anybody try this tape reading course?

[stasbz]

Hi.
id like to get more info on tape reading(DOM AND TIME AND SALES). i find only http://www.thedaytradingroom.com/tapereading/
what do you think about it?
anybody try?

 

[1a2b3cppp]

I've seen people use "tape reading" as a synonym of "price action" when they want to sound elitist.

But don't you need one of these to tape read?

 

[shopster]

we use these now.

you are either long, short or flat.

s

 

[stasbz]

Quote from 1a2b3cppp:

I've seen people use "tape reading" as a synonym of "price action" when they want to sound elitist.

But don't you need one of these to tape read?

DOM AND TIME AND SALES

 

[shopster]

Live YM tape reading with the dom.

Mark trades the ym

youtube.com/watch?v=gVsviqGiEbg&feature=related

10 car short, single car unload to the exit door.

s



when they puke em out you better be short.

 

[eusdaiki]

Tape reading is dead.

Back in the day tape reading was all about figuring out what the specialist was up to... you read the tape, then shadow the specialist.
Nowadays the there's too much HFT noise to read anything on the tape...

 

[cookding]

Quote from stasbz:

Hi.
id like to get more info on tape reading(DOM AND TIME AND SALES). i find only http://www.thedaytradingroom.com/tapereading/
what do you think about it?
anybody try?

IMHO, this might be the more decent one than the other more expensive alternatives information wise. Does it work? I have not spent time practicing that so I don't know.

This is tape reading the futures market (w. time and sales) and not specialist... a little bit like reading held bid/ask in Level 2.

 

[Lucias]

I'm somewhat partial to my own course, http://themarketpredictor.com. To be clear, very few tape reading courses describe actually what to do to read the tape.. I have been able to break this down in step-by-step detail.

Order flow and tape reading is certainly an edge but its a small one and not a complete one. I'm not convinced that using such methods stand-alone are enough to be profitable in the futures market.

One thing to be aware of is that every method that works in a range market will fail in trend market and vice versa... I share order flow patterns in my newsletter but these change and they are distinctly different in different market environments.

As for DOM, my opinion is forget about it unless you go automated/quantified. This will require historical book data which is quite expensive. I do not use the DOM and most traders don't either. Even the tape (prints) move almost too fast to take advantage of.... courtesy HFT

I read some of that... I think you can forget also about "manipulating" any prices in futures market. Sounds like total made up to me.

Quote from stasbz:

Hi.
id like to get more info on tape reading(DOM AND TIME AND SALES). i find only http://www.thedaytradingroom.com/tapereading/
what do you think about it?
anybody try?

 

[cookding]

tape reading is about reacting and not predicting!!

 

[Catoosa]

Quote from cookding:

tape reading is about reacting and not predicting!!

Seeing, feeling, and reacting to the characteristics of the ongoing transactions.