Maverick,
What is a 'perfect print'. Thanks.
What is a 'perfect print'. Thanks.
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TAPE READING (chat room cont.)
- Thread starter shortseller
- Start date
Quote from pinabetal:
Nevertheless, it seems to mean you are only defining tape reading as intraday. Am I correct? You see no way it could be daily..weekly? Is that correct?
Correct, the tape is about prints, individual prints. Hence the ticker tape machine that printed out each individual print.
Thanks for your take on it Maverick. The prints are just price and volume on an intraday basis. Daily bars with their volume are the same thing. They are however, a consolidation of the individual prints.Quote from Maverick74:
Correct, the tape is about prints, individual prints. Hence the ticker tape machine that printed out each individual print.
Therefore, as one can read the individual prints to see supply/demand imbalances one can also tape read the consolidated prints and search for demand/supply imbalances. The micro doesn't exclude the macro. You just have to know the rules of interpretation to read the bars. I call it tape reading reading daily..weekly..monthly..whatever. I also say you can read intraday charts to pick out supply/demand imbalances and I call that tape reading intraday along with the intraday type of reading you speak of. I am not talking about chart patterns such as triangles, ....etc
Maverick do you ever miss the game? The glory of hitting it right on most of your daytrading stocks? May I ask your age? Did you leave it for that reason? Just wondering? I couldn't do it. Not 15 - 30 stock a day! Now my 24 year old son might could.Quote from Maverick74:
I already left the game. I trade equity and index options now and I carry positions forward month to month in the same products. Yes, the hybrid system will at the very least damage tape reading if not destroy it completely. That is my opinion.
Quote from pinabetal:
Maverick do you ever miss the game? The glory of hitting it right on most of your daytrading stocks? May I ask your age? Did you leave it for that reason? Just wondering? I couldn't do it. Not 15 - 30 stock a day! Now my 24 year old son might could.
No, I really don't miss it that much. I was never happy. No matter how much money I made, I always got pissed at how the specialist would sneak something by me that I didn't catch.
I'm 31 now. I just left because I was burned out and I couldn't see myself doing this forever. I thought about the big picture and where I wanted to be 5, 10, 20 years from now and I figured I wanted to start building towards that. You always want to look at the big picture. Ask yourself this question, "is what I'm doing today really moving me closer to where I want to go?" If it's not, what are you doing?
Not only did you learn to read the tape but you learn to think like a wise man. Kuddos on that.Quote from Maverick74:
No, I really don't miss it that much. I was never happy. No matter how much money I made, I always got pissed at how the specialist would sneak something by me that I didn't catch.
I'm 31 now. I just left because I was burned out and I couldn't see myself doing this forever. I thought about the big picture and where I wanted to be 5, 10, 20 years from now and I figured I wanted to start building towards that. You always want to look at the big picture. Ask yourself this question, "is what I'm doing today really moving me closer to where I want to go?" If it's not, what are you doing?
Today I spotted a buyer for the first time. I saw him on the TAS at TXN near noon, the market was printing bids getting hit at 33.52, when 33.52 was dry of bids the market never went down to .51 it only printed about 5 prints, something like 20,000 shares total. just to go back to .52
It was the last time that the stock touched that price.
I used a TAS window filtering all orders except to those executed by the specialist... I figure if Im trying to get on top of the specialist's moves, everything else is just noise...
Quote from eusdaiki:
Not only did you learn to read the tape but you learn to think like a wise man. Kuddos on that.
Today I spotted a buyer for the first time. I saw him on the TAS at TXN near noon, the market was printing bids getting hit at 33.52, when 33.52 was dry of bids the market never went down to .51 it only printed about 5 prints, something like 20,000 shares total. just to go back to .52
It was the last time that the stock touched that price.
I used a TAS window filtering all orders except to those executed by the specialist... I figure if Im trying to get on top of the specialist's moves, everything else is just noise...
Good job!
So basically what the perfect print tells you is that the seller got muscle out by the buyer at 55.62?Quote from Maverick74:
A perfect print is when you see some odd size on the offer and it prints exactly. Let me give an example.
50.52 x 55.55 200 x 500
1000 55.55
55.55 x 55.60 200 x 700
1500 55.60
55.55 x 55.62 200 x 1000
5000 55.61
55.55 x 55.62 200 x 1000
10000 55.62
55.57 x 55.62 200 x 1000
12000 55.62
55.58 x 55.62 200 x 7600
7600 55.62
55.62 x 55.66 200 x 9000
OK, you see what happened there. Obvisouly that 200 share bid has a lot of stock to buy and cearly there is more stock for sale then what is shown on the offer. Once that 7600 prints, you realize there is no more stock for sale and this stock is going higher. You also see the plus tick bid where the offer was. And lookie here, a big bad size offer. What do you think is going to happen now after that perfect print? It's going to get lifted. Notice how that 200 share bid keeps stepping up. That is a huge buyer.
Quote from eusdaiki:
So basically what the perfect print tells you is that the seller got muscle out by the buyer at 55.62?
Yes, it tells you the seller is out of stock. Notice how more size prints then what is showing on the offer. A seller could sit there showing a 1000 on the offer when he really has 45k shares to sell. So you'll see print after print after print then finally you will see an odd number. This is all he has left.
Once that has lifted, the stock is going to run. It's very important to spot these because if you miss it for a second and then look back you might see the stock higher but you'll also see some more large offers come in and you'll think there is a big seller in the stock when in fact there is a huge buyer.