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Anyone here use tape reading in their methodology ?
I have always been under the impression that the tape couldn't be manipulated because it showed actual sales. A friend and I were comparing tape the other day and found a discrepancy and it has us both confused.
Do any of you guys use tape reading in your trading ? If so I can go into more detail.
I have two time and sales windows open displaying price and volume. One window is displaying trades < 50 vol the
other > 50 Vol. And I display the bid and ask in different colors.
This helps me see who is in control Buyers or Sellers.
For example at times I maybe getting ready to go long
and I see a 1500 lot go though on the tape and the market down ticks than it's telling me the sellers still have control and I need to wait.
That's basically what I do, display price, vol and use green and red for the bid/ask (image attached)
I have always been under the impression the tape can't be manipulated because it's displaying raw data of actual sales that have taken place, that is correct isn't it ?
A friend and I have are comparing tapes and seeing some different results. We have 2 different data feeds, can that make a BIG difference ?
I have accounts with both Mirus Futures and Advantage Futures... Mirus uses a ZenFire feed where as Advantage uses Trading Technologies.... there is a noticeable difference between the two...
Ok, I'm fairly new to futures so let's be sure I'm reading this correctly. The last sale on that tape was for 1 contract and it went at the ask price of 880.25, correct ?
If you are interested in learning about tape reading futures contracts, I recommend you go to the priceactionroom website of Joel Parker.
He does not only teach you to read the tape, but he has available a tape indicator that bundles the big trades again so you can see clearly who is in control.
You say this is impossible, but I do it every day. I read the tape and I see who controls and I get along with him. And you just say something about what you have no clue.
Guys, the tape works and even how cool. Do not listen to the sad suckers.
I use tape to refine all entries. It's just a skill, that's all. It takes a while to develop. I've never seen discrepancies in it but you can see momentum shifts, large players piling in, capitulative/exhaustive trading at the end of a move.
Still - I can see why people would think it useless, especially if the presumption is that you are supposed to get meaning from each trade.