TAPE READING (chat room cont.)

tape reading

  • go long at bid

    Votes: 19 20.9%

  • go long at offer

    Votes: 38 41.8%

  • place short at bid (bullet or conversion) reg sho.

    Votes: 17 18.7%

  • place short at offer

    Votes: 17 18.7%
  • Total voters
    91
  • Poll closed .
Quote from Maverick74:

Nope. It's kind of a secret. :D

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!
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Hi Maverick,

What do you think about this course on tape reading?

http://www.tradingmarkets.com/tmu/store.site/daytrading/Courses Web Seminars/6305/

I am waiting for it on eBay. :D

Thanks.
 
Quote from martys:

Hi Maverick,

What do you think about this course on tape reading?

http://www.tradingmarkets.com/tmu/store.site/daytrading/Courses Web Seminars/6305/

I am waiting for it on eBay. :D

Thanks.
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How much is it on Ebay? I would probably skip it. There's a general adage that is true about trading which is, if it works, no one is going to sell it. If this guys needs to supplement his income doing this, I doubt there is any value there. But hey, if you can grab it for 30 bucks on Ebay, go for it!
 
Quote from mizer:

Maverick,

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 wasn't on the open book? Thanks
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There is not enough information here. Was there news on the stock? Was the stock near the highs, the lows? How was he showing size all day before that? How does he usually trade the stock? Was there a bid in the spoos? This game is so much more complicated then it looks and there really are no simples rules such as if this happens then that will happen.
 
Quote from Maverick74:

How much is it on Ebay? I would probably skip it. There's a general adage that is true about trading which is, if it works, no one is going to sell it. If this guys needs to supplement his income doing this, I doubt there is any value there. But hey, if you can grab it for 30 bucks on Ebay, go for it!
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It's not out on the street yet but I can smell it coming. Thanks :)
 
Quote from yip1997:

Are there any good books / magazines on tape reading?
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I think I have all the books on tape reading...and I agree with Maverick...not much help at all. There is a black book, written decades ago, that was pertinent at the time....but even the guy who wrote it says that things have changed so much that his own book lacks value.

Mav is right about watching the actual prints, all the while looking at the bid/offer spread and size...but the prints are the most telling.

Don
 
Quote from Maverick74:

Was there a bid in the spoos?
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How do you see the bids and offers on the spoos?? I just look at the chart to see if it is moving but I have never seen a quote window for it.

-spxdes
 
Quote from Spxdes:

How do you see the bids and offers on the spoos?? I just look at the chart to see if it is moving but I have never seen a quote window for it.

-spxdes
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You really need to see the (and hear, hopefully via a "squawk box" live from the CME floor) the bid/offer and sizes of the, at least the eMini's. Charts don't do much for intraday information.

Don
 
Quote from paperboy:

5000 for that? I did not read much though. To mee it seems he needs cash
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With my tongue firmly bitten, I can add that from what I saw on the web page (the charting examples)...I would certainly be cautious about this. Heck we give a 4-8 week trading boot camp that is less than half that price...and we give our traders a $millkon or more in capital to trade with.

Anyway, just be cautious.

Don
 
hey guys, thx for the excellent thread. i'm not actively trading right now and still relatively green, so i've been reading and studying just as much as i can, and i've spent the morning enjoying all the informative posts.

Today around 2 PM est, I signed on to my e-trade pro account, and just figured i'd watch the level 2 quotes on a few stocks (even though i know don has said they are basically worthless). Newmont Mng Corp (symbol NEM) was breaking out big time with tons of upward momentum trading a little over $48 (i'm not sure on the exact times or prices). The stock was basically taking a breath, and I noticed an ask size of 20k show up 1 cent higher than the lowest ask, which was relatively speaking a lot of shares. The 20k did not get filled and then someone flashed an ask of 78k shares, again 1 cent above the lowest ask. I thought it looked very suspicious in light of what I'd been reading on this thread, and for a little bit i thought about buying 500 shares market, but instead i just watched. well, shortly afterwards the price jumped, then kept on rising all the way up to $48.70.

Is this mere coincidence or might it be related to the discussion of this thread? Was the 78K ask a fake-out? Is it possible that someone entered the 78K ask knowing it would generate buying interest? Would this type of market manipulation be illegal? I don't know. I've definitely got a lot to learn and think about.
 
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