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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)

  #901 (permalink)
Market Wizard
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In terms of big prints - if you use standard Time & Sales feed, you will only see a large print if a large market order hits a large limit order.

That's more indicative of absorption than one side being aggressive. One sided activiry would mean a lot more in terms of being directional.

In any case, what is important when you see 2 large guys hit like this - is what the result is. If it moves down after that print, then you know one side got spanked and that bodes well for the level to hold when you come back to it.

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  #902 (permalink)
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The tape is overrated. Combine it with a chart... Watch the tape and the chart as the market cycles and trends, then you will see some nice patterns on the Level 2 that make sense. However, without a chart to go along with the tape your just watching prices and relying upon instinct.

The Level 2 definitely helps time entries though. I have managed to get orders filled right at the bottom and top prints a few times. Yes, timed so well price didn't even go a tick against me. My orders were in the queue early enough to be filled while some were not. I can't really say it's worth bothering with though... Only managed to do that a few times. There are more important things to focus on!

The strange thing is the ladder acts different on different days. Sometimes there is a very thin area that is maintained inside the trading range, and sometimes there are people playing around with fake blocks to attempt to scare the market the other way with what appears to be a impassable barrier, but the moment price starts ticking against it it disappears... You see some weird stuff.

Oh, and one last note... FORGET THE TAPE ON DAYS LIKE FOMC DAY. It's best on medium to light volume days where only a few big players are around. When things are moving fast the Level 2 is useless!!!

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  #903 (permalink)
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pbylina View Post
How you know BIG market order filled BIG limit?

This is what I think so far:
BIG prints at 1 price level - public small market order buying is FAST, Pro can open BIG limit sell. Tight spread. Or, Pro with BIG market buy.

BIG prints at multiple prices - Public small market order buying is SLOW, If pro wanted to open BIG limit sell, his order would be split up at more than one price level, wide spread.

20 lot Buyer that gets filled by SLOW public market sell orders. He only get 12 filled at the price he wanted, then the rest of the 8 at the next level. Yeah?
Attachment 44019

Can you please point me to this indicator.

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  #904 (permalink)
Trading Apprentice
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DionysusToast View Post
In terms of big prints - if you use standard Time & Sales feed, you will only see a large print if a large market order hits a large limit order.

That's more indicative of absorption than one side being aggressive. One sided activiry would mean a lot more in terms of being directional.

In any case, what is important when you see 2 large guys hit like this - is what the result is. If it moves down after that print, then you know one side got spanked and that bodes well for the level to hold when you come back to it.

DionysusToast, I think you previously mentioned this behaviour occurred when a change was made on CME couple of years back, would you or anyone happen to know by any chance if NASDAQ/NYSE reports T&S the same way?

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  #905 (permalink)
Running while walking
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Bye Thread


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  #906 (permalink)
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The thread lives!

Just found this paper on market depth and volatility for futures. Haven't finished reading it yet but so far so good.

"Three Essays on Market Depth in Futures Markets" by Alexandre Aidov

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  #907 (permalink)
Trading Apprentice
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hey,guys
have any one of you tried reading tape with no red/green? i mean just a monochrome?

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  #908 (permalink)
Trading Apprentice
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and if you did, any concluisions you came up with?

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  #909 (permalink)
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norcross View Post
hey,guys
have any one of you tried reading tape with no red/green? i mean just a monochrome?

Hi Monochrome is the best way to start with. Personally feel color distracts in starting phase.
Monochrome very good in reading speed of tape.

Things to keep in mind:
a> Tape reading should be Treated as just top up/iceing on cake. To Ascertain whether your planned support/ resistance is real or not.
b> It is not a holy grail. Trades will fail even if you have read tape correctly.

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  #910 (permalink)
Trading for Profit
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LETS GET ROCK )))) Hi everyone - i am so f***ng glad to see you guys )))
I have something new for this thread. I have more experience level than before in tape reading and i am ready to share. Please welcome to my BLOOM TAPEREADING PIT STOP. Share your TAPEREADING CASES (TRC) and i will try to explain them.
TRC requirements:
1) Full chart pattern from very begining of pattern to the end of it.
There is 2 patterns i will watch 1) Breakout of price level and further movement; 2) Fadeout and reversal movement
Notice - your particular PRICE LEVEL of reverse or breakout MUST BE ASSIGNED on the screenshots of CHART

2) Large Tape records from begining of chart pattern to the end of it.
Lets say your chart pattern begins 10:30 and ends 11:30. I need records of LARGE TAPE from 10:30 to 12:00 in the form of screenshots. Large TAPE screenshots i repeat ))) Whos the real slim shady?)))) ok

3) Optional. Screenhots of level II in the key moments of your chart pattern.

PS. I am planning to make this thread something bigger than just TR thread. I think all of you and i together will make such good content to share us experience that this thread will be a good starting place for a newcomers)))

SO LETS GET ROCK

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