The real beauty of this demonstration is the simplicity. It's maker clearly understands their intended audience well in crafting this example, which animates, in a direct, succinct and properly paced fashion, documented theory providing ample material for further study. Note: If one studies "absorption" as described on charts (With the focus primarily on price/volume/support/resistance), they are seeing past executed transactions that form relevant patterns. This video shows absorption happening in real time, of which many of the principles are similar, but the action with respect to the order book (Which one cannot see if only using charts) is just as important as micro-term patterns of executed transactions. Having watched many other demonstrations that I found useful, this is among the finest. My compliments!
This is gold. I'm a fan of your work and can't make this nov2019 session. But will save and i look forward to taking your training in 2020. All the best to you. Thank you for posting.
@@ttwtrader I trust you, I'm just confused.. when I edit that column (inside Bookmap), I can choose to hide the bid or hide the ask. When I hide the bid, the green bars go away. Suggesting that the green bars are transactions on the bid. What am I missing?
@@mo938 This is Volume Profile. You can add a DOM in BM. This is an normal DOM. You have BID (left) , ASK (right) and inbetween the traded volume on BID and ask. This represents a dual auction. Buyers are lifting the offer, and sellers are hitting the bid. It is easy.
"High liquidity in the book indicates resistance", it is very dangerous to make this assumption in a place where mostly retail traders do watch, and obviously if you are a pro trader you know what i mean...
LTHL (Long Term High Liquidity) means something. It is not there by chance. LTHL acts as an attraction point or level in the market - either resistance or support. Every market need "energy" aka liquidity to transact. Don't know what you mean by dangerous - it's a fact that liquidity is a driving force for every market. Most retail traders are not consciously aware of this fact because candle charts (or similar charts) are not built to present markets underlying.
Not exactly. Absorption is when market orders are absorbed by liquidity. IceBerg orders are orders which are hitting the market order and which all are not visible in the book. IceBerg orders can absorb market orders, though.
Absorption is not same as reloading. Absorption means absorbing, taking all market orders either by limit or resting orders until nothing remains. Though, volume can be absorbed by resting limit orders or by refreshing orders like hidden orders aka icebergs.
Hi, yes you can do that easily. See here: ttwtrader.com/2019/05/27/how-to-add-an-order-book-to-bookmap/. Simply follow the instructions described in the blog. You can do the setup in few seconds.
