Do you really need any indicators when it's all about order flow?
MUST HAVES FOR ME
Step 1: The chart below only has one indicator: a line, that for me, defines the mean - a smoothed 66 WMA.
Step 2: Figure out what I want to see in the order flow and configure my indicators so I can see when when those events appear.
Step 3: Write out my trading plan that defines the setup or trigger bars that are required for me to enter a trade.
GOOD TO HAVE
A. As I am often more than 100ms away from Rithmic or CQG or IB which fill my orders, I have a colocated dedicated server that hosts my platforms. A VPS is second choice if price matters.
B. Shark Indicators to semi automate my trading - Hybrid Trading. This gives me speed of entry. As the context meets my requirements, I arm my Shark Indicators by a single click and when the setup trigger appears my order shoots out. My current setup has almost no slippage. My server is running a Ryzen 9 CPU and I am close to where the orders fly.
THE TRADES
I have a line that is the Mean. That same line shows the trend of the chart of my periodicity. The attached chart has the free Renko from Ninza. It gets rid of a lot of noise while being true with the order flow.
I can have only these 5 positions in relation to the mean:
Above the mean in an uptrend
Above the mean in a downtrend
Below the mean in a downtrend
Below the mean in an uptrend
Chopping around the mean in a sideways market
I can have only two types of trades from any one of those 5 positions:
Outside in (against the trend)
Inside out (with the trend)
Order flow in context defines when
and which trade I make in accordance with my very specific trading plan.
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