep your limit order or if you should cancel it.
It is called the PIQ (position in queue), it will show you how many other contracts are in front of your limit order. Until about 1 year ago this was an estimated value (EPIQ, estimated position in queue), but CME is supporting Level 3/ market by order since some time now, which will give you information about your EXACT position in the queue. EXTREMLY useful in thick and slow markets like the ZN, but from time to time also very valuable in a market like the ES.

You will find it in the settings of your TT platform, it will add an additional column on your DOM.

 

[ElectricSavant]

Ok I added the PIQ column..but it is blank but I do not have a pending order on...I shall see if I get >50 on the ATR 6 and there is a DOM indication of a trade possibility, then I will put a trade on and get back to you. Oh wait this is a demo..let me check.

Es

Instead of adding some funny indicators, which will add nothing but confusion, I suggest you to add a feature that the TT platform offers that can really give you some additional information that sometimes can give you a very useful hint if you should keep your limit order or if you should cancel it.
It is called the PIQ (position in queue), it will show you how many other contracts are in front of your limit order. Until about 1 year ago this was an estimated value (EPIQ, estimated position in queue), but CME is supporting Level 3/ market by order since some time now, which will give you information about your EXACT position in the queue. EXTREMLY useful in thick and slow markets like the ZN, but from time to time also very valuable in a market like the ES.

You will find it in the settings of your TT platform, it will add an additional column on your DOM.

 

[ElectricSavant]

callumbus,

Yeah thanks it works...I got 49 in front of me for my exit...as I neared the exit it dropped to 14...i got the exit for another 1 tick target. what does all of this mean?...what do I compare the 14 to?

es

 

[JSOP]

That's not scalping.

Those traders talking about 4 point target and 10 point stop are just day trading (assuming they're closing their position in the same day they open the position). Scalping is just a sub-group of day trading although the typical day trader can not afford to scalp.

Scalpers usually trade via the DOM (bid/ask/spreads) and most scalpers are automated 100%. They usually look for 2 - 3 tick profit with a high percentage of winners. Scalpers rely heavily on cheap commissions that the typical day trader does not get. Scalpers need their commissions low enough to allow the 2 - 3 tick profits to keep them in the green at the end of the day after the costs of trading. Scalpers use trade execution platforms suitable for scalping very fast...special cable connections or dedicated lines that they aren't sharing with other residences or businesses in the same area they reside. Scalpers typically have trades that last seconds. Scalpers tend to risk no more than 1 - 2% of their capital on each trade.

If you meet a retail scalper...they are typically using charts with time frames less than 1 minute or they're exclusively using the DOM without any charts.

Retail scalpers are usually competing against the best in the business...professional high frequency traders (automated trading systems) and very sophisticated algorithms that execute trades so fast and so frequently that by the time a manual retail trader executes a trade...the HFT will have executed dozens or hundreds of trades in the same time period.

Scalpers that do not have the above...its like bringing a knife to a gun battle (automatic firing with scope).

wrbtrader

That to me is more like HFT with auto trading systems. They are the ones that rent offices that's right beside the exchanges also I guess.

 

[ElectricSavant]

Folks,

If you learn how to read the DOM you can take out one tick all day long and at some times in the evening...I am not kidding you...but have your wide stops in place when you place your bracket entry and be able to slide them close based on a low/high that you pick. Remember one mistake you wipe out one hour of trading.

es

P.S. I am totally new to scalping...but not to trading. I should not get so excited as this is a demo account..my experience tells me that I do not get filled in live the same way...but I continue to practie and try to learn the DOM and where the higher probability ladders are. When I go live this should all be natural and I should not be scared. Some say this could take a minumum of 6 months.