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Trading The SPI - NON-Gann Techniques
- Thread starter wayneL
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Does anyone have any comments about SPI liquidity? I'm usually seeing just 5-10 contracts on offer either side of the one point spread. And usually 60-120 either side up to 5 points away. Does this accurately represent the offers? What kind of fills for limit orders? Most of my trading experience has been on the ES where a smaller trader will not run into issues.
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The SPI DOM is complete and utter BS at the moment.
There is an algo bot in there which controls it these days, performing, NON-STOP IMHO illegal moves, he stacks orders and spoofs it up or down and pulls orders all day long, how he gets away with this.............?
One example, his been doing this a lot lately, he will want to sell, but he wants the bids ALL to himself. So what does he do? He thins the hell out of the asks, pulls them and creates a 2 tick spread and then just sweeps down and takes all the bids himself. This way, traders have to risk going short with size and not being able to get out, without paying up 4-5 levels.
Trembling Hand
Can be found on the bid
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yep its a lot of fun now
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yep its a lot of fun now
Yeh, reckon you just have to work out what his trying to do, bite the bullet and hold on.
A couple of days now, I have hit 10 short, he has pulled the asks, and there was like a 1 lot 3 ticks away, above that a 3 lot and above that like a 5 lot. Rediculous market to have to pay up 6 levels to get out of a 10 lot........WTF!!!!
That being said, his made me a far more proficient chart reader!
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No because there are orders that are sitting in the order platforms of market participants. Theses orders wont go to market until the price is there. That way, they aren't visible to everyone.
How can he thin out the asks? Can you put up a video showing this move?
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He can, because he is a lot of the orders sitting in the book, which are nearly all fake. Sorry, Naked, don't record so can't show any video. Just watch the SPI DOM, you will see it no doubt.
Mr J, on that 60-120 lots sitting away from market, this is a trick done IMO to gaugue who wants to do what. If it's sitting on the bid, someone wants to see if there is a seller there, if there is, he will trade towards this level to take the fill.
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I have noticed this happening and the market usually doesn't seem go back into the thin side, at least not for a prolonged run. If I wanting to go long and see extreme thinness on the offer, I am more likely to reconsider the trade. But then, if he reads ASF, he might change his tactics now.
I have found SPI DOM very difficult to read. You think you've got something useful, and suddenly it's all changed. Found some threads at ET on DOM, but it doesn't seem to work that well in the SPI.
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I have noticed this happening and the market usually doesn't seem go back into the thin side, at least not for a prolonged run. If I wanting to go long and see extreme thinness on the offer, I am more likely to reconsider the trade. But then, if he reads ASF, he might change his tactics now.
I have found SPI DOM very difficult to read. You think you've got something useful, and suddenly it's all changed. Found some threads at ET on DOM, but it doesn't seem to work that well in the SPI.
Jesus, you must have spent a while at ET to find some information!
ha ha. That place is off the planet!There is a little over at Traders Laboratory also on DOM (or tape reading). It's more about looking for big size coming in at particular levels. Half the time these days, they will just sweep it through the level on the SPI though, so if your not on it already, it's near impossible to get on.
I'm not sure I'm glad I asked. I guess I'll have to find out for myself how it's going to affect my trading.
I thought all I'd have to put up with is maybe a 2 point spread. I don't understand any of this very well, but it sounds like this could completely screw a trade. How much does it affect your efficiency?
I thought all I'd have to put up with is maybe a 2 point spread. I don't understand any of this very well, but it sounds like this could completely screw a trade. How much does it affect your efficiency?
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If your position trading, it won't make much of a difference. It only will to scalpers who are trying to trade the noise.
How does it affect my efficiency? Funnily enough, it's forced me to be more efficient!
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Ah, the noise won't matter to you then, but yes, liquidity is not the best. You will suffer slippage at times with any kind of size.
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Jesus, you must have spent a while at ET to find some information!
There is a little over at Traders Laboratory also on DOM (or tape reading). It's more about looking for big size coming in at particular levels. Half the time these days, they will just sweep it through the level on the SPI though, so if your not on it already, it's near impossible to get on.
LOL - I didn't spend that long at all to find it. I think I followed a link someone posted on ASF to T2W and a link from there to the relevent ET threads. More like a paper trail. It took far more time to go through the ET info. I still have those links if you would like them, but I'm really not sure how helpful it is for the SPI.
Will check out TL sometime - thanks for the info.
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Thx Sails, I will be ok. Just like on charts, I think most information on DOM is just gathered by watching it.
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Is it possible to effectively/successfully scalp the ES being based in Australia?
Or is connection speed to slow due to distance?
Or is connection speed to slow due to distance?
CanOz
Home runs feel good, but base hits pay bills!
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Should be no problem Largesse, however i cannot speak from experience in scalping, only using the IB platform, trading US Stocks and watching the DOM on the ES.
Interesting point though.
CanOz
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Unsure.
I think in the extremelly busy and fast periods in the US timezone, connection speed may be too slow if you are truly scalping.
Though to me, the Europe session in the night S&P looks better, smoother price action.
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