TAPE READING (chat room cont.)
- Thread starter shortseller
- Start date
Quote from Nordic:
Just selling Fly's and Iron's these dats Mav?
No, I traded a lot of flys in the biotechs last year but not since. Iron Condors are crap plays with terrible odds. I traded elongated flys on the biotechs. Man, that was the easiest money I ever made in trading.
Before decinding if going against the bid or the ask you have to find out the following points:
1) If the stock is going up, down or sideways.
2) If the market is going up, down or sideways.
3) What is behind the bid and the ask, these type of bids and asks are commonly found in stocks like MOT or WMT.
Thus this question is poorly asked!!!
1) If the stock is going up, down or sideways.
2) If the market is going up, down or sideways.
3) What is behind the bid and the ask, these type of bids and asks are commonly found in stocks like MOT or WMT.
Thus this question is poorly asked!!!
in my system, I have a filter for out of sequence prints, the TAS displays an SI or condition colum. When I filter so only NYB is displayed I get orders with an E for electronic execution and orders withou comment. The ones without comment are the specialist orders. I don't know about the esignal tape, never seen it.
We need to distinguish between large offers and large sellers. They are NOT the same thing. A large offer is like 5k, 10k, 25k and so on. A large seller is someone who has 500k, 1 mil, 10 mil shares of stock to sell. A large offer means nothing. A real seller will NEVER show you his full size.
The point behind a perfect print being lifted is that all the stock that was at that level is gone, it's been cleared out. That might be 300k shares of stock that went off over the course of 10 minutes where the offer just kept refreshing over and over.
So someone just bought 300k shares of stock at some price and now he is bidding it. And all of a sudden you see a 10k share offer show up after only seeing 500 shares on the offer for 10 minutes. So you think, oh no, the seller is back! Not even close. Think about it, the buyer just bought 300k shares. He probably still has another 300k left to buy. Now a 10k share offer shows up. That will be gone in 2 seconds. That's my point. That 10k share offer is not a seller. It's a sell ORDER! That's it.
Hell, it might be another daytrader sitting next to you. The perfect print lets you know that the seller at that particular level has been cleaned out. This is a good sign as it shows you someone means business and they are buying a lot of stock.
I've read the threads regarding tape reading all the way through. In addition, I have also read the post by Maverick on double prints.
First of all, I would like to thank you, Maverick, for writing that fantastic little article. I literally read that and tested it out the following day. I noticed CVX was showing a lot of double pritnts, at 700, 1400, 1000, 500, i mean everywhere. Naturally i got very excited since i just read about them last night. So i bought a 100 shares, then another 100, and another 100, and sold them at 300 right before the prices start to drop again (i'm normally not that accurate at timing and spotting the best time for entry and exit, but i did well that day) And from only 300 shares, i made about 62 dollars out of it.
So thank you so much for that article. Do double pritns happen very often? And if so, how many should i see before i know it's really a strong buy. I mean sometimes there would be a lot of them , but also a lot of times, there would be an odd one here and there, with a lot of time in between.
Finally, I was wondering if you/or anyone reading this would want to show us beginner traders more things to look for like the tip on doubleprints, I t hink that would be very very helpful. For example, could someone explain how to spot fakeouts, sudden change in the bid/ask spread(to a wider gap), refresh orders, cross order, and show us exactly why they are important, and how we could indicate them and use them to our benefits? Even little things would be much appreciated here. For example, given a certain scenario and situation, let's say the stock is going a certain way, and the sellsize is decreasing or increasing, bid size is decreasing or increasing, and the pritns are going off at whatever price, or whether there are a lot of people buying off the offer stocks, what do these all represent, what type of action would be more favorable here... I think more posts with insights and description like the one i just described here, and the one posted by Maverick would really help accelerate the beginner traders to a newer level.
Speaking from personaly experience, having learned to identify double prints, and the meaning behind them, and actually seeing them being demonstrated in a live setting is just exhilirating. And by learning a few new things each day, no matter how trivial they are, it has no doubt helped mold me to become a better trader.
I have already fell in love with this game, but being able to only spot downtick, uptick, and doubleprints, i certainly dont feel at all comfortable with what i'm doing.
