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How to learn to "read the Tape" aka Volume Foot Print / Delta chart.

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How to learn to "read the Tape" aka Volume Foot Print / Delta chart.

  #31 (permalink)
Salt Lake City, UT
Experience: Intermediate
Platform: SC, NT, MT
Broker: AMP
Trading: NQ ES YM Bonds
Posts: 265 since Mar 2010
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Filled market orders are the only thing that moves the market.

Limit orders on/in the book, when hit and if filled, become market orders. which move the market.

The presence of a limit orders may be akin to a shinny attractive thing that price can run through and perhaps beyond, but they can also be akin to the gutter bumper guard on a bowling ally where the ball bounces off the gutter guard when hit. Then there are times, just before the ball hits the gutter bumper, that the bumper disappears because someone pulled it down.

Context, Pace, volume, trades, bid/ask replenishment, smart money, big traders, trapped traders, the heard and news are some of what the tea leaves are comprised of.

Smart, big orders do not hit the market all at one time - they sell a little here and there to buy all they want or visa versa. Big bucks play way differently that us retailers. But at the end of the day its a market order that gets filled.

Unfinished business or unfinished action is an interesting concept, but I also believe it is an artifact of the timeframe or other periodic measure of the foot print chart. Look any any foot print and you can find completed and unfinished business at every/any price level not just the extremes of the bar. Why is unfinished business at 2:56 less important that unfinished business at 3:00, doesn't it seem more important simply knowing of this metric, trades at the bid verses trades at the ask at any/all price levels?

Patterns observed are created in your brain, not by the market. The market does what the market does and our brain strives to make a pattern out of it in the same way it does when looking at the clouds in the sky.

Is price rising and do you think it will continue to rise, then buy. Is price falling and do you think it will continue to fall, then sell. When you got in were you right and are you now profitable, then take profit. When you got in and you were right, do you think it will continue, then get you some more. But most importantly, where you wrong? If so get out now/immediately, no hoping, no waiting, no rethinking, just get out.

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