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I learnt nothing. Absolutely no actionable knowlege.
Not sure what i was expecting to happen? At least i thought i could learn the flow at key levels to assist in making a decision whether the level would hold or break.....but no....nothing at all!
I would go as far to say, that those "Furu" on Twitter & YouTube, who constantly yabber on about 'Reading the Tape' are actually full of shit.
Not trying to sound like a smart ass, just keen to understand thinking behind when people making statements like above.
When you mentioned that you watched the tape for an hour a day. What preparation was done prior to that? Did you read books on tape reading? how many of them?
What goal and objectives did you have ? Did you look into where the Tape concept was initiated from? Did you do your research on what products are suitable for a tape reading e.g Volatile or none-volatile? What is the tape reading used for ? How many questions you actually asked yourself ?
It is sound the same if I tell you, I was watching the grass grow. After watching it for two weeks, I could not see any progress. As soon as I introduce the measurements like what is the length of grass when I start watching. How much it grew in few days. After two days, avr speed of grow can be determined. I can also break the area on squares and find our the square where grass growing quicker. I can keep going.
As with any approach to market observation, it takes time. I suspect a lot longer than 2 weeks. I am no tape reading expert and only recently returned to trading after many years in the bricks and mortar world, but I can say that I have observed very successful institutional traders who do/did nothing else, and I personally, am able to discern shifts in sentiment (in short time frames) and find it especially helpful with trade entries, spotting reversals etc - by just watching the tape. Many stock pickers never look at charts and see the world through balance sheets and income statements, some only through chart indicators and others the tape. Our minds all work differently. Price/volume action, price velocity etc are arguably easier to perceive through the tape than a chart. Out of curiosity what information are you looking for in the tape?
What were you looking for?
Try doing it with a point and figure chart.
Or write down price every 5 minutes and see if you don't start to anticipate where price will be.
Switch to swing trading.
"The days when I keep my gratitude higher than my expectations, I have really good days" RW Hubbard
just looking at the TS doesn't help, unless you're a robot.
As humans, we still need the chart so that we can visualize the information. And then we can use the TS to understand why the market moved in a certain direction
agreed we are visual creatures.
I feel like a lot of traders look at prices ending in .00 or .05 as levels to lean on.
I don't really use the DOM but I know from past and just brought it up now that if you look at interlevel imbalances top 90% there is a program running in GC at .07 and .02 with .02 typically having the higher volume. Something like that in your favorite instrument could possibly help you to refine entries or exits depending on your methods...The pattern exists every day... the DOM has info buried in it but plotting those levels makes it more visual and accessible.
edit - I don't trade NQ but just looking casually right now (a terrible time) there are volume blocks every $2 @ at
21790.00
21792.00
21794.00
and every $2 @
21787.50
21789.50
21791.50
+++
off of 791.50 line every $4
“Be who you are and say what you feel because those who mind don't matter and those who matter don't mind.” - Dr. Seuss
Let's start with the the fact that you don't even know what "the tape" is. You think it's just a time and sales display.
So you sat and watched it, probably without even looking at an order book, not knowing what to expect, with no plan, no guidance, and then concluded that everyone else is full of shit.
Well done, you got exactly what you wanted.
