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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)

  #601 (permalink)
Turtle Trader
London, UK
 
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Hi

The video is very helpful, thanks.
May I ask, do you find using delta helpful with the reading of tape?
Eg,
Does delta divergence help you spot any discrepancies in the bid ask and thus fine tune your entry any better?

I really want to learn more about reading tape. I have read all the posts but still a bit lost. I trade the euro dollar and look for rejections of S/R or a break pullback and continuation off pivots always in London open. I am currently looking at delta divergence to help the entry off the pivot, but it's hit and miss, that's why I want to learn the tape, but very overwhelmed.

Could someone maybe do a video as before but place some commentary after (audio if possible) to help explain what has just happened.


Last edited by shahab121; December 11th, 2011 at 05:05 PM.
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  #602 (permalink)
Elite Member
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shahab121 View Post
Hi
The video is very helpful, thanks.
May I ask, do you find using delta helpful with the reading of tape?

Thanks for bringing this up. It got me thinking and it might be useful so I will check it out sometime. I think DionysusToast uses it so he would be best to ask.

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  #603 (permalink)
Market Wizard
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I use delta but only on the ES.

On other, thinner markets it appears to me that delta 'misbehaves' too much to be of use for short term trading.

By that I mean that delta can go down for hours whilst price is moving up - check out CL, YM, NQ - you will see it's quite common. That would pretty much kill what I do with delta.

Now - the 6E is more liquid that these 3 markets, so it could well be fine for the way I use it, I just haven't gotten round to it yet.

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  #604 (permalink)
Turtle Trader
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Hi

Is there a link you can provide to show how you use delta?
I learned to use delta from this site that is free : EMini Volume Profile Daytrading

I use it on the 6E, but still can misbehave!
thus
I want to know if you think learning to read tape and order flow would help.

I am comfortable with delta (although it does not always work), and thought tape order flow would help further.

What do you think?

Should i accept things the way they are knowing there is nothing else to add ( this is trading and it doesnt always work) or do you thing learning to read tape is of any use.

The strategy is reversals off Pivots or major S/R, thus the entry point is clear and target is 1:1.

there is lots of threads on tape here, but i cant find any benefit from them, it would help to gain your opinion

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  #605 (permalink)
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pbylina View Post
Ok, What If we were in a very liquid market such as the EuroDollar or ES where the BID/ASK spread are touching, if I buy the BID and SELL the ask do I make 1 tick?

Yes.

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  #606 (permalink)
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gktk View Post
good trade PB, do you find splitting the bid / ask tape helping?

So far so good.
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  #607 (permalink)
Trading Apprentice
Waterford, Ireland
 
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setups

Hi Guys,

My first post in this thread, and this forum. This question is for people who trade solely on the order book. I'm spending some time learning the order book, and I'd like to know if, when you initiate a position, is it primarily based on 'feel' ie, you just get the overall impression that the market is being bought or sold off, or is it specifically by way of setup - one setup might be:

1. Lots of trades not breaking through the offer;
2. Large bid disappears and is replaced by large offer;
3. price breaks x ticks down immediately;

Initiate short position...

I know there are specific setups that have been described, but sometimes I just 'feel' like the market is going to head in a direction, and i'm not sure why. Should you be able to describe the action before you initiate, or are you guys successful just by the 'feel'?

Appreciate your help!

Adrian

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  #608 (permalink)
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  #609 (permalink)
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shahab121 View Post
Hi

Is there a link you can provide to show how you use delta?
I learned to use delta from this site that is free : EMini Volume Profile Daytrading

I use it on the 6E, but still can misbehave!
thus
I want to know if you think learning to read tape and order flow would help.

I am comfortable with delta (although it does not always work), and thought tape order flow would help further.

What do you think?

Should i accept things the way they are knowing there is nothing else to add ( this is trading and it doesnt always work) or do you thing learning to read tape is of any use.

The strategy is reversals off Pivots or major S/R, thus the entry point is clear and target is 1:1.

there is lots of threads on tape here, but i cant find any benefit from them, it would help to gain your opinion

It will absolutely help but you will probably need someone to point you in the right direction.

With a relatively thick market like the 6E, you need to combine the DOM and Tape

Think of it like icing on a cake. What you have now is the cake.

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  #610 (permalink)
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