Is there anyway you could break this post down and ask one question at a time? LOL. Sorry, it just looks like you have 40 questions on this one post and I don't have a clue where to start. Plus, it's easier for people who read this thread to follow along when each post goes over one specific idea at a time.
TAPE READING (chat room cont.)
- Thread starter shortseller
- Start date
Is there anyway you could break this post down and ask one question at a time? LOL. Sorry, it just looks like you have 40 questions on this one post and I don't have a clue where to start. Plus, it's easier for people who read this thread to follow along when each post goes over one specific idea at a time.
haha, sorry about that. I know i got a little carried away. =) But instead of breaking that post down to a bunch of different questions and having to put this thread's followers through the suffer AGAIN. I'd thought i would just wait for your reply on them. =D Please take your time though. I really would appreciate any thoughts you could share with me as well as different tape reading strategies. =)
But your advice is duly noted, I will make sure to keep my post to a certain size in the future so i wont intimidate everyone with SO many questions hehe.
Actually let me start with a few questions then: I totally understood your Perfect pritns post, but instead of seeing a lot of even full number sellsize, followed by a big odd size at the end (meaning the seller is done selling) Most of the time it's not like this though, in my 3 days of trading, most of hte big sellsize are odd numbers to begin with and they tend to refresh themselves even before each of them were taken out completely. For example:
1x176
1x198
1x100
1x129
1x178
1x198
My second request is, i was wondering if you could explain market order a little bit, All i know is that you normally use this when you can't NX out of a trade, and you get it at whatever price when your order reaches the specialist, but i hear market orders can sometimes get you a price improvement? How is this? And how could you tell if a print on the TAS is a NX, marketorder?
Cheers,
But your advice is duly noted, I will make sure to keep my post to a certain size in the future so i wont intimidate everyone with SO many questions hehe.
Actually let me start with a few questions then: I totally understood your Perfect pritns post, but instead of seeing a lot of even full number sellsize, followed by a big odd size at the end (meaning the seller is done selling) Most of the time it's not like this though, in my 3 days of trading, most of hte big sellsize are odd numbers to begin with and they tend to refresh themselves even before each of them were taken out completely. For example:
1x176
1x198
1x100
1x129
1x178
1x198
My second request is, i was wondering if you could explain market order a little bit, All i know is that you normally use this when you can't NX out of a trade, and you get it at whatever price when your order reaches the specialist, but i hear market orders can sometimes get you a price improvement? How is this? And how could you tell if a print on the TAS is a NX, marketorder?
Cheers,
Actually let me start with a few questions then: I totally understood your Perfect prints post, but instead of seeing a lot of even full number sellsize, followed by a big odd size at the end (meaning the seller is done selling) Most of the time it's not like this though, in my 3 days of trading, most of the big sellsize are odd numbers to begin with and they tend to refresh themselves even before each of them were taken out completely. For example:
1x176
1x198
1x100
1x129
1x178
1x198
What stock is this? It all depends on the stock. Don't spend too much time looking at odd lot offers. The only thing you should be worried about is are they printing. If he shows 10,800 on the offer and you keep seeing 5k go off or 15k go off, it doesn't matter what he is showing. Clearly there is some stock for sale there. Now if he is printing these offers one right after the other, there probably is nothing behind those offers.
My second request is, i was wondering if you could explain market order a little bit, All i know is that you normally use this when you can't NX out of a trade, and you get it at whatever price when your order reaches the specialist, but i hear market orders can sometimes get you a price improvement? How is this? And how could you tell if a print on the TAS is a NX, marketorder?
Again, something you really should not be concerned with. The only thing you want to know is if you put in a market order to buy or sell 100 shares, you want to see where he fills you. If you are not getting filled on the offer, it's because there is a seller there. Whether someone NX's an order or uses a market order is meaningless.
The reason you are getting price improvement is because there is a buyer or seller there that is not showing his mkt. I use to get price improvement all the time. That was the advantage over trading nasdaq. Sometime I would get price improve for .50 to .75 on a spread. The specialist is more then happy to do this because he is grouping all the orders into one print. It makes his job 10 times easier.
1x176
1x198
1x100
1x129
1x178
1x198
What stock is this? It all depends on the stock. Don't spend too much time looking at odd lot offers. The only thing you should be worried about is are they printing. If he shows 10,800 on the offer and you keep seeing 5k go off or 15k go off, it doesn't matter what he is showing. Clearly there is some stock for sale there. Now if he is printing these offers one right after the other, there probably is nothing behind those offers.
My second request is, i was wondering if you could explain market order a little bit, All i know is that you normally use this when you can't NX out of a trade, and you get it at whatever price when your order reaches the specialist, but i hear market orders can sometimes get you a price improvement? How is this? And how could you tell if a print on the TAS is a NX, marketorder?
Again, something you really should not be concerned with. The only thing you want to know is if you put in a market order to buy or sell 100 shares, you want to see where he fills you. If you are not getting filled on the offer, it's because there is a seller there. Whether someone NX's an order or uses a market order is meaningless.
The reason you are getting price improvement is because there is a buyer or seller there that is not showing his mkt. I use to get price improvement all the time. That was the advantage over trading nasdaq. Sometime I would get price improve for .50 to .75 on a spread. The specialist is more then happy to do this because he is grouping all the orders into one print. It makes his job 10 times easier.
Nope. It's kind of a secret.
Seriously though, if I was still working at my old firm, I would not be posting this stuff. Very few guys know how to properly read the tape. Even though a lot of people think they can because of how they were trained. It's a very small circle of guys that mastered this art and trained others how to do it. You will never see a book or article by any of the few guys that do this well. There is no reason for them to share that info. When something works, you keep your mouth shut!
I doubt, but you should read this: http://rules.nyse.com/nysetools/Exc...e=chp_1_3&manual=/nyse/nyse_rules/nyse-rules/
Check out the sections "Handling of Orders and Reports", "Auction Market" and "NYSE Direct+".
Dont forget my questions above guys!! 
I'm not letting you off the hook that easily Maverick. =D
I'm not letting you off the hook that easily Maverick. =DMaverick,
I was trading "X" today and the specialist kept flashing 40000-100000 bids and offers that were not on the open book everytime it started trading up to size that was on the book. For example if it would start trading up to 50.50 and there was some size on the open book at 50.50 he would flash a big bid @ 50.49 for like 40000-80000 and that would push it up a little and then he would pull his bid and repeat it on the offer. Was that him flashing fake size or some other daytrader cause it was'nt on the open book? Thanks
I was trading "X" today and the specialist kept flashing 40000-100000 bids and offers that were not on the open book everytime it started trading up to size that was on the book. For example if it would start trading up to 50.50 and there was some size on the open book at 50.50 he would flash a big bid @ 50.49 for like 40000-80000 and that would push it up a little and then he would pull his bid and repeat it on the offer. Was that him flashing fake size or some other daytrader cause it was'nt on the open book? Thanks
If there was real stock behind those offers, they wouldn't get lifted, the quotes would refresh. The perfect print is implying that there was just that offer at that price.