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Anyone here use tape reading in their methodology ?
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Anyone here use tape reading in their methodology ?

  #1 (permalink)
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Xzap's Avatar
 
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Anyone here use tape reading in their methodology ?

I use the tape in my trading (es).

I have always been under the impression that the tape couldn't be manipulated because it showed actual sales. A friend and I were comparing tape the other day and found a discrepancy and it has us both confused.

Do any of you guys use tape reading in your trading ? If so I can go into more detail.

Thx,

dave

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  #2 (permalink)
Just starting out...
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Dave

I have two time and sales windows open displaying price and volume. One window is displaying trades < 50 vol the
other > 50 Vol. And I display the bid and ask in different colors.
This helps me see who is in control Buyers or Sellers.
For example at times I maybe getting ready to go long
and I see a 1500 lot go though on the tape and the market down ticks than it's telling me the sellers still have control and I need to wait.

-D4

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  #3 (permalink)
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Reading the bid and the asks is insignificant and has no bearing for a trading decision.
Don't believe me? Ask Tom Sosnoff.

It's impossible to find a discrepancy. Think about it.

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  #4 (permalink)
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That's basically what I do, display price, vol and use green and red for the bid/ask (image attached)

I have always been under the impression the tape can't be manipulated because it's displaying raw data of actual sales that have taken place, that is correct isn't it ?

A friend and I have are comparing tapes and seeing some different results. We have 2 different data feeds, can that make a BIG difference ?

Thx,

dave

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  #5 (permalink)
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Yes it can make that big of a difference...

I have accounts with both Mirus Futures and Advantage Futures... Mirus uses a ZenFire feed where as Advantage uses Trading Technologies.... there is a noticeable difference between the two...

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BigDog View Post
Yes it can make that big of a difference...

I have accounts with both Mirus Futures and Advantage Futures... Mirus uses a ZenFire feed where as Advantage uses Trading Technologies.... there is a noticeable difference between the two...

Ok, I'm fairly new to futures so let's be sure I'm reading this correctly. The last sale on that tape was for 1 contract and it went at the ask price of 880.25, correct ?

dave

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  #7 (permalink)
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Xzap View Post
Ok, I'm fairly new to futures so let's be sure I'm reading this correctly. The last sale on that tape was for 1 contract and it went at the ask price of 880.25, correct ?

dave


I trade ES futures...

and for what its worth... esp with Ninja Trader

ZenFire is continuous

TT is in 100ms pulses

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Price Action Room

Hi:

If you are interested in learning about tape reading futures contracts, I recommend you go to the priceactionroom website of Joel Parker.

He does not only teach you to read the tape, but he has available a tape indicator that bundles the big trades again so you can see clearly who is in control.

Very honest guy, you won´t regret it.

Good trading.

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Maletor View Post
Reading the bid and the asks is insignificant and has no bearing for a trading decision.
Don't believe me? Ask Tom Sosnoff.

It's impossible to find a discrepancy. Think about it.

You say this is impossible, but I do it every day. I read the tape and I see who controls and I get along with him. And you just say something about what you have no clue.
Guys, the tape works and even how cool. Do not listen to the sad suckers.

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Market Wizard
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Same here...

I use tape to refine all entries. It's just a skill, that's all. It takes a while to develop. I've never seen discrepancies in it but you can see momentum shifts, large players piling in, capitulative/exhaustive trading at the end of a move.

Still - I can see why people would think it useless, especially if the presumption is that you are supposed to get meaning from each trade.

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