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snackly
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So MetaStock carries Reuters FX meaning the feed should match exactly what comes over the Reuters X3000 terminal?
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I haven't done any studies, just observation of the EUR/USD. There was some wild spiking of volatility in price in 10 minute and lower time frames. Over 100 pips in one hour last night, sustained over several hours. This is not typical volatility is it?
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What is the principal reason that Sunday opens seem to be so volatile lately? Does anyone trade these sessions or do they wait until more regular liquidity returns during the week?
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Thanks for the feedback and don't worry about me. I am here asking endless questions because I would not trade any instrument without understanding it to the fullest. If you read my posts in the other threads about FX ecns you'll see I've added some useful color to those discussions based on my 2 months of rigorous research. I intend to do the same with futures. In any case trading stocks would not he'll me as I have no intention of trading equities futures. I am interested in FX only, spot, futures and options. Many thanks, and btw my prior post contained a typo, using does instead of doesn't. You made it clear that volume doesn't drive price of futures. I got that, many many thanks for taking the time.
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Is There an App I Can Use Just to Get Time and Sales from IB?
snackly replied to snackly's topic in Brokers and Data Feeds
But IB does sell data from the exchanges. You can tick off every exchange feed that you want, for a price. Why isn't T&S included for CME Futures/Options? Why do I have to go out of band to get it? That doesn't make sense. And also the 5 times per second, that is for quote data ticks, there is no streaming T&S. You have to query in a window from a minute ago. I appreciate your candid suggestion though. Yes I have determined that I will be needing up to date streaming time and sales. Given that, where is the best place to get it? I did notice that IB offers a CME Floor feed. Is that the same thing? -
You make great points. Sorry for cluttering this section with this question. It seems I may have misjudged the technique. I have been reading the book Wyckoff wrote about being a tape reader, and I also have a book called Charting the Markets, the Wyckoff Way, or whatever. Can you suggest what might be the canonical reference for this method? Is tape reading alone with the purpose of finding supply/demand point not enough to constitute the full method? Guess I better do some more research.
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Is There an App I Can Use Just to Get Time and Sales from IB?
snackly replied to snackly's topic in Brokers and Data Feeds
Now I'm being told that IB doesn't offer streaming time and sales!!! Wth? That seems like a major flaw in their platform. I'd also mention that my original post should have been more clear. I am looking for anything but TWS, which I have found to be a kludgy, slow and just unbearable user experience. -
Sorry I guess I didn't realize the term "smart money" was not a Wyckoff term. I think that's a bit odd since he refers to the composite man, or the professionals. I mean is there that much difference? It would seem at least that term of general meaning is transferrable between Wyckoff and VSA, but what do I know. As I said I am new and absorbing tons of info from both camps and it can bleed together. Thx.
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THx! I think that is the most salient point. That the volume on the futures does affect the price of the futures since its derived from the underlying. But you're also saying that despite that the volume of the futures is indicative of the direction of the underlying in the immediate term and therefore indicative of the value of the contract. Have I gotten that right? It is then fair to say that informed traders are moving volumes of contracts based on their professional and informed views of what the underlying is doing?
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Right, I'm not at the point where I don't trust it. In fact I am very much buying it. Please don't take my questions as a means to criticize it, I'm just looking to pose the devil's advocate type of question to see how much folks have thought this stuff out. I appreciate the answer. However I should point out that in the equities world, what would stop the dumb money from shorting after giving up all their shares to the accumulating smart money would of course be the lack of outstanding shares in the market. At least on a theoretical level Wyckoff works better in equities it would seem. But it sounds like from the feedback that people feel it works just as well in futures, including FX futures? What's interesting though is that FX Futures should correlate 99% to the spot rate, correct? And the spot rate drives the future. So the accumulation of the FX futures contracts should coincide with the smarter understanding of the current and immediate direction of the spot rate, and therefore the lack of interest from smart money would probably have a profound effect on the ability for dumb retail FX traders to short a major pair and make it go down. It simply couldn't happen due to the imbalance. Am I getting that all right?
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I have IB setup to do spot FX through their IDEALPRO ECN platform. The S&P rating and the Loyds of London insurance adds a nice feeling of security. Check out this page: http://www.interactivebrokers.com/en/general/education/pdfnotes/PDF-FXTrader.php
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I am using MultiCharts which I like perfectly with my IB. And I'm using ButtonTrader for order entry. I basically need two more windows, one is Time and Sales and the other is a window showing my current IB account details (margin, equity, etc.). Is there an app out there that I could just use for those two purposes?
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I am wondering about the technical end of this. For example, is it better to have a broker's tape feed that is never latent, such as InteractiveBrokers which gives approx 5 updates per second, or to have a feed like ZenFire which supposedly gives the full stream of ticks but can lead to bandwidth overload and latency? I guess for Wyckoff the pure tick stream of quotes is not terribly important, its the time and sales that constitutes the tape, right? Does anyone know if the time and sales of any one broker is better than the other? Speaking mainly about CME Futures for the sake of argument? Thx.
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What is the answer to the OP's question. Does the merger cause prints to be consolidated as he described? If it will/does, doesn't that mean the end of tape reading on this exchange as far as volume is concerned?
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So essentially the accumulators or smart money in the derivatives markets are buying the contracts at the low prices from the dumb money. At the point at which they've bought most of that they've effectively deprived the dumb money from selling further and from selling much of anything to each other both at the psychological level and at the material level since they've bought most of the contracts that dumb money had been holding? Hence at that point the price begins to rise as the smart money withholds their inventory? What's to stop dumb money from shorting the contracts after they've sold the ones they held to smart money, further depressing the value? I guess it is just because its so unlikely for the composite dumb to think in that way where as the composite smart knows better? Am I still wrong in thinking that the Wyckoff method or supply and demand have more demonstrable at the material level with equity issues? And btw, I am talking about FX Futures although I suppose it shouldn't really matter. And thanks to all who replied, much appreciated!