(wow) Words Of Wonders Level 887 Answers – You’re about to learn how I used footprint charts to reinvent my trading career. Then I made seven figures as a trader!
After reading this post, you’ll understand critical edge footprint charts to help you build context around your trades, validate them, and improve your entries and exits.
(wow) Words Of Wonders Level 887 Answers
In 2008, I spent 5 years in a professional trading career at GPC in Chicago. Most of the companies II. We were pure traders.
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II Level Budget gave us the ability to read order flow and determine logical levels for breaks and profit taking.
II I would use the level to identify when large buyers or sellers have entered the market and created imbalances, as well as to identify key support and resistance levels.
I benefited from watching other time frame traders as they entered the market or charting the S&R levels that I knew many short term traders were exiting. I would cover my position in their panic.
Then things changed very quickly… In 2008, algorithms began to take over most of the trading volume. As a result of Algo, many fake or bogus orders were advertised in II. level, those who would be removed II. making the level VERY transparent and very hard to read.
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Like most other failed secondary traders, I reached a point where I had to develop new strategies or my career would be over.
Trace charts have recaptured market supply and demand for me. Graphical traces allow interpretation of order flow, in the past II.. I used such double quotes. Let’s look at some basics and how to read a tracking chart.
The price you have to pay when you want to buy a security is the ask price (the price the other party is asking for). If you want to sell, the price you get is the bid (the price the other party is bidding at).
In the above example, if you wanted to sell an eMini S&P 500 contract, you would get a price of 3010.25. If you want to buy it, you would pay 3010.50.
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Note: Buying with a market order is called accepting the offer or removing the offer. Selling with a market order is called bidding.
Next, let’s look at trading DOM, Market Depth. This screen shows all remaining limit orders in the market (advertised prices).
Since the introduction of algorithms, many orders in the ledger are never traded. Algorithms constantly add and remove orders, reducing transparency.
Graphical traces give us the opportunity to see the data that really interests us, the commands that are being executed. There are no announced transactions in DOM.
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In this post I will be looking at the eMini S&P500 as it is the main contract I trade. However, trailing charts are valuable when trading all markets including stocks, currency, oil, digital currencies and gold.
The chart above is a very simple footprint (bid/ask footprint) chart of ES using a 5 minute time frame.
In the candle above, the closed transaction highlighted in green is the volume that occurred as a result of market orders affecting supply.
Since the bid consists of the bid price and the ask price, you should look at the diagonal chart.
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When the quote was 2874.00 x 2874.25, 113 contracts were traded at the bid price of 2874.00 and 173 contracts were traded at the bid price of 2874.25.
A control point, also known as a POC, is the price level at which the highest volume is traded for a given session.
We will use a control point to determine whether buyers or sellers are aggressive in a given session and to identify areas of support and resistance.
When buyers are more aggressive than sellers, the price rises. If sellers are more aggressive, the price will fall. AMT Theory 101.
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Wouldn’t it be useful to be able to quickly see when big buyers or sellers are entering the market? You can!
Buy imbalances are highlighted in green because they occurred in the bid and were more than 300% above the corresponding bid.
Income imbalances are highlighted in red because they occurred during the offer and were more than 300% above the corresponding offer.
Note: I use 300% to buy and sell my imbalances. Most charting packages allow you to change this.
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607 You will notice a purchase imbalance highlighted in green. A total of 607 jobs were performed within the offer, compared to 174 within the offer.
607 / 174 = 3.49, which is over 300% imbalance, so the offer is highlighted in green.
Graphic prints have many types and variations. If you decide to include them in your strategies, you’ll likely use several variations. Let’s take a look at the main ones and consider each of their benefits and how you can use them.
The most common footprint chart is the bid/ask footprint. (Above) It should look familiar because you’ve seen it before.
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The biggest advantage of the bid/ask footprint is the ability to identify buying and selling imbalances. We’ll cover some examples of how you can use imbalances shortly.
Delta volume is the difference between buying and selling capacity. Volume delta is calculated by taking the difference between the volume traded at the bid and the volume traded at the bid.
If delta is greater than 0, buyers are aggressors because more contracts are traded in the bid than in the corresponding bid.
If delta is less than 0, sellers are aggressors because more contracts are traded in the bid than in the corresponding bid.
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The bid/ask chart we just looked at has the same timeframe and timeframe as the delta trace. Let’s compare the candles opened at 14:05. and you can see how the delta is calculated.
At the lowest price on the bid/ask curve (left), you can see that there were 52 bid trades and 0 bid trades.
Note: Note that transactions that occur at auction are a seller’s attack and will reduce the delta. Where trades are bid because they indicate buyer aggression and increase delta.
A third type of curve chart is the volume curve (above), also known as a volume curve or volume profile bar. The volume profile shows the volume traded at each price level for the custom session. The blue color in the chart above represents the trading volume at each price level in a given 5-minute session. (POC is marked in gold)
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Personally, I use long-term bid/ask charts when looking for imbalances to buy or sell to distract from fair value. I don’t use delta prints just because I have a cumulative delta indicator on my scalping chart.
Finally, I use volume profiles (volume trace) to determine if the price is unbalanced or balanced and to identify support and resistance levels.
You now have a basic understanding of imprint diagrams and how the different types are made. Next, let’s see how you can apply these charts in your trading.
In the table above, you can see the cumulative purchase imbalances highlighted by the white rectangles. Accumulated buying imbalances indicate strong buyer aggression, suggesting a possible breakout or continuation of the uptrend.
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Below you can see the cumulative sales imbalances highlighted in white rectangles. Accumulated selling imbalances indicate strong seller aggression, suggesting a possible breakout or continuation of the downtrend.
During the day I like to have a broader bid/ask footprint to determine support and resistance levels for unbalanced stacked areas to move forward. Note how price is reverting to the cumulative imbalance created at 10:00 on the 30-minute chart below. The price briefly touched the disequilibrium zone and was immediately rejected and the uptrend resumed. This is logical because we already knew that there are aggressive buyers at this level.
Ascending auctions (rising movements) end at a price level where no active buyers are willing to buy. The price has become too attractive for buyers. Also, bearish auctions end at a price level where there are no active sellers willing to sell. If one of these cases occurs, we will hold a closed auction.
We can use the supply/ask trace chart to determine when this situation occurs. Completed auctions have zero high bids or zero low bids. Zero supply tells us that the price could not rise because there were no passive buyers willing to buy. The auction is over.
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If the offer contains 0, we can also see that there were no passive sellers.
At the lower end of the green bar (below) we had a price level of 419 contracts
