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In this mentored trading session, Brannigan gives a workshop on how to trade with the footprint chart. The first thing to understand is that every coloured box is called a "rotation" and can be set to display as a point-and-figure, imbalance, or time-based chart. Each market rotation shows the actual volume being traded between buyers and sellers, but the colour scheming is what gives the tool its edge.
When you see darker shades appear, this signals a shift in the market interactions, which is what causes markets to move - the physical interaction, not the pictures in the charts. To get better trade executions, we must then wait for this objective fact to appear and tell us that a shift has occurred.
Brannigan gives us a few examples of when to use the footprint trading tool. Breakouts are notorious for false breaks and chopping around a level, while a good breakout typically sustains continuous interaction, which is what the footprint chart shows us.
On the two extremes we have lagging trading tools, like price charts and market profiles, which are very subjective, and on the other side we have leading tools, like the level 3 bookmap and the price ladder, which are very prone to noise and spoofing. We cannot be objective when we can't explicitly decipher what is real. However, the footprint trading tool is based on facts and therefore gives professional traders the confidence in their execution.
Bran also gives example of a flag breakout in the Dax, as well as strategies from the AXIA Footprint Course: the Hiding Behind the Elephant strategy in WTI Oil, and the Accumulation-Distribution strategy.
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