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It may have different goals.
One of them is PUPPET to check big guys. BIG guy see large order and want to take it and go through nearest levels to fill it. So hi fill another orders of the trader that set PUPPET and that trader go out and take off PUPPET
Also Big orders are placed than large position already set and trader shows that this size is all he had left to fill. (Long is set and he shows big bid or short and he shows ASK) .
Another is "SCARECROW"
And different thing when you see large prints on BID and increasing BID. This is real
I think this is by far the most active thread I have seen on futures.io (formerly BMT). Great learning and thank you for all the knowlege and open comunication. Now here comes a stupid and probably obvious question. Does anybody use tape reading at important levels in the market ,like at market profile area's?
Ok. Thats what I like about videos. But a structurized observations helps.
I remember like a month ago it was NFP. There were BIG ASK and every time market would go through them. Easy. I talked to you about this. Let's see if it will be like that tommorow or Friday. Then we will know what a trend continuation day looks like.
1) Yes. 1000 at ASK is Print on Time and Sales. It either filled the whole level or the remaining orders got pulled. Then Uptick.
2)I am no expert, but I always thought that what ever is on the limits and it gets filled then it shows it on Time and Sales.
No. A market order Buy fills the ASK limit. You are getting confused with if you were selling on limit then yes the BID would have to touch you.
3) not so
4)Market orders fill the Limits. So I think that on the time and sales you see how big the limit orders were.
5)Market BUY.
If I am wrong please tell us. I might be misunderstanding something too and it might be imparing my tape reading.
so where are we seeing these "limit" sizes ?
In order to compare them with whats been filled as seen on T&S ?
Yes with you other wise there would be no market I guess..bit I wish I could always get a sell filled at the ask price..!
Yes that's what I asked and presumed.thx
need to compute this lol
Ok but this is where I'm being confused I think by how things are displayed on T&S.
yes I follow, again no market otherwise, but same as 4 above, where are we getting these limit numbers that are either filled or not as shown on T&S, I thought we were just looking at T&S ?
many thx for the feedback...still a bit confused.
No I'm sure it's me..it's a conceptual thing I think that I haven't got my head around.
I've found most of trading is a contradiction, ie: upside down, ie we need to look to sell as prices go up and buy as they fall (broadly speaking), trade to make money, but you're lost if you ever think about the money etc..etc... but it takes time to see it that way...a peak to trough and trough to peak kind of thing...
This is what i mean. On the DOM, you see 150 on ASK. This is total orders. What we dont know is if its 3 - 50 lots or 150 1 lots, etc. But when it gets filled with a market order then on the Tape(T&S) it prints, showing us the sizes of the orders that were on limit. Thats at least how I think it works.
thx pbylina
Ok, referencing the Dom depth of market levels makes sense.
I didn't know this was being discussed, apologies.
I can also understand those levels above the ask being resting buy stop orders and below the bid being resting sell stop orders.
I still hope those with more understanding than me can explain getting a sell limit order filled at an ask price and conversely a buy limit getting filled at a bid price. I want to understand this properly in order to benefit from what's
being discussed in the thread as a whole.