looking to learn how to tape read nasdaq im a new york scalper trying to learn the automated traders and market maker tricks thanks for your help who ever can help me.
When I trade nasdaq, its 100% charts with a little bit looser stops maybe 5-10 cents looser then a nyse stop, When I trade nyse, its exact stops nasdaq has too many conflicting ideas flying around but the profits are exponetial sometimes.
Since the Naz is not a Specialist system and is de-centralized, the information gained from watching the "tape" is not useful in a traditional sense. Read this thread for more ideas: http://www.elitetrader.com/vb/showthread.php?s=&threadid=56373
Well i like to tape read and i buy small amount of shares ( 500 ) to ( 1000 ) max I also try to see the high and low I try to make $50 or more on a trade but have to be carefull the trade does not go against me I like to have 4 level 2 window and i look at chart they are very helpful also
thanks for the help i do see nasdaq is more about charts and playing off technical