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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)

  #671 (permalink)
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snusnufreak View Post
This is the final part.

ES 17 12 12 down 3 - YouTube

00:00 - 01:10 - selling pressure builds up, but yet again the 1416.75 level holds and price barely touches the 1416.50 level

1:20 - 1:50 we see buying resume (tape is mostly green) and interesting flash of 2319 orders on the bid @ 1417.25 1:50 is seen (in real time i would've probably never noticed this) - luring people into buying again? Notice that this is the same level where we have seen multiple active buying in previous video.

3:50 - 1250 trades agains 1417.25 offer - AGAIN same level!

5:18 - 5:41 - buying resumes, something weird happens @ 1418.00 level with 3206 contracts traded. My guees that these are stops of people who shorted earlier @ the 1417 - 1417.25 (just like i did in previous video)

6:00 - 6:30 active selling, notice how limits are being pulled off the bids as well - smart money ran retail stops and now actively shorting the marketd, cos the have a pretty good short position with all that buying we've seen against their limits at 1417 price area.

This is a good place to short, but i doubt anyone would do it so fast after his stop has been run out during the previous attempt to go short. I definitely woldn't be so quick. But again, I'm only starting to learn and hopefuly one day I will be entering second or even third time with no doubt. The key thing to remember is that the risk stayed unchanged - one would be entering at the same level with the same small stop, so re-entry is a MUST!


My resume for these series is that setups don't always happen fast and in one place, sometimes it is the whole gameplay by smart money one needs to identify. And in order to do so, one needs A LOT of practice!

I think this is what DT describes in some of his posts - smart money act in key areas luring both breakout traders and faders into positions, running stops of both groups and making money of them! Pro gameplay at its finest!

I was watching that 1416.75 area as well. but to go long, not short.

in trending markets, a pullback to vwap sometimes offers a good entry point. and for trade confirmation I like @1LotTrader 's dom. it's also visible with the ladder. big volume at 1417 and lots of selling at bid at 1416.75, but failed to go lower.

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  #672 (permalink)
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bloom View Post
If you please do screen shots and post it with situation comments/ You doing great work )))

Hi, bloom! nice to see you back! Yes, I'm Russian =) I have hard time understanding your screenshots with three different tapes for now. Care to explain whats going on there in more detail?

I will try to do screenshots as well from now on!


Last edited by snusnufreak; December 18th, 2012 at 02:56 AM.
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  #673 (permalink)
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Hello.
Newcomers are?
I am now trading at price levels, but I'm very interested in the topic read the tape. This topic is very interesting.
Tell me where to start trader who knows virtually nothing about the tape? What to read? What to see and so on?
Thank you.

p.s. I am from Russian too

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  #674 (permalink)
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AlexSatter View Post
Hello.
Newcomers are?
I am now trading at price levels, but I'm very interested in the topic read the tape. This topic is very interesting.
Tell me where to start trader who knows virtually nothing about the tape? What to read? What to see and so on?
Thank you.

p.s. I am from Russian too

Hi, Alex!

Well a good place to start would be reading this entire thread and doing what bloom advised to do - build up screen time and use some of the techniques described within the thread somewhere.

As DT recommended to me - set aside 1-2 hrs a day to watch tape and DOM and soon you'll start to get the feel of market you trade. Post videos, screenshots, suggest explanations to what you've just seen. We will do it here together.

Also, go to DT's jigsawtrading. I won't adveretise it here, but what DT does is worth every penny you pay for it.

Hopefully, this helps!

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  #675 (permalink)
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Thank you, I get it.
I will try to examine the entire thread here and start to do the practice.

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  #676 (permalink)
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AlexSatter View Post
Hello.
Newcomers are?
I am now trading at price levels, but I'm very interested in the topic read the tape. This topic is very interesting.
Tell me where to start trader who knows virtually nothing about the tape? What to read? What to see and so on?
Thank you.

p.s. I am from Russian too

I agree with @snusnufreak as far as screen time is all that will help. I would like to add a little to that. Do not watch T&S and the DOM for 1-2 hrs straight at the beginning, this will make you dizzzy

What I recommend is to identify "key levels" based on price action(S/R, TL's etc.) and only watch the tape/DOM when price gets close to those levels. After about 3 months of watching the tape at these levels, my brain started to pick up patterns and get a feel for "The Flow". It's all about intuitively having a feeling for all those prints scrolling by

I too would recommend DT's tools (I love his Depth & Sales tool )

London Calling
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  #677 (permalink)
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Xav1029 View Post
I agree with @snusnufreak as far as screen time is all that will help. I would like to add a little to that. Do not watch T&S and the DOM for 1-2 hrs straight at the beginning, this will make you dizzzy

What I recommend is to identify "key levels" based on price action(S/R, TL's etc.) and only watch the tape/DOM when price gets close to those levels. After about 3 months of watching the tape at these levels, my brain started to pick up patterns and get a feel for "The Flow". It's all about intuitively having a feeling for all those prints scrolling by

I too would recommend DT's tools (I love his Depth & Sales tool )

hey Xav, do you use the footprint as well?

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  #678 (permalink)
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Thanks for advice.
I now trading at levels of supply and demand.
Perhaps it will be useful to mark them on the schedule at the beginning of the day, write down all day, and then watch the recording of the day and especially careful around these levels and see what happens.
That right?

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  #679 (permalink)
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bobarian View Post
hey Xav, do you use the footprint as well?

Yep I use footprint as well, but really that is just a visual representation of T&S

London Calling
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  #680 (permalink)
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AlexSatter View Post
Thanks for advice.
I now trading at levels of supply and demand.
Perhaps it will be useful to mark them on the schedule at the beginning of the day, write down all day, and then watch the recording of the day and especially careful around these levels and see what happens.
That right?

That is a good start to get you up to speed, but I would also watch these levels in real time. If you only watch these levels in replay, you will only learn what a reaction looks like(you will only watch when SR levels hold). It is just as important to learn what it feels like when these levels are NOT respected.

London Calling
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