(wow) Words Of Wonders Level 2651 Answers – You are about to learn how I used track charts to reinvent my trading career. After I already made 7 figures as a trader!
After reading this article, you will understand important edge track charts that will help you create context around your trades, validate them and improve your entries and exits.
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2008 marked the 5th year of my professional trading career at GPC in Chicago. Most of us in the company are pure level II traders.
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Second level quotes allowed us to read order flow, as well as set logical levels for stops and take profits.
I will use Level II to identify when big buyers or sellers are entering the market, as well as key support and resistance levels.
I have profited by watching other time frame traders as they enter the market or pull out S&R levels that I know are skewed like the exits of many short term traders. I will cover my position in their panic.
Then everything changed very quickly… In 2008, algorithms began to make up the majority of trading volume. This algo resulted in Tier II advertising many false or fraudulent orders that would be pulled, making Tier II less transparent and much harder to read.
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Like other pure level II traders, I reached a point where I had to develop new strategies or my career would be over.
The Footprint chart brought market supply and demand to me. Track charts allow you to explain order flow, as I used in the past with second-order quotes. Let's go over some basics and how to read a track chart.
The price you pay when you buy a security is the ask (the price the counterparty is asking for). If you want to sell, the price you get is the bid (the price offered by the other party).
In the example above, if you wanted to sell the eMini S&P 500 contract, the price you would receive is 3010.25. If you want to buy, you will pay 3010.50.
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Note: The act of taking a market order is known as accepting an offer or taking an ask. The act of selling a market order is called a bid strike.
Next, let's look at the trading DOM, which represents the depth of the market. The display shows all limit orders remaining in the market (advertised price).
After the implementation of the algorithm, many orders will not remain in the book. Algorithms constantly add and subtract orders that reduce transparency.
Track graphs allow us to see the data we are really interested in, order execution. No operations advertised in the DOM.
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Throughout this post I will refer to the eMini S&P500, as this is the main contract I trade. However, track charts are valuable when trading any market, including stocks, forex, oil, digital currencies and gold.
The chart above is a very basic trace chart of ES (Bid/Ask Trace) using a 5 minute time frame.
In the candlestick above, the closed trading volume highlighted in green is the volume resulting from the market order hitting the bid.
Given that the order consists of the bid and offer price, you should look at the chart diagonally.
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When the price quote is 2874.00 x 2874.25, 113 contracts are bought at the rate of 2874.00 and 173 contracts are bought at the price of 2874.25.
A point of control, also known as a POC, is the price level at which the highest volume level is obtained for a given session.
We will use control points to determine whether buyers or sellers are aggressive in a given session and to identify areas of support and resistance.
If buyers are more aggressive, sellers' prices go up. If the seller is more aggressive, the price goes down. Office Theory 101.
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Wouldn't it be helpful to quickly visualize big buyers or sellers entering the market? You can!
Buy imbalances highlighted in green occur at bids and are 300% higher than the corresponding bid.
Highlighted in red are selling imbalances because they occurred during the bid and are 300% higher than the corresponding bid.
Note: 300% is what I use for my trading imbalances. Most charting packages allow you to change this.
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In 607 you will see the purchase imbalance highlighted in green. A total of 607 trades took place on the offer, but 174 trades were executed on the offer.
607 / 174 = 3.49, over 300% imbalance, so the bid is highlighted in green.
Track charts come in many different types and styles. If you decide to incorporate them into your techniques, you will use more than one variation. Let's take a look at the main ones and discuss the benefits of each and how you can use them.
The most common trace diagram is the bid/stop trace. (Above) This should look familiar because that's what you've seen so far.
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One of the biggest benefits of bid/stop tracking is the ability to see buy-sell imbalances. We will shortly go through some examples of how you can use imbalance.
Band delta is the difference between buying and selling power. Volume delta is calculated by taking the difference between the volume sold at the bid price and the volume sold at the bid price.
If delta is greater than 0, buyers are aggressive because more contracts are bought in the bid than the corresponding bid.
If delta is less than 0, sellers are aggressive because more contracts are traded on bids than on relevant bids.
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The bid/offer chart we just looked at has the same time frame and duration as the delta track. Let's compare candles that open at 14:05. You can see visually how the delta is calculated.
In the bid/offer track (left) you can see that there are 52 bid trades and 0 bid trades at the lowest price point.
Note: Remember that trades above the bid indicate seller aggressiveness and reduce delta. An increase in delta where the bid bids represent buyer aggression.
A third style of track chart is the volume track (above), also known as a volume impression or volume profile bar. The volume profile shows the volume of transactions at each price level for a given session defined by the user. In the chart above, blue represents the volume traded at each price level for a given 5-minute session. (Poxes are highlighted in gold)
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Personally, I use long bid/ask charts when looking for trade imbalances to move away from fair value. I just don't use the delta track because my scalping chart already has a rising delta indicator.
Finally, I use the volume profile (volume trace) to determine whether the price is unbalanced or balanced and to identify support and resistance levels.
It is important to note that trace graphs are extremely data intensive and will require a dedicated data stream. Here is a post that covers market data in depth.
Now you have a basic understanding of creating a track graph and the different types. Next, let's see how you can start applying these charts to your trading.
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In the chart above, you can see the accumulated buying imbalances highlighted by the white rectangles. An accumulated buying imbalance indicates a potential breakout or continuation of an uptrend, which indicates strong buyer aggression.
Below you can see the accumulated sales imbalance highlighted by the white rectangle. Accumulated sell imbalances indicate strong sell aggression, indicating a potential breakout or continuation of a downtrend.
I like to keep a supply/demand trace open throughout the day to push forward stacked imbalance zones to identify support and resistance levels. Notice how the price bounced back from the 10:00 accumulated imbalance on the 30-minute chart below. The price briefly touches the disequilibrium zone and is immediately rejected and the uptrend continues. This makes logical sense because we already knew there were aggressive buyers at this level.
An upward auction (bull movement) ends at a price level where no active buyer is willing to buy. The price was to the hearts of the buyers. Similarly, a bearish auction (bearish move) ends at a price level where no active seller is willing to sell. When one of these occurs, we hold a closed auction.
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We can use a bid/stop trace diagram to determine when this situation occurs. At the end of the auction, there will be zero bids at the high price or zero bids at the low price. A supply of zero tells us that the price cannot go up one bit because there are no passive buyers willing to buy. The auction has ended.
Likewise, we can see
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