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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)

  #891 (permalink)
Trading Apprentice
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Hi, Bloom. Thank You for starting this thread and for Your posts. A lot of usefull information that can't be found in any books. There was a question:

adaseb View Post
after you figure out that a large player is actually buying, how do you know that he's buying to go long, buying to cover, or just hedging his stock portfolio?

see its not that hard figuring out when there is a large player either buying or selling, but the challenge there is whether he is enter the market or leaving the market.

Could You please explaine us if we see big prints then how to tell pros enter the position or they cover their position?

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  #892 (permalink)
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Hello everybody,
I try to educate myself in DOM and Tape reading, which I want to use to refine my entries, and in this thread I noticed that bloom wrote it's a big difference if big players are covering or entering the market. It made me think about it and something came to my mind. I think that open interest indicator could be an interesting tool here, as it's the total number of open contracts on a security. Open interest measures the flow of money into a market. For each seller of a futures contract there must be a buyer of that contract. Thus a seller and a buyer combine to create only one contract. Therefore, to determine the total open interest for any given market we need only to know the totals from one side or the other, buyers or sellers, not the sum of both.

Example:
If both parties to the trade are initiating a new position (one new buyer and one new seller), open interest will increase by one contract.

If one trader is opening a position and the other one is closing, OI remains unchanged.

If both traders are closing an existing or old position (one old buyer and one old seller) open interest will decline by one contract.

But don't know how I could interpret this information for now. Would big volume forming at a support or resistance with falling open interest mean there is no move going to happen, because money is flowing away from the market? What do you guys think? I'll be grateful for any response.

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  #893 (permalink)
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I could be wrong, but I thought open interest was only published daily after the close. Works great for EOD charts, but how will this provide an edge or advantage during intra day time frames?

Cheers,


XS

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  #894 (permalink)
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xiaosi View Post
I could be wrong, but I thought open interest was only published daily after the close. Works great for EOD charts, but how will this provide an edge or advantage during intra day time frames?

Cheers,


XS

Hi,
I thought if there was a source of intraday OI, which I don't know if there is, that it could be used the way I described before. And it was actually a question, I was asking if we were coming up or down to a resistance/ support and OI would be decreasing if it meant money is flowing away from the market and therefore we can't expect any bigger move until new money comes later. If you have experience trading daily charts with OI, does it work like that in there? And yes, if you are right as for OI releases, I am a bit off topic here. I just thought if there is intraday volume, then why not OI.

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  #895 (permalink)
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phenomenon View Post
Hello everybody,
I try to educate myself in DOM and Tape reading, which I want to use to refine my entries, and in this thread I noticed that bloom wrote it's a big difference if big players are covering or entering the market. It made me think about it and something came to my mind. I think that open interest indicator could be an interesting tool here, as it's the total number of open contracts on a security. Open interest measures the flow of money into a market. For each seller of a futures contract there must be a buyer of that contract. Thus a seller and a buyer combine to create only one contract. Therefore, to determine the total open interest for any given market we need only to know the totals from one side or the other, buyers or sellers, not the sum of both.

Example:
If both parties to the trade are initiating a new position (one new buyer and one new seller), open interest will increase by one contract.

If one trader is opening a position and the other one is closing, OI remains unchanged.

If both traders are closing an existing or old position (one old buyer and one old seller) open interest will decline by one contract.

But don't know how I could interpret this information for now. Would big volume forming at a support or resistance with falling open interest mean there is no move going to happen, because money is flowing away from the market? What do you guys think? I'll be grateful for any response.

I must apologize for this type of interpretation ( enter or exit). I reconcider many things from time of starting this thread. Than i started this thread i want to sahre my expirience and learn some new. So lets get to the topic. You need to KNOW only the actions which are agressive and move price. It could be ENTER or EXIT form position. All you need is to know agressive this action or passive. As more agression comes to market prices mowe very fast. Find this agression. Than you need to see that pros defending positions. If they were buying and move price higher than you need to see how they HOLD bid ABOVE price they ENTER. If you see such type of behaviour than you can say there were ( with some probability) ENTERING. Everytime somebody enters and exit and a thing whish matters alot is Which action is agresive

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  #896 (permalink)
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Petcrown View Post
Hi, Bloom. Thank You for starting this thread and for Your posts. A lot of usefull information that can't be found in any books. There was a question:


Could You please explaine us if we see big prints then how to tell pros enter the position or they cover their position?

As you see big prints you understand that at this actual price some big guy doing something. You can say were this enter or exit after market testing the price at which you have saw big prints. For example - you see large BID prints at 1640 while price is moving down
1640 - 500
1640 - 1000
1640 - 200
1640 - 400
You can say there was HUGE bid also THERE was huge market Sell order. Both of them represents BIG transaction at 1640. After that price quickly going up at 1642. So what just happened in front of your eyes? 1640 big guy sell to BID but hi is not holding the offer after that. He is not protecting his position at the offer below or near 1640. In that case there is no short position he holds. So what does mean this HUGE sell market order? Probably Stop run of some guy who were long and took his loss. This is the first step.
After that you need to understand that another Pros SEE THIS actual situation. SO what they will do? If you will see how BIG offer limits begans to appear at the LEVELII or in the DOM what will happen next? And what will happen after if there will appear BIG bid Limits? Remember this situations and find them again and again. Only practice will show you the right way )))

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  #897 (permalink)
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What do you see here? Is BID larger than OFFER? Of course it is
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Than tell why price went down? BIDs were stronger than OFFERs
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What the hell just happened ? )))
Also take a look at the tape. The size of prints and rithm of how they appears. Remember this situation and find it once again

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  #898 (permalink)
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Hi bloom!

Nice to hear you at the thread again!

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  #899 (permalink)
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mrBean888 View Post
Hi guys, I have been following this thread and am starting out to learn how to read the order flow.

I have a question on the DOM window. I noticed that on some DOMs, there is a column of numbers on the right for each price level. On some DOMs, this column is missing.

What do these numbers represent and how do they help out in tape reading?

Are they a necessary component of the DOM? The reason for this question because some DOM windows i saw only have bid/ask and price columns.

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Hi mrBean888,

Please where is the DOM in your post from?
I don't think I have seen it before,
Thank you,

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  #900 (permalink)
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ES T&S filtered for big prints


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I filtered for prints > 600 the ES on Friday the 11 of October 2013.

Was just wondering if big prints can be useful, since the picture kind of says 'No' to me, see people selling at bottom?

Any thoughts welcome!

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