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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)

  #751 (permalink)
Market Wizard
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snusnufreak View Post
I'm in my second week, this is my 7th video or so. I try to watch markets every day for 60-90 min after the opening, so my total screentime of DOM/tape up to now is about 10-12 hours i would say.

I've figured that within the first hour there are 4-5 several tick trades one could take, but again this depends on news announcements and type of the day (trend, range, low volume, e.t.c).

I would love to analize all of the possible trades, but this gets very time consuming as i go through replays very thoroughly and review them up to several times in a row.

But right now i feel a bit confused as there is to much information to be analized, I've also purchased the no BS course and right now it only added up to the big mess in my head =) Hopefuly things will start clearing up soon!

How much more would you suggest doing what I'm doing now? Also, do you reccomend paper trading using solely the DOM/tape or go straight to real money and play with 1 lot?

Thanks!

Next step really depends on what you had when you started looking at this.

If you already had good trade location, then I'd start to think about how you can gradually bring this into trading those locations.

If you didn't already have good trade location and there is NOTHING wrong with that, then I'd start writing down some options and start putting a plan together.

For instance, if you want to scalp the book, then I'd consider the following things:

- what are the entries you will use and how do you sort out which ones are better?
- what non-order flow information can you use to improve the odds
--> Stay away at news times
--> Understanding what sort of day it is and the likeliness of the day being a small or large range
--> Developing a bias and trading that bias

For me I basically do the following:

--> Use volume to decide if it's relatively busy,average or quiet
--> If it's quiet, I'll stay out of the market unless at extremes
--> If it's average, I use cumulative delta to set my bias

If the market reverses around a key level and delta is significant with the move, I change my bias.

In terms of trading 1 lot, it really depends on how good you are at:

- Cutting a trade when it goes against you
- Sitting on your hands when you see an opportunity, don't get in and the market moves your way

Those last too are a severe handicap to trading and can cause you to have long runs of losing trades. If you are ok in this respect then you'll probably break even until you get good. If you chase trades or hold onto them, you'll drain your account.

First step I think is to rate the things you have found so far. Not all entries are equal.

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  #752 (permalink)
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Look at this )) So much guys sell to the BID. It seems they will feel a little pain at 1455-1457 today))) If we will not see sellers at the ask. Long 1453 75. I entered 3 times and all 3 times loss. -120 total. Will see. I hope to KILL my LOSE
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Capitulation begins and sellers at the offer appears. So i am taking some profit
Total 30 +
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Last edited by bloom; January 7th, 2013 at 10:04 AM.
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  #753 (permalink)
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Seems long is going to go

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  #754 (permalink)
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Look at this limit offers.
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We do not know are they real/ And if we do not know this than we do not know will market move through level or move lower from this level
Until we see REAL Prints on tape.
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We know there is real seller and real buyer. Who wins? Time will show )))
And its shows BUYERS a crazy mother fuckers )))
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Now we need to see BIG guys at the BID to go long. Seller very big. I think this is the end of capitulation
One more tip
What do you think about this
BID LOOKS WEAK AND OFFER STRONG. But someone is buying. What does this mean to you?


Last edited by bloom; January 7th, 2013 at 10:41 AM.
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  #755 (permalink)
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What will be after this prints )))?
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This day is about nothing. Better not to trade or do scalps

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  #756 (permalink)
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interesting day indeed, bloom

To me looks like big seller and big buyer battling. At some point I've seen 4500 at the offer around 1455 lvl, but buyers did manage to absorb it. I'm long biased now, hopefuly buyers will have enough fuel to push through 1456 now

I did scalp today both shorts and longs, but currently at BE less the comissions.

Will do my video analysis later on.

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  #757 (permalink)
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snusnufreak View Post
interesting day indeed, bloom

To me looks like big seller and big buyer battling. At some point I've seen 4500 at the offer around 1455 lvl, but buyers did manage to absorb it. I'm long biased now

I did scalp today both shorts and longs, but currently at BE less the comissions.

Will do my video analysis later on.

They Battling all the time ))) But who wins? There the market will do reverse and why it will do? There market will do a brake out and why it will do it?
It depends on what Big guys will do, and what they will do depends on what they will see. You must to know what they see and which outcomes are possible. They do see prints like you/ You must understand what they think about this prints )))
Bid prints appears. Will see what buyers can do
I am short 56 25. 6 ticks out. Nice scalp. I think i will not trade more today. Day is a shit

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  #758 (permalink)
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snusnufreak View Post
i I'm long biased now
Will do my video analysis later on.

Was a time i right trading plans))) And were biased every moment. Now i am just turning on my trade platform and start to watch a tape till i see something. Then i do trade. So easy. Head is clear )))
But i must say. I am just a retail trader at all and i need hard work to do this year


Last edited by bloom; January 7th, 2013 at 11:17 AM.
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  #759 (permalink)
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bloom View Post
What will be after this prints )))?
Attachment 98804
This day is about nothing. Better not to trade or do scalps

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Thats it

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  #760 (permalink)
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ES - down 1


Here's the first possibility.

Argh, they are so easy after the fact =)

Price poked through the low, made a little retracement and gave an opportunity to go short.
Both cumulative delta and PA favored short side.

Video:



00:13 - 00:33 - big battle on inside bid offer at 1455.00/1455.25. 3500 contracts trade against 1455.25
00:33 - 00:43 - notice how there is no buying against 1455.50 lvl

Right at 00:44 someone slams ~500 contracts on the market against 55.25 bid, puts 500 at offer there, pulls away 500 from 55.00 bid and firms up offer at 55.50 by adding ~500 more there. I've made a pic with three consecutive frames from the vid, so you can see it better.

This is a spot to go short! Turned out to be nice 6-8 tick trade.

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