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What is tape reading ??
Started: by samur2000 Views / Replies:1,569 / 32
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What is tape reading ??

  #11 (permalink)
Trading Apprentice
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I have image I will show u how they look like
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  #12 (permalink)
Market Wizard
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samur2000 View Post
I have image I will show u how they look like
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Ok thanks samur - so you're trading equities, not futures. This is a typical equities level 2 screen.


I have to say, I used it years ago but I could not for the life of me make head or tail of it.


I think trading futures is more straightforward?

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  #13 (permalink)
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Yes I trade in equities so can u please tell me how to read the tape in equities

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  #14 (permalink)
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samur2000 View Post
Yes I trade in equities so can u please tell me how to read the tape in equities

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Sorry samur, I am unable to. I can't 'read the tape' when it comes to equities. I tried that years ago (I was very inexperienced back then) and one thing I never got over was that there were several large orders that were never reported in real time to the exchange and they would regularly show up as late additions. They were moving the market but you would find out like an hour later.

That was one of the reasons why I abandoned the idea of day-trading equities and I chose futures.

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  #15 (permalink)
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Futures Edge on FIO

Which products do you trade?

 
OK no problem Thnx a lot for replying my question...

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  #16 (permalink)
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samur2000 View Post
OK no problem Thnx a lot for replying my question...

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If you search for the word 'equities' in this forum there are quite a few threads that may be of interest to you.


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Good luck!

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  #17 (permalink)
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xplorer View Post
It does sound you are talking about Depth of Market when you say Time and Sales.

The reason I say this: T&S is, effectively, price action, as in, it's the prints of orders. DOM shows intent mixed with action.

Just want to clarify. Thanks.


When I say Depth of Market I'm talking about the screen that only shows pending limit orders. When I say Time and Sales, I'm talking about the screen that only shows the history of executed orders at the bid or ask.

I've never heard Price Action defined as "prints of orders", but I certainly don't see anything wrong with it. From my neck of the woods, Price Action has always been the behavioral patterns of the bars printing on our charts.

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  #18 (permalink)
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Portland View Post
When I say Depth of Market I'm talking about the screen that only shows pending limit orders. When I say Time and Sales, I'm talking about the screen that only shows the history of executed orders at the bid or ask.

I've never heard Price Action defined as "prints of orders", but I certainly don't see anything wrong with it. From my neck of the woods, Price Action has always been the behavioral patterns of the bars printing on our charts.

Ok thanks so vocabulary is the same.


Then why do you say that T&S can be deceiving? As you say price never lies.

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  #19 (permalink)
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xplorer View Post
Ok thanks so vocabulary is the same.


Then why do you say that T&S can be deceiving? As you say price never lies.

Price can move without orders being executed. And since order execution is the only thing the T&S shows, that's one way it can be deceiving. Another way it can be deceiving is when we focus more on order execution then price, for example, when huge buy orders are bashing the long side, and price doesn't move for awhile and a ton of volume is traded in a small range, we may think "Ah hah! Absorption! This is a logical time and place to short!" so we put our short position on, but those large buy orders do not let up and Price eventually breaks our level and stops us out.

Bottom line, it's not possible to experience any of these problems when focusing strictly on Price Action (the bars printing on our chart). These are just a few ways traders can be easily tricked by the T&S, and there's many more. These are the kinds of things I'm referring to when I say Price doesn't lie, and why I wouldn't personally think of Price Action and Time and Sales being the same.


Last edited by Portland; September 27th, 2016 at 11:05 PM.
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  #20 (permalink)
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xplorer View Post
If you search for the word 'equities' in this forum there are quite a few threads that may be of interest to you.


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Good luck!

Thank you

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