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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)

  #521 (permalink)
Trading Apprentice
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Thanks Bloom,

Yesterday I also had watched the ES, but I can only see very very little portion of the big picture that you had seen.

Many Many thing to learn!

Glad to see you in this thread again.

Best Regards,
Antony Ho.

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  #522 (permalink)
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bloom View Post
and as always detailed answer)))
I have another answer but yours make my picture more complited
This market drived lower by market orders of the crowd. And it will comes lower till crowd will go short and till all of it would sell. As the market orders or supply of the crowd became weak,market began to change it behavior.
In the begining of the move Crowd and pro sellers make together a supply, than it was only crowd, and then it was weak crowd against strong pro buyers.
Pro sellers come in to sell in to BID limits on higher prices, as price goes down they became less active. But buyers becomes more active and put more BID to buy.
So it was weak crowd or retails VS strong pro buyers. I did not think too long which side to take.
I go long and stop out all of the sellers. Trade of a day
Tape reading is not meaning seeking. It is about measure supply and deamand and what type of it you see. Market or limit S/D, pro or retail S/D, strong or weak S/D. Places there one stronger of another is a reverses.

Yesterday example of ES and how it rise up to 1200 shows you that all retail sell on the lows and been locked.
I tried to go long from opening . 1187 was my 1 attempt. 1184-1185 second. And last 1183. Market reversed and to the end of the day it was 1200. Why?
Because on the lower prices at the begining pro sellers come to sell hit to the bid> crowd come to sell too. market was emotional. Than pros understand that buyers too big and they began to go out on the bids, but crowd do not see this. As the crowd calm down and i say to you it was 51 miutes from RTH opening market reversed. Why do i go long there and not short? Because i see a large buyer on the limit bid side and i do not see big seller on the limit ask side. Yes there were sellers but a few compare to buyers on the BID.
All i see to go short was 1186-1190 zone. And it 2-3 hours after openingm and you can see i take a profit there one by one.
I do not go short from opening as the market crazy go down. WHY? You say there is so BIG PROFIT. And i say what DionysusToast say "Because of the slippage" To go short to the BID i need to know this BID limit is real and not just a scarecrow which will dessapear as i hit it. But to go short i do not see large sellers with me and my suplly will be eat and market goes higher. So there is a big risk and i know other pro see this too. And they would not think too long what to doo or hope some other guy move down prices for them because this is what they actual do ))) moving prices ))))
if crowd woudl not move down price and if all of your limit orders you put on ASK get filled with a light speed. What will you do? You will understand that here is a big demand and you real do not know how it big. So your fear to loose your account will drive you to close your position before other pros do it for your count))))
And what do you as a beholder will see?
1) Stream of big market orders to sell became weaker
2) At the BID sie limit increasing numbers of buyers
3) At the ask limit side decreasing numbers of sellers
But this is one situation than market go from BIGGER visable side. Sometimes it goes right to the bigger side))))
Complex. It is true ))))

nice explanation bloom, i see this all the time on the ES, the real seller finishes taking down the market and stops selling, then traders attempt to take over and fail, this can be a real pain-in-the-ass when trading range-bound markets because sometimes it seems like you're getting into a continuation trade and it turns out to be a failed swing and a scratch+ trade. sucks.

also nice explanation about seeing the auction progression. large selling slow, then noticing bids dropping on nothing but light volume, finally buyers realized we are in a failed swing low and begin to start purchasing cheap contracts, once the offers give up and we become well bid the market begins to move higher again. but its important to know where the large selling stopped because this might be a counter-trend move on the part of buyers and the real selling might begin again once we move back into a more favorable area.

how do you personally differentiate between trend and counter-trend when reading your time-and-sales?

thanks and have a great weekend.


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  #523 (permalink)
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bloom View Post
market is drive by the fear.


Market can only move up by 2 ways:

1) All the limit offers get FILLED.
2) All of the limit offers get PULLED.

I have noticed that the pulling of orders at multiple prices produce the best moves. They are fast and big. This pulling of orders could be fear or could be on purpose by pros to get them more profit.

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  #524 (permalink)
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anyone care to create a short compilation of what Bloom is saying? without google translator

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  #525 (permalink)
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what happened to the videos?

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  #526 (permalink)
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Failure of Algo

OK guys,

At last I am convinced that Algos arent the ultimate truth.

This entire month, I repeatedly noticed a peculiar behavior in the stocks.
Some TWAP algo gets executed in the bid side-meaning that some big guy is establishing shorts. This means he will throw mkt sell orders to move prices down.But ironically, price rallied to new highs.

1.He lost!!! Did he?
2.Why did this happen?Anybody please explain the situation. I am 100000% clueless!!
3.How shd I approach Tape Reading from now on?

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  #527 (permalink)
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maxima View Post
anyone care to create a short compilation of what Bloom is saying? without google translator

he had been as short and as concise as possible (otherwise it would be much much longer and more more confusing). In another word it can't be done.

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  #528 (permalink)
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rocky9281 View Post
OK guys,

At last I am convinced that Algos arent the ultimate truth.

This entire month, I repeatedly noticed a peculiar behavior in the stocks.
Some TWAP algo gets executed in the bid side-meaning that some big guy is establishing shorts. This means he will throw mkt sell orders to move prices down.But ironically, price rallied to new highs.

1.He lost!!! Did he?
2.Why did this happen?Anybody please explain the situation. I am 100000% clueless!!
3.How shd I approach Tape Reading from now on?

Like i already say there is no difference bid or ask were prints. All you need is to evaluate the reaction. Put on one colored tape, watch it as price go to the support resistance levels, evaluate quality of how orders get filled and watch who are stronger.
This is all TR is about. To measure supply and deamand. Do not lock yourself in to mechanic.
There are 2 types of order flow. Pros and retail. You say one trader or someone established big short position but @Oh gods@ price is going up. So if your head clear of rules and of what should be or what market should do, than you understand deamand was stronger than supply and that is why price go up. Simply supply were satisfyed))) It ends, but deamand still was and only way to balance such disbalance is to go higher. Remember what price were this seller. It would be support level than he ll begin to go out of short

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  #529 (permalink)
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bloom View Post
Like i already say there is no difference bid or ask were prints. All you need is to evaluate the reaction. Put on one colored tape, watch it as price go to the support resistance levels, evaluate quality of how orders get filled and watch who are stronger.
This is all TR is about. To measure supply and deamand. Do not lock yourself in to mechanic.
There are 2 types of order flow. Pros and retail. You say one trader or someone established big short position but @Oh gods@ price is going up. So if your head clear of rules and of what should be or what market should do, than you understand deamand was stronger than supply and that is why price go up. Simply supply were satisfyed))) It ends, but deamand still was and only way to balance such disbalance is to go higher. Remember what price were this seller. It would be support level than he ll begin to go out of short



Some of the terms I have trouble understanding (underlined above).Please clarify:

  • Reaction- what do u mean by reaction?
  • Support resistance levels- you mean all the important levels like Previous OHLC,today’s OHL, Monthly and yearly S/R etc?
  • Quality of how orders get filled-Please elaborate this.
  • Who are stronger-How to understand who is stronger?
  • Simply supply were satisfied-You mean the trader was ONLY able to establish shorts, and UNABLE to move prices down?
  • Remember what price were this seller. It would be support level than he ll begin to go out of short –google translator did a bad job.

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  #530 (permalink)
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great thread BLOOM

will be participating if this thread continues :-D

am a great fan of tape reading, think it can give you a serious edge if you learn this skill

keep up the great work every one

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