AHG - Profitable Strategy for Struggling Traders

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Quote from Anekdoten:


Tell you what, I will start taking screen shots of "special Kodak moments" in the tape to see if I can provide some insight into this.

Price action in this journal has been covered in just about every detail, maybe its time some tape reading stuff is presented and documented.

Anek
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I appreciate this as well. I'm also trying to learn how to tape read. Also that book that you recommended: Tape Reading and Market Tactics by Wyckof, I'm not seeing it. I see one with that title but its by Humphrey, B Neill.

Good Trading,

YoungOne
 
Quote from mmrreedd:

F9, if you don't mind, in your style of trading the ES what do you use this window for?

Thanks
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hi mmrreedd,

In my style of trading the ES my frames are very short and so at any given time I can see less than 30 mins of price action on my screen.
I do not have time to look to higher frames and in any case it now confuses me. But instead, I do have market structure from a frame 3x greater, imposed on my screen.

Tics to the open show me ......
a) which side of the open I am on.
b) whether it is close enough to effect my decisions.

Tics to HOD and LOD work in the same manner as these are three very powerful price points.
The rest of the important levels ( ie yesterday high & low etc) I no longer track since this is revealed in it´s own way inside the market structure.
However, this is my 11th year of following the markets and what has become obvious to me may well lie ahead of others in this moment.

This is a very good thread that A is running and it is teaching people the basics of market structure.

If people commit to trading this style with say the NQ and become comfortable and consistently profitable, then they can move ahead developing deeper and deeper trading skills.

If they cannot make this style of trading work profitably for them on the NQ, then IMO they are not addressing their own issues and changing horses will only make matters worse.

It is mental toughness and commitment that makes a great Trader as I see it.

regards
f9
 
Quote from Anekdoten:

Solom,

Tape reading takes time, more so than reading price action on the chart.

For some basic ideas filter your time and sales window to highlight market buying and selling (that means AT MARKET) mostly because this is a sign of requiring speed before precision. When price is at key areas on the chart, say support, resistance, trendlines, wedges contracting, anything meaningful watch the tape very carefully.

In fact today, when price broke out of the symmetric triangle all I did was read the tape, was not even looking at the chart. I could tell most of the pressure was on buying, the anxiety to sell did not start until it really fell, not even on the retracements, that was just free fills for the longs. All very very telling. See price can go down as the buying pressure increases, it is possible and that's how you use time and sales to get killer entries.

Eventually you will start noticing when price is going down how it is bought on the way down and how aggressively or if the pressure continues, are the sizes increasing on the way down, is the market buying outnumbering the market selling is it the selling. All these details are very telling but this is all happening live and very fast so will take lots of practice. It does not matter if its buying or short covering, why would a short cover? Because he thinks price is going higher now right?

I can't teach you tape reading, this one you must do on your own, it is without a doubt the most powerful thing out there but your eyes will get very tired until it starts making sense as it happens. Not trying to discourage you just warning you that this one takes an effort and a lot of screentime but its the absolute trampoline to the next level.

Anek
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Great info Anek! Thanks for the info and the detail.
 
Quote from Anekdoten:

Bmw,

Here is a log of that infamous symm today and how I played it along with my comments as I was having fun with a few friends while reading the tape. Maybe some of the logic helps.

It's the only trade I took today.
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Anek, did you take your large monitor on the road with you? With my main chart, anchor chart, T&S, and matrix, my laptop alone is way too crowded.
 
I get more tips from watching the tape than I do from the price action on the chart. You can see past support and resistence on a price chart but you can see the new levels of S & R building in the tape. A chart is only history of what has already happened. Activity at the current market price is here and now. Just spend some time watching and keep you hand off your mouse.
 
Quote from fishoilfan:

Anek, did you take your large monitor on the road with you? With my main chart, anchor chart, T&S, and matrix, my laptop alone is way too crowded.
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I tell you how I solved the problem, I bought a bigger bag for laptops and I travel with 2 and connect them as a network and use synergy to control both with 1 mouse and 1 keyboard. Or in case I want to use the second laptop only as an extended monitor I use Maxivista.

Another possibility is to buy a 15 " lcd screen with a detachable base and take with you only the screen and your laptop in the same bag

crazy stuff traders do :D
 
it's not bad as a contrary indicator i find... but since it's hard to keep your eye on both that and T&S when the mkt is moving, i agree - better stick to T&S

Quote from Anekdoten:

Forget Level II Level III and Level IV :D

Unless a trade happened the information can be deceiving.

Anek
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Great stuff. I too would like to learn how to read the tape as well through T&S window.

Going into the most basic of tape reading, i have a few simple questions

1) What is hitting the bids?

2 What is lifting the offers?

Referencing this blog:

http://traderfeed.blogspot.com/2006/07/what-every-short-term-trader-should.html

To my understanding, the bids are just buyers who are willing to buy at a certain price and offers are sellers willing to sell at a certain price.

So when looking at T&S:

Does bid mean sellers?

Does offer means buyers?

thanks in advance

J
 
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