Mariel90 46 Posted March 22, 2022 Price action vs. orderflow Orderflow analysis entails reading the orderflow footprint chart for various signals, whereas Pure Price action analysis entails analyzing raw price action on raw charts without the use of any indicators. The chart could be of any type, but candle charts are the most commonly used. The Benefits of Orderflow It is claimed to desecrate the candles in order to reveal live activity of buyers and sellers on the bid and ask. It is said to be effective in shorter periods of time. Orderflow's disadvantages It only applies to the Ninja Trader platform (I have yet to see it applicable on other platforms) Unless you get a cracked copy, Orderflow software is expensive to buy ;):p Learning takes time. They frequently display different signals on different machines (for example, a buy signal may appear on one machine but not on another, despite the fact that the data feed is the same!!). I've had my own experience with this one, and boy was it perplexing!!! Price Action's Benefits It is unadulterated in its form... (I mean, if a long wick appears in one candle, it will most likely be similar across the board, regardless of the broker, because there will be data variation amongst them.) Unlike O.F, which displays the wick but the data inside the candle is incorrect. It is available on all trading software and thus inexpensive to use. Price action disadvantages It takes time to study and comprehend. These are based on my more than a year of experience with OF. It did not work for me because it was inconsistent (Though I did have some profitable days though I feel price action is more superior) Quote Share this post Link to post Share on other sites
Amante 14 Posted March 22, 2022 Correction is not only available in Ninja Trader, but it is also available in MT5. However, you must purchase the EA in the Market wrt the Footprint charting Sierra Charts also has OF. Quote Share this post Link to post Share on other sites
zardinark 56 Posted March 22, 2022 I've spent the last six months learning price action and have had some success, but not consistency. So now I'm going to try to learn orderflow! Quote Share this post Link to post Share on other sites
FanaticSilverfish 28 Posted March 22, 2022 Yes, price action is preferable to indicator-based signals when trading. Price action is used to supplement your orderlow analysis. Quote Share this post Link to post Share on other sites
NerdyMobs 7 Posted March 22, 2022 The newcomers must be aware of it... OrderFlow is a new algorithm that I've learned. Quote Share this post Link to post Share on other sites
GeekyZombie 15 Posted March 22, 2022 This is fascinating. will find out more Nonetheless, I prefer price action, which is what I am employing. Quote Share this post Link to post Share on other sites
squishde 12 Posted March 22, 2022 Trading is made simple by price action. especially if you use it correctly and with knowledge Quote Share this post Link to post Share on other sites
SideshowEnderdragon 58 Posted March 22, 2022 I'm on the lookout for a good order flow course. Quote Share this post Link to post Share on other sites
mobsCatwoman 36 Posted March 22, 2022 I tried trading using price action, but it seems like smart money always outwits price action, so I'd like to try trading using order flow. Quote Share this post Link to post Share on other sites
WorldThor 8 Posted March 22, 2022 I have not been consistent with the price action technique; if anyone can recommend a good book on the subject, I would be grateful. Quote Share this post Link to post Share on other sites
Bwinn 10 Posted March 22, 2022 For scalping, I recommend Thomas Carter's "Forex Scalping Trading Strategies." For swing trading, Kathy Lien's book "Day Trading and Swing Trading the Currency Market" is a good place to start. Quote Share this post Link to post Share on other sites