Could someone maybe what refresh orders are and how to spot them? Also, how do people hide sizes and how can i spot them on the tape? And finally, i know what market orders are, but what do they look like on the tape? how do i know a print is actually a market order or not... and i hear that market order can sometimes get you a price improvement.... but how is that? I know that NX orders shows up on the TAS screen and can greatly affect the crowd's decision, for example, where a lot of people are nx buy their stocks trying to cover their short.... but how are market order able to do this?
Another question i have is, someitmes i see a strong seller trying to sell a lot of stock, but at the same time there are a lot of buyers, so the buyers will just keep buying off the stocks the other person is offering... and most of the time it looks like this: (notice the offer changes from 200 to 1, meaning all his stocks have been bought off) and once it's bought off he might offer another 200.
1x1
1x30
1x90
1x140
1x200
However, sometimes the seller wont wait until all his shares were bought... he'll keep showing more sizes before his size has been completely bought. like this: (sometimes with prints in between those quotes)
1x200
1x90
1x160
1x180
1x200
1x100
1x130
1x200
What does this mean exactly?
If anyone could share a little bit of insight I would really appreciate it.
Have a good one guys.
First of all, I would like to thank you, Maverick, for writing that fantastic little article. I literally read that and tested it out the following day. I noticed CVX was showing a lot of double pritnts, at 700, 1400, 1000, 500, i mean everywhere. Naturally i got very excited since i just read about them last night. So i bought a 100 shares, then another 100, and another 100, and sold them at 300 right before the prices start to drop again (i'm normally not that accurate at timing and spotting the best time for entry and exit, but i did well that day) And from only 300 shares, i made about 62 dollars out of it.
So thank you so much for that article. Do double pritns happen very often? And if so, how many should i see before i know it's really a strong buy. I mean sometimes there would be a lot of them , but also a lot of times, there would be an odd one here and there, with a lot of time in between.
Finally, I was wondering if you/or anyone reading this would want to show us beginner traders more things to look for like the tip on doubleprints, I t hink that would be very very helpful. For example, could someone explain how to spot fakeouts, sudden change in the bid/ask spread(to a wider gap), refresh orders, cross order, and show us exactly why they are important, and how we could indicate them and use them to our benefits? Even little things would be much appreciated here. For example, given a certain scenario and situation, let's say the stock is going a certain way, and the sellsize is decreasing or increasing, bid size is decreasing or increasing, and the pritns are going off at whatever price, or whether there are a lot of people buying off the offer stocks, what do these all represent, what type of action would be more favorable here... I think more posts with insights and description like the one i just described here, and the one posted by Maverick would really help accelerate the beginner traders to a newer level.
Speaking from personaly experience, having learned to identify double prints, and the meaning behind them, and actually seeing them being demonstrated in a live setting is just exhilirating. And by learning a few new things each day, no matter how trivial they are, it has no doubt helped mold me to become a better trader.
I have already fell in love with this game, but being able to only spot downtick, uptick, and doubleprints, i certainly dont feel at all comfortable with what i'm doing.
Could someone maybe what refresh orders are and how to spot them? Also, how do people hide sizes and how can i spot them on the tape? And finally, i know what market orders are, but what do they look like on the tape? how do i know a print is actually a market order or not... and i hear that market order can sometimes get you a price improvement.... but how is that? I know that NX orders shows up on the TAS screen and can greatly affect the crowd's decision, for example, where a lot of people are nx buy their stocks trying to cover their short.... but how are market order able to do this?
Another question i have is, someitmes i see a strong seller trying to sell a lot of stock, but at the same time there are a lot of buyers, so the buyers will just keep buying off the stocks the other person is offering... and most of the time it looks like this: (notice the offer changes from 200 to 1, meaning all his stocks have been bought off) and once it's bought off he might offer another 200.
1x1
1x30
1x90
1x140
1x200
However, sometimes the seller wont wait until all his shares were bought... he'll keep showing more sizes before his size has been completely bought. like this: (sometimes with prints in between those quotes)
1x200
1x90
1x160
1x180
1x200
1x100
1x130
1x200
What does this mean exactly?
If anyone could share a little bit of insight I would really appreciate it.
Have a good one guys.