Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Two big players playing whack a mole this morning. one shows his hand and drops at 250k buy order on the market, clears the book for 30 cents and the other responds with an equal sell order. Just stupid. Hard to make money like this.
I've been getting beat up all morning, in and out, hard to read the tape with so little volume but oh what a move that was and I was fortunate enough to be long whilst my tapereading got me out about 1pt from the top. Unfortunately, I was down on the morning for all the in and out, so it only put my net positive by a little bit.
Really enjoy reading your thread. Thanks for sharing your thoughts.
I'm quite new to trading business. Is it "possible" to taperead E-minis for example? Or SPY is "better"?
Also currently it's difficult for me to taperead the orderflow, so mostly I'm following the idea of the market trying to find the price of maximum deals. I'm trying to identify the areas which aren't "interesting" to the market and play from those points. So mostly using tape and Level2 to identify that activity (volume, speed) instead of identifying any specific buyers/sellers. Sometimes I really do see activity of big guys and see their intention, but that happens rarely.
Does it make any sense?
Or is it better to start studying tapereading from SPY?
Thanks!
My experience with thick markets (ES, large cap stocks) is that the tape is convoluted, slower, and more more difficult to read. The mini NASDAQ has a good tape, it's thin enough that you can spot a tell. I read the SPY but trade the ES and that seems to work well but I had to adjust my style a bit to make up for the lack of movement on the ES.
My entire strategy as it pertains to tapereading involves locating a buyer/seller and trading along with them so I don't know that I could give you different advice. It is actually quite simple in essence but it takes time to develop an eye for it, the confidence to execute, and the market experience to time the trade properly.
Appreciate your feedback.
How do you normally evaluate who's in control in the market? There're so many figures on the tape, how do you recognise who's "winning"?
And do you measure volume somehow?
Thanks!
Mark, leaving profanity aside (which is being reported), what value are your posts adding to the community?
I ask as I just see a commentary of what is happening or you think is happening.
It's ike there's a football match and, instead of watching a live-video or hearing a live report, one is supposed to read the almost minute-by-minute description.
Are these posts being helpful to you, most of all? Are you improving your trading?
I am not going to report your posts because of my question about the value in them.
But I truly wonder whether they are of help, especially to you.
I know of other FIO members who complained because of the frequency with which this thread is updated. Now, frequency in itself is not a bad thing, IMO, as long as the posts are helpful, either to the community or, at the very least, to yourself. But if you don't know the rationale behind them I suggest you ask yourself what you're trying to achieve with them.
Just let me suggest that you talk to yourself within one single post for each session. Makes it easier to reference for you and everybody else & keeps the „latest posts“ stream on the main page a bit less cluttered.
Right. Well I've deleted what I can, but for some reason I'm unable to get rid of the rest of the clutter. Sorry for messing up your forum, I didn't realize...
