[DionysusToast]

Here is my take on it.

It is possible to scalp off the DOM, no question about it.

It is possible to take position day trades off the DOM. I do it on the Treasuries and although a chart isn't used a volume profile is. XTrader has a volume profile on the DOM as fo a lot of other products. From this you can see highs/lows and areas that it cut through like butter as opposed to areas where there was a lot of consolidation. Long term charts are also used but not necessarily referenced intra-day. Look at a longer term chart, remember the most relevant price points. Job done.

You also do need to have a decent short term memory as it helps to know where price got stuck throughout the day.

The more intra-day swings an instrument puts in the LESS you are able to rely solely on the DOM. Or rather, the less I am. The treasuries put in very few intra-day swings but CL puts in 30 or more. It is these swing points that are also pain points to a lot of other traders.

On an instrument like the ES, I cannot trade purely off the DOM. I need to be able to see the intraday swings. In an up move, you might see an iceberg on the offer and 3-4000 contracts hit it. Still, it'll just carry on up, cutting through like a knife through butter. On the other hand if it's pulling back down in an up move and you see the same thing on the bid, it's a good opportunity for a long.

Everyone uses it in a different way. For me, I need context and in the treasuries the volume profile is sufficient. On the ES, the volume profile is not sufficient, so I use an intraday chart too.

For CL/YM - not my cup of tea. Very different from reading DOM on a thick market, although I keep promising myself to have a serious look one day.

[elovemer]

you don't need a chart to put an order in to buy below friday's low

[Obsidian]

yea you don't need a chart to lose money.
it is like playing chess without a board...besides it does not give any benefit other than satisfying ego...imvho

[winstonsmith]

LOL at the notion of trading - especially daytrading - without a chart....

This is like Mr. Miyagi trying to catch a fly with chopsticks...

You might get lucky, but 99.99% of the time, things aren't gonna turn out well.

[evroom1]

I wish I would have posted the orginal question differently. Instead of "is trading off just the DOM possible" It should have read "How does one trade using just the DOM?"

For those that posted that way I wish to thank you all. For the rest I hope you did not waste too much of your time.
The fact is trading just using the DOM is possible but not easy. Looking at a chart provides so much more information at a glance than any DOM. Get your action numbers from a chart then close down the chart and wait for your numbers to show up on the DOM. Then take the advise of a good floor trader and learn to read the BID Ask to sharpen your entry if that helps you.

In my research I found that most traders that claimed to trade from just the DOM always used some other additional information as well. Think algos. Think open close or many others.
Good trading to all

[elovemer]

you don't need a chart to put an order in to buy below tuesday's low

[anituchka]

I know somebody who uses automated strategy and no chart at all. The person who I know, uses Excel that tells him when to enter and exit.

[Obsidian]

Originally Posted by anituchka »

I know somebody who uses automated strategy and no chart at all. The person who I know, uses Excel that tells him when to enter and exit.

if we could store all of those price data in our brain, we would not need charts...charts are visual output of historical data