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We have learned almost nothing )))
How long must be video? As price came to important price level and remains there. Such situations of important prices occures 5-10 time in 1 day.
Obviously, pulled orders do not hit the tape...that is what makes them pulled orders as opposed to executed orders.
There is no point in trying to separate out fragmentation algorithms from whatever...the whole point of fragmenting an order is so you can't separate it.
To me the best way to learn to read the tape is at important levels as mentioned. "Important levels" being tests of session high or session lows...Any other prices are make believe as far as importance outside your own systems.
The only thing I really find it good for though is when to exit a breakout on the high/low and maybe a little bit when to fade a range test but that might just be nonsense on my part.
The danger of the tape is you start thinking you are 21st century wyckoff and can trade anywhere in the range.
1) 8:23:18 tape is speed up and moving fast. There are most small orders.
2) 8:25:20 price is coming to 1.4335 and tape is speed up. BID looks weak and there is no BIG prints. So there is high probability of breakdown. No longs. Here is crowd in general and it fills BID limits.
3) 8:29:50 tape begins doing fast pushes.
4) 8:30:26 tape is speed up. Brakedown reaction. 1.4324 stand one BID big limit order. If it would be filled then market goes to 1.4310 with high probability. There is no longs