What's the point of tape reading?

[TheDawn]

I like your general content but this post of yours here is utter nonsense. You see shit on level 2, 2023, period. A huge percentage of orders are either hidden or routed to alternative venues and reported late. Level2 is complete and utter garbage today. It's like you driving a car and everything you see has already happened 5 seconds ago. Good luck.

Edit: I am not saying that the remaining information is useless. I ma claiming level 2 is useless, all that is needed is trades with volume and price dynamics (as limited as it already is thanks to market fragmentation) that can all be gleaned from level 1.

I wonder if there is any study or research on how much percentage of orders are hidden or reported late that reduces the accuracy of the Level-2 info. I would be curious to know.

 

[KCalhoun]

I wonder if there is any study or research on how much percentage of orders are hidden or reported late that reduces the accuracy of the Level-2 info. I would be curious to know.

Lol dark pools

 

[MarkBrown]

& price action momentum.

i call it velocity the speed at which the ticker is currently and acceleration the speed at which it's increasing or decreasing from the velocity. i put math to it, as a way to quantify the feel that we have - which comes no other way but experience. i think you would agree.

 

[M.W.]

Yes there is, it's burried in the linked pdf. It was around 30% 2021, estimated to be closer to 40% now. That's trades alone. Most quotes and their modifies happen off-exchange, in fact a vast majority.

https://www.google.com/url?sa=t&sou...AQFnoECAkQBg&usg=AOvVaw3pCSMM-QhhsdZuPqtCUHvI

I wonder if there is any study or research on how much percentage of orders are hidden or reported late that reduces the accuracy of the Level-2 info. I would be curious to know.

 

[KCalhoun]

i call it velocity the speed at which the ticker is currently and acceleration the speed at which it's increasing or decreasing from the velocity. i put math to it, as a way to quantify the feel that we have - which comes no other way but experience. i think you would agree.

Exactly ... look for it to speed up, like a car going 40mph suddenly goes 60+ mph for price action breakout.

 

[M.W.]

Or an accident to happen...

Exactly ... look for it to speed up, like a car going 40mph suddenly goes 60+ mph for price action breakout.

 

[wxytrader]

I've done thousands of daytrades using the tape. I found it most useful for Exiting as pivots form, to lock in a gain, vs entries w blocks & price action momentum.

Eg I'm long 11.2 it runs to 11.88 drops back to 11.75 I'm out

that's is literally just the data at the beginning of the triangle.You could just draw a triangle and know exactly what price is going to do until reaching the apex.

ie 11.88, 11.23, 11.75, 11.50, 11.70, 11.55

 

[v-shape-0DTE]

You look for a large flash drop (QQQ, SPY) around :00, :15, :30, :45 and buy it for the V. That is the best "tape reading" you will find. The tape will tell you that no down move, especially those rapid intraday candles are sustainable. It all is forced to V.

 

[Aisone]

i call it velocity the speed at which the ticker is currently and acceleration the speed at which it's increasing or decreasing from the velocity. i put math to it, as a way to quantify the feel that we have - which comes no other way but experience. i think you would agree.

And you're saying in another thread TIME has nothing to do with pricing. Are you "lazy", or just schizophrenic and like wasting people's time?

that's what everyone thinks but that is completely wrong - time has nothing to do with price at all.

man has associated time with price as a lazy way to track price but it's completely wrong .

Velocity: Rate of change of the position of an object as a function of TIME, and the direction of that change.

 

[MarkBrown]

And you're saying in another thread TIME has nothing to do with pricing. Are you "lazy", or just schizophrenic and like wasting people's time?


Velocity: Rate of change of the position of an object as a function of TIME, and the direction of that change.

wrong time is a false introduced poison pill to data and math applied on it . velocity and acceleration do not depend on time, they depend on data alone. if you intraject time you have just tainted the outcome and the ignorance of this prominent.