I am not sure whom you are asking specifically, but I am willing to elaborate on my previous post. I base treasury spreads, off off things like price action, my opinion on the shape of the curve at a particular time, overall bond market direction, and outright contract movement. An example: I feel like the NOB 10vs30s is a buy because 10yr is at hitting support, which i think will hold, so right off the bat, I like the 10yr. If I also like buying the NOB, based on NOB charts etc, Ill hedge my long 10yrs with short bonds. This is done in a particular hedge ratio of cours, not a 1x1 spread. Also, simply an example, not an actual opinion. Other things that may trigger a trade, is a quick move in a spread. Example: FIT is trading -.25, and with a quick market order in an otherwise dull market, it sweeps to -1.50, that would be something I would look at. These are two basic examples, in an other wise very complicated trade. Becasue honestly, more often than not I am not even thinking about what I am basing trades off of, I am just trading. And when you get a good flow going, it just comes naturally, you know, when you have a good feel for the market. Hope this helps, again, very vague basic examples. Good Luck!