I also doubted if tape reading was working because: no 2 scenarios are exactly the same. But tape reading does work and it does help make good decisions: to take trade or not and provides entry with a small risk. High probability trades.
Thanks. I'm good to here that you wouldnt of taken the trade to. I feel like I have learned a lot this week. The videos really helped! Im so excited I want to trade on my real account. I open an account 2~ months ago and havent made a trade yet because I dont feel im ready. But Im afraid my broker will get mad if I dont make a trade so I think I should probally at least do a trade. Scared to do the first trade...Any advice?
I must to stop you from doing such things like HAPPY REAL trading)))
Lets see you on the simulator for a month. Adjust your new skills and learn them well. It is not time to go to real believe me. I know how you feels and i know what it ends)))
Hold your horses till the right moment, you do not need to hurry, of course if you not will die tomorrow)))
You think you learn, buuuuuut this is not right. You just one step closer
Lets do such thing. Make your trades and record video with them and upload here. Bad and good best and worse.
Lets see what you got ))))
I take your best shot))))
The following user says Thank You to bloom for this post:
Hey! I was thinking the same thing! I think criticism is a good thing. Feel free to criticize. Its gonna be like the videos I posted just with me trading. But I think i'm going to have to use a 4 tick stop. This may get ugly.
i watch for 50+ participation in my tape (filtered to 50+) while watching the footprint (6 tick reversal with no filter). i look for participation of the bigger guys on all moves as obviously i don't want to fade them unless....
there is a feeling to watch the order-flow - you have to go with it, knowing with each micro swing who is participating and what is coming in and how the market participants are reacting: absorption, small prints. did they take it up and buying cut off? did they take it up and buying increased dramatically, but no huge relative gain was made and now buying is shutting off and larger sellers are becoming more and more active?
WHAT IS IMPOSSIBLE TO ACCOUNT FOR IN DISCUSSING THE ORDER-FLOW IS CONTEXT AS WELL AS THE UNIQUENESS OF EVERY MOMENT IN THE MARKET. it can only be hinted at, but it's impossible to describe. you need a foundation of something to look at from which to start to learn how to read order-flow.
again, i use the 6 tick reversal footprint with a edslevel2 indicator on it (the DOM, visually), and a tape with a 50+ filter. i also have the 5 second up with a volume, a delta volume, and a delta volume momo indicator up (doesn't really help as i can see just as much when watching the footprint and tape).
Okey man. I think it would be interesting for all thread readers how youll make it. How about to use stop out based on situation? Lets say you will exit as you feel the situation changed.
I think this would be very interesting as all of us use tough SL, and another trading behavior and its results may be very interesting for you and forum too.
I ll help you and will do for you analyses for a day. Let say fundamental news> important prices> and you will observer of where buyers comes and where sellers and you would change your behavior and adapt your trades as the market will changed. And of course you will do such things based on your tape reading skills and theory you have learned. Also trade 2 or more cars(lots) so we can see how it works. 1 car scalp and runner as long as it possible.
Do you like my proposal?
I dont know if Im capable of that. Ill try. I want to put my stop to breakeven as soon as possible but not to early. Can I move my stop to BE in the DOM? How?
I was thinking a good target would be the next level but try to see if there are any roadblocks along the way.
Yeah, lets see what happens. If I fail at least I tried. If or when I trade for real 2 lots would = $25/tick. With a 4 tick stop thats $100 risk. I have $2500 account. So that would be a 4% risk. Is it too big of a risk or fine?