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Tape is my shape (tape reading, time and sales)
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Tape is my shape (tape reading, time and sales)

  #461 (permalink)
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Are they available for download here? Can I have a look at them?


monpere View Post
I've created a couple of indicators based on time and sales, but since I am not a tape reader, I've not found the information they present useful. One of you guys need to learn how to write code, so you can create a good indicator!


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  #462 (permalink)
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Questions

Anybody please answer my 3 questions:

1.For Intraday trading, Do the pros establish long/short positions within trading ranges first, and then perform markup/markdown?

Or all they buy is what they buy while marking up only? Do they start markup right from the first lot they buy? In other words, they mark up and accumulate simultaneously?

2.If you see large limit orders at round/whole numbers(price levels like 855/900 etc......as compared to price levels like 853.60/851.35 etc.), how much likely is it that it is coming from the public? Do the pros put large limits at round/whole numbers too? If yes, do they do it for real trading or just faking to the public?

3.There are many groups of professional traders.Some of them execute trades intraday,while others take longer positions like weeks or months. Are the longer term professionals financially more powerful than the intraday professionals? Does the 2 groups compete against each other or they work in harmony? I mean,does the intraday professionals sometimes face losses because of the activities of the longer term professionals or vice versa?


Last edited by rocky9281; August 5th, 2011 at 11:21 AM.
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  #463 (permalink)
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DionysusToast View Post
What were you looking for?

For me - I think it is very useful at spotting reversals AFTER they occur. In a down move, you can keep trying to buy the bottom but that can be painful. On the other hand, you can often see on CD that a move up has a LOT more participation, in that case, you can start to think about the next move down as a retracement and not a continuation.

It also helps to show a certain type of manipulation. I had a lovely pic of this but I managed to lose it. It's on another forum & I keep meaning to dig through my old posts to find it. Anyway the upshot was, a LOT of selling - I believe somewhere in the region of 30k contracts but price wasn't moving down. DOM was stacked on the offer too. Anyway - upshot was we were near the high, people were shorting and the market was barely moving down - so someone is also accumulating. Delta was going down, market wasn't.

In this case - you pick a side. Do you side with all the people throwing short market orders or side with the people buying them? I'm for siding with the guys who are making a play, being discreet, sucking stuff up without making it too obvious.

Again, it's about 'getting a read' and not a setup. Divergences can be handy on CD too but I need another reason to enter on top of that.

I mainly looked at it for divergence, and I found that Cumulative Delta divergence was no better then divergence from any other indicators, and was worst then some of the better divergence indicators. So, it did not add anything to my trading. I've never been able to determine any reliable systematic patterns just by looking at the bid ask numbers on the gom ladder.

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  #464 (permalink)
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Cool you got a video! The only thing I understand is - panimayesh?. And the answer is no, I dont understand.))) To make your video appear on the forum you have to put it like this - [y t] put the video url here [/y t] - Get rid of the spaces between 'yt'. I had to put it in because it wouldnt show up.

And try to make video quality little better next time.))) What software do you using? I know good settings for Camtasia if you need.


Last edited by pbylina; August 5th, 2011 at 06:27 PM.
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  #465 (permalink)
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DionysusToast View Post
This an impressive trade.

What was your premise for a long here? Low of the day and a high bid? Or was there more to it?

I ask this because my thoughts are that with these trades (especially with a 4 tick stop) you will lose a lot more than you will win.

When the market is moving down to that extent, picking the bottom with a 4 tick stop is a tough thing to do indeed.

I presume there was more to it.

Simple. When it broke/extended low of Day the tape was frequently stopping/bad flow. When it tried to speed up it slowed down like breaks being applied.

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  #466 (permalink)
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DionysusToast View Post
I ask this because my thoughts are that with these trades (especially with a 4 tick stop) you will lose a lot more than you will win.

When the market is moving down to that extent, picking the bottom with a 4 tick stop is a tough thing to do indeed.

If my stop kept getting hit and then reversing to go 15 ticks in the direction I wanted, and I kept seeing, then of course I would increase my stop. Simple common sense and experience. Don't worry. I know some people don't have common sense, but I got some))) And so far I am having no problems with 4 tick stop loss. So I will stick with it.)))

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  #467 (permalink)
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DionysusToast View Post
Could you put in your own description against each video as to what you saw and why you entered?

It would make the flow of the thread a lot better. If you are only putting in your winners & not your losers, then it's pretty important for newbies watching your videos that we can discuss the reasons for entry. Some of your winners may be down to pure chance and some may have a solid Tape Driven entry confirmation.

For example - one of your trades is what I'd consider to be very high risk and I imagine you'd lose 7/10 times. A newbie to this thread may see that and walk away from Tape Reading because they can't see anything there.

No offence intended here - I just want everyone to get the most from this.

Yeah, I hope to get back to making the videos next week with descriptions. Maybe 2 a day - 1 good trade and 1 bad trade.

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  #468 (permalink)
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bloom View Post
Yes. This is it. Screentime and experience are most valuable resourses you have and cost nothing if you disciplined. Muscle memory. Good words ))) I like it

WARNING TO ALL NEWBIES!
Dont think by watching my videos, with no experience, that you will know how to read tape. Because you might think its easy, then try it then say "this is too hard, those guys make it look easy". At first its hard but then you start to get better. So like everyone has been saying. There is no replacement for experience and practice.

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  #469 (permalink)
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22. Pivot Reversal

I was not gonna trade today due to reasons I mention earlier but I decided to make 1 trade because I could not ignore such a classic and good opportunity. Basically I saw tape stop a couple of time when approaching pivot and it stopped for me is a long time.(couple of second) I seen it stop twice, which is better probabilty then seeing it only once. Then after I place my order you see tape went passed my entry with some flow but it just got absorbed and went in my direction. I keep my mouse over reverse in case I know I am wrong. And when 5~ in profit, I see good flow up in my direction. I know I was right and I put stop to breakeven. For some reason the ending of the video got cut off so you cant see my exit. Its just a couple seconds after the cut off. Basically I got out at with $158. It went to 1.xx80~ . I exited early but I dont care. I am happy with atleast $100 and I wanted to end the week on a good start. I am happy. 3 of 3 days this week were positve. $132 Monday, $575 Tuesday and $158 Friday. Grand total for this week is: $865

Thanks Bloom once again for showing me one color tape. You opened my eyes.))) I hope you are doing well too. P.s. How did you even think of one colored tape?


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  #470 (permalink)
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pbylina View Post
I am happy. 3 of 3 days this week were positve. $132 Monday, $575 Tuesday and $158 Friday. Grand total for this week is: $865

Now your goal 2-3 months of training. Then if those 2-3 months would be 80% positive days each month or at least 60-70% positive days then it is a time for real. Good luck and keep on ))) and do not hurry. Now you do not need to hurry. All you need is to rase your skills and money will come. As you already understand there is no psychology "You have an edge and use it or not"
Psychology needed only than you know there is edge and you cant use it. But this not about you.
As yor TR skills will grow, start to learn fundamental analyse and BIG picture. Learn from pros. They dont use only TA. TR is not TA this is fundamental analyse of supply and deamand. I am glad you succesfull as you one of the readers who seriously do what i say ))))
I wish you more winning trades and days

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