Tape Reading

Quote from Hydroblunt:

I sense you do not really know what you're talking about. I do not think you even understand what the tape means and what Livermore meant when he started to recognize the bucket shop scam through the tape. I suggest you re-read the first few chapters of ROS to understand the type of tape reading most NYSE day traders do (or at least try to).

The NYSE tape and Nasdaq Time & Sales are quite different. The reason you would want Level II is to see the MMIDs so that you can try to pick up which one may moving the stock.

But hey you sound like the standard ET super multi millionaire trader. I dunno why you're asking Steve for some calls on ACI, you should just go and make a killing on it since you seem to be such an expert on the tape.
More...
LOL level 2 is just one way to read intraday price action. You think I don't knowwhat level 2 is about? I just don't need it for tape reading. Contrary to what you may think or say you CAN tape read the Nasdaq or NYSE the same way. I think it is you who doesn't know what tape reading is about. Since you seem to know so much on tape reading you give the calls instead of Steve and lets see how good you are??
 
Quote from pinabetal:

LOL level 2 is just one way to read intraday price action. You think I don't knowwhat level 2 is about? I just don't need it for tape reading. Contrary to what you may think or say you CAN tape read the Nasdaq or NYSE the same way. I think it is you who doesn't know what tape reading is about. Since you seem to know so much on tape reading you give the calls instead of Steve and lets see how good you are??
More...

Aight there buddy, I guess I could go into it but what's the point, you're just such a super trader in your head.
There are key differences between how NYSE and Nasdaq trade, kinda like the key differences between a human open outcry system and a completely electronic system. With some basic observation skills, you just may see this in the charts.
 
Quote from Hydroblunt:

Aight there buddy, I guess I could go into it but what's the point, you're just such a super trader in your head.
There are key differences between how NYSE and Nasdaq trade, kinda like the key differences between a human open outcry system and a completely electronic system. With some basic observation skills, you just may see this in the charts.
More...
If we apply the theory of psychological projection to our blunt friend with the pointy head, one might be led to the conclusion that he ridicules everyone elses trading because he cannot face his own failures, so he represses and projects outward, it's a classic case
 
Quote from trader28:

Agreed, I pulled up IB's market depth last night (daytime for you) and kept a rough running total in my head for the 5 bid columns and the 5 ask columns and I knew what the price was going to do before it did it. So much for the 1000's of hours screentime Steve reckons you need, maybe he just doesn't have a knack for numbers. Now I use a proprietary set of indicators called Kwikpop which pretty much always keeps you on the right side of a trade but the key to the running total in your head is knowing when to disgard the total, ie: when the trend has changed, Kwikpop certainly helps in that regard because it is very momentum based but mostly it is just a feel for the numbers. So I encourage you all to stop listening to people (me included) and just go and do it for yourself
More...

I am not sure if you are serious about your initial question Trader28. But just because you knew what a print was gonna be by looking at 5 bid and 5 ask columns does not constitute tape reading. Tape reading is an art and basically (for NYSE stocks) you are looking at what side the specialist is on (buy or sell). Now you have to understand the rules as to when the specialist himself can buy and sell. As for what Time and Sales to use, well I guess they are all the same. I have used ILX , Esignal, AT Financial, and a few others. Good luck
 
Well perhaps I've found my calling, seemed very easy to me and I didn't have a single losing trade, I felt like that guy in Rainman counting cards

"I'm a very good driver"
 
Quote from marketsurfer:

hi,

i have been using a software platform called tymora pro recently for daytrading. it automates much of the tape reading skill set that use to take years to learn, and is highly sophisticated yet easy to use. i believe they still have a free trial. www.yourika.com

hope this helps,

surfer
More...


Wonder how it compares to Trade Ideas Pro.
 
Trader28-

I come here to ET to learn from others who are better than me or know more about something that I need to improve on and also to help out others who are seeking advice on how to be a better trader. This business is a never ending quest for improvement so there is no need to be arrogant. If you knew me at all you would know that I am never looking for my ego to be stroked. Yes, I am making good money trading (whether or not YOU believe it, that doesnt concern me), but I also know that things may change to the point where I will need to completely revamp what I am doing to maintain success.

Szeven, thanks for the kind words, I hope you continue your success as you have made HUGE strides this year. Congrats.

Steve

Quote from Szeven:

And thats where you go wrong. Steve and Hydro never once said they were 'the best traders', and they never look for people to stoke their egos because they humbly accept many people make way more money.
More...
 
Thanks Hydro, trying to get better and better a little at a time.

I've decided that Jan 1, I am going to really focus on learning how to become proficient in trading the SHO stocks. When things do change, I dont want to be left out to dry :D

Quote from Hydroblunt:

Well Steve T is the superstar, I'm just a small part time trader now. I trade 8-15 hours a week, only mornings and if I take 5k+ for the month I'm satisfied. I'm at the point in my life of taking serious steps to diversify away from trading, particularly day trading.

When I say tape reading, I mean NYSE tape because the Nasdaq Level II Time & Sales is quite different. NYSE tape seems very easy and clear cut comparing to the swinging prints and the 100 share refreshering MMs on Nasdaq. You cannot scalp Nasdaq like NYSE, humans cannot beat computers on that turf. If you think that the tape will be same forever and ever based on the NYSE (like pinabetal says) then you would have been trading Nasdaq stocks instead of NYSE as they move faster and for much bigger moves. I started trading Nasdaq this year with a little bit of success, and I quickly recognized why so many short term traders kept flocking to NYSE. For me, it was more chart intensive, a wider time frame, much less trades and higher risk. I've never actually felt the dear in headlights effect like that before. Not easy at all and it requires full time dedication to transition from NYSE to Naz.

As for the Hybrid, I highly advise people to do searches about this on the web as well as the NYSE website. The Den of Thieves has been sketchy about giving all the details. From what I can gather, the Hybrid is actually NYSE's way to stonewall SEC's Regulation NMS and preserve their racket for few more years while at the same time taking steps to transition toward an electronic NYSE. Tapereaders shouldnt get too excited, the Hybrid has some really shady & f**ked up rules regarding order fills and the 5 cent swipes that take it into specialist auction mode. It seems that through the Hybrid, the specialists can go in and take priority on order fills for themselves/client and then just leave the rest of the electronic orders out to dry. At the same time, they will be much harder to read as the order progs, daytraders, etc will be providing a whole lotta noise through the real time Open Book.
It still remains to be seen how it will turn out but I'm kinda looking forward to seeing the hot homies, energy, steel sectors trade more Nasdaq style. It will make it much easier to just take entry points, set stop loss and targets without the specialist screw.
More...
 
You must log in or register to reply here.
Back
Top