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What is tape reading ??
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What is tape reading ??

  #31 (permalink)
Market Wizard
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Heph333 View Post
Sounds like inside bid/offer being confused with last price. The inside bid or offer can change without any trades being executed. But last price is by definition a trade that was made between a buyer and seller.

Yes, my point exactly.

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  #32 (permalink)
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Portland View Post
In my experience, reading Price Action is more reliable then T&S. Watching the T&S can be very deceiving, but Price never lies. It's objective data. However, it can also depend on the particular market. For example, it's much easier for me to trade off the CL T&S then the ES T&S (which I mostly ignore).

If you day trade equities like your profile suggests, unfortunately I wouldn't have any idea what to look for because I don't have experience with those.

I have just begun as well. And reading the ES DOM during market hours seems impossible, there are just so many numbers moving so fast and it is hard to see what numbers are moving where, i.e. flow. But, price action seems pretty subjective too and it seems the market eats up subjectivity. So, for some reason, I put my faith, for now, in learning both and getting to a point where I can get to understand the ES. For what it is worth, I am also interested in Market Profile (thinking of using Sierra Chart for this) and moving average crossovers on the minute, three or five minute charts.

So, I have four areas to look into. PA and TS first, then Market Profile. These all seem to be a more efficient way to read the market as they are closer to to primary source then, say, most TA.


Any feed back would be great! Thanks.

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  #33 (permalink)
Get In, Get Out, Get Paid
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johny1971 View Post
I have just begun as well. And reading the ES DOM during market hours seems impossible, there are just so many numbers moving so fast and it is hard to see what numbers are moving where, i.e. flow. But, price action seems pretty subjective too and it seems the market eats up subjectivity. So, for some reason, I put my faith, for now, in learning both and getting to a point where I can get to understand the ES. For what it is worth, I am also interested in Market Profile (thinking of using Sierra Chart for this) and moving average crossovers on the minute, three or five minute charts.

So, I have four areas to look into. PA and TS first, then Market Profile. These all seem to be a more efficient way to read the market as they are closer to to primary source then, say, most TA.


Any feed back would be great! Thanks.


ES is more difficult to read order flow than a thicker market like Notes or bonds. ZN is the easiest IMO. ES is difficult. CL and Gold are nearly impossible for me.

If you are just starting, it may be a good idea to watch ZN & ZB along with UB (Ultrabond). They will move together with ZN being very slow and the order flow obvious. ZB slightly more volatile, but the order flow being readable still. UB is unreadable for me, but would move more like ES. If you can watch the order flow in the slower ZN ZB markets and use the direct correlation with UB, you could learn to see order flow in all market conditions. Not only will it help you learn order flow in general, but you will be learning to trade changing market volatility at the same time.

You may find that you just stick with the Treasury products. IMO they offer the best value in commission vs tick. I've made the switch to ZN & ZB exclusively and it was one of the best decisions I ever made. it all depends on what works for you.

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  #34 (permalink)
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Heph333 View Post
ES is more difficult to read order flow than a thicker market like Notes or bonds. ZN is the easiest IMO. ES is difficult. CL and Gold are nearly impossible for me.

If you are just starting, it may be a good idea to watch ZN & ZB along with UB (Ultrabond). They will move together with ZN being very slow and the order flow obvious. ZB slightly more volatile, but the order flow being readable still. UB is unreadable for me, but would move more like ES. If you can watch the order flow in the slower ZN ZB markets and use the direct correlation with UB, you could learn to see order flow in all market conditions. Not only will it help you learn order flow in general, but you will be learning to trade changing market volatility at the same time.

You may find that you just stick with the Treasury products. IMO they offer the best value in commission vs tick. I've made the switch to ZN & ZB exclusively and it was one of the best decisions I ever made. it all depends on what works for you.

I couldn't agree more

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