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

  #1 (permalink)
Trading Apprentice
pune maharashtra/india
 
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What is tape reading ??

hello frineds this is sumit here i m new here also in the market i want learn a tape reading how to look at tape ?? on what basis you take a trade either long or short what basis you know buyers are strong or seller i need help to understand it because my losses is bigger than my profit i am frustrated dont understand what to do....

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  #2 (permalink)
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  #3 (permalink)
Market Artist
Portland, United States
 
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Answer
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Tape Reading Definitions:
1. Price Action = Reading price one bar at a time, swing highs and lows, observing market structure.

2. Order Flow = Watching the T&S (Time and Sales) and/or DOM (Depth of Market).

How do we read?
By telling ourselves a subjective story of what we're seeing, feeling, reading, observing, understanding.

Example of how I "read" the tape and tell myself a story:
Who's losing? Who's winning? Who's fearful? Who had or has good trade location? Who had or has bad trade location? Who's confident? Who's disappointed? Who's assuming more risk by trading long or short right now? Where can I risk a little to make a lot? I see an opportunity, does it fit my money management plan? Who's probably going to take profits soon? Who's probably not going to take profits soon? Where are the losers trading?

How I use the story:
Generally, I just look to do the opposite of what I think the losers are doing (that may take you some time to figure out for yourself), and I only trade if the opportunity fits within my money and trade management plans and strategies which I engineered to fit my knowledge of self and the markets.

Advice:
Start making observations yourself. Learn how and why certain kinds of patterns repeat. Lastly, figure out how you can trade them by engineering solid money and trade management plans and strategies. Last but not least, you need to put in the work. It may take several months, or several years of studying 8-16 hours a day. You should also keep in mind that most people never never make it in this business. From what I've heard, probably less then 1 in 2,000 traders are consistently profitable for more then a year.


Last edited by Portland; September 27th, 2016 at 10:07 PM.
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The following 7 users say Thank You to Portland for this post:
 
  #4 (permalink)
Trading Apprentice
pune maharashtra/india
 
Futures Experience: None
Platform: takion
Favorite Futures: equity
 
Posts: 10 since Sep 2016
Thanks: 3 given, 1 received


Portland View Post
Tape Reading Definitions:
1. Price Action = Reading price one bar at a time, swing highs and lows, observing market structure.

2. Order Flow = Watching the T&S (Time and Sales) and/or DOM (Depth of Market).

How do we read?
By telling ourselves a subjective story of what we're seeing, feeling, reading, observing, understanding.

Example of how I "read" the tape and tell myself a story:
Who's losing? Who's winning? Who's fearful? Who had or has good trade location? Who had or has bad trade location? Who's confident? Who's disappointed? Who's assuming more risk by trading long or short right now? Where can I risk a little to make a lot? I see an opportunity, do I want it? Who's probably going to take profits soon? Who's probably not going to take profits soon? Where are the losers trading?

How I use the story:
Generally, I just look to do the opposite of what I think the losers are doing (that may take you some time to figure out for yourself), and I only trade if the opportunity fits within my money and trade management plans and strategies which I engineered to fit my knowledge of self and the markets.

Advice:
Start making observations yourself. Learn how and why certain kinds of patterns repeat. Lastly, figure out how you can trade them by engineering solid money and trade management plans and strategies.

K Thnx a lot but I see tape from 6 months now I knw about big size thickness refresher but who's control the market when you take position long or short

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  #5 (permalink)
Market Wizard
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samur2000 View Post
K Thnx a lot but I see tape from 6 months now I knw about big size thickness refresher but who's control the market when you take position long or short

Are you using the right platform to 'see the tape'?

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  #6 (permalink)
Trading Apprentice
pune maharashtra/india
 
Futures Experience: None
Platform: takion
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Posts: 10 since Sep 2016
Thanks: 3 given, 1 received


xplorer View Post
Are you using the right platform to 'see the tape'?

I used takion I see lavel 2 plus prints

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  #7 (permalink)
Trading Apprentice
pune maharashtra/india
 
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Platform: takion
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Posts: 10 since Sep 2016
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But I still confused where to buy or sell and also confused because of White print dnt understand whether it's on buy side or sell side print

Sent from my HTC Desire 820 dual sim using futures.io mobile app

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  #8 (permalink)
Market Artist
Portland, United States
 
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samur2000 View Post
K Thnx a lot but I see tape from 6 months now I knw about big size thickness refresher but who's control the market when you take position long or short

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.


Last edited by Portland; September 27th, 2016 at 05:06 PM.
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  #9 (permalink)
Market Wizard
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Hi Portland - curious as to whether I'm using the same vocabulary as you. When you say


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 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.

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  #10 (permalink)
Market Wizard
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samur2000 View Post
I used takion I see lavel 2 plus prints

I couldn't find quickly a screenshot of Takion level 2 on Google so I can't see what it looks like.


Do you have a DOM where bids and asks are split? That would help you understand who's in control.

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