Tape Reading Chat Seminar Transcript

[BackInBlack 10]

Sorry, what does TAS stand for?

 

Maybe, Time and Sales? Not sure.

[stylelad 10]

TAS = Time and Sales =)

[Soultrader 12]

TAS = Time and Sales =)

 

My best advice is to stare at the tape for some time. Its pretty impossible to explain in words. Look for the flow, big lots, rallies on small lots, swift rejection, etc...

[dalby 10]

T&S in tradestation *is* tick by tick

 

the disadvantage is that in very fast markets the T&S will sometimes lag the price action

 

IB is NOT pure T&S (which means tick charts are also not precise)

 

why?

 

because IB "chunks" data. when the market is relatively slow, you will see the actual time/sales (including your own). but when the sales are going through at a faster pace, IB will aggregate the data.

 

this means IB provides inaccurate data for "delta" indications, which makes it basically worthless to use as a datafeed for marketdelta, for instance.

 

personally, I use an IB advisor account to trade mine (and OPM) money, a tradestation account which i do small trading in to get the free platform/charting, and Investor RT.

 

if you are relying on IB timesales you are NOT seeing true time sales. keep that in mind

[stylelad 10]

Soultrader, so u mean that "the flow, big lots, rallies on small lots, swift rejection, etc..." are indicators of trand..can u tell a little bit more bout em?

2 all

guys what are the typical indicators on tape that can tell us that bulls / bears are now stronger on this stock/futere contract???

[torero 10]

I usually look at the tape near breakout areas with high volume of buys with large lots. When this happens, it's a sign of big participation in the push up. Likewise with breakdowns. The tape moves fast and furious compared to a few minutes before the breakout. I don't bother when prices are not at significant areas. You can do the same looking at charts. Just 2 ways of understanding the market.

[ItalianSharp 10]

Soul

 

When do you think you can come up with a condensed tape reading video?

 

Thanks.

[Northern boy 10]

Thanks alot Soul Trader/James. I saw you talking about reading print in earlier videos to this transcript but I can't find them now. Either way, thanks for the introduction to it's analysis. Not much sense in using a chart I find :missy:.

 

I'm going prop very soon. I ultimately want to use Infinity's AT execution platform (drool), Tape, and the VIX.

 

anyway, thanks again. cheers :cheers:.

[Blu-Ray 10]

Thanks alot Soul Trader/James. I saw you talking about reading print in earlier videos to this transcript but I can't find them now.

 

 

The videos are now in the premium section

 

Cheers

 

Blu-Ray

[Guest MRC & Co]

A: However, I usually do not recommend scalping.

 

Why not? Sometimes it's far easier to scalp a few ticks here and there.

 

Buy 40s, sell at 45s, buy again at 47s etc. If the trend is not clear and not possible to position or swing trade intraday.