Adding conviction to your trade: spot institutional size | JTrader | Pro Trader Webinar
Channel: Bookmap
Date: 2018-11-06

JTrader explained how Bookmap can help you to add conviction to your trades as it does for him. 
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He has experience in trading 30 to 40m Euro volume each month, going over 400m per year. He mainly trades Futures, US equities, and options.

Using a chart of Aytu Bioscience, Inc. (AYTU) for November 5, 2018, he pointed out how the Iceberg indicator was showing a large, institutional sell order being hidden from the order book. This was happening right at the market open. At the same time, the tape showed sellers stepping in. 
Zooming into the chart using Bookmap, JTrader revealed that there were large, green volume bubbles at the open (buying volume). These bubbles were occurring at a red area on the heatmap, showing that liquidity was absorbing the market orders. The price failed to break above this line of liquidity, and the price began to fall. JTrader called this a “soak.” This is something he looks for on a daily basis as a signal to go short. 

When he saw this “soak” occur at $489/share, he went short at $480 and added to his position at $477, $475, and other increments further down. This led to a successful trade. 
A key lesson from JTrader: to trade successfully, pay attention to order book flow.

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Disclaimer:  
Futures trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing one's financial security or lifestyle. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past Performance is not necessarily indicative of future results.