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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The following user says Thank You to Silvester17 for this post:
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?
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.
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 )
The following user says Thank You to Xav1029 for this 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 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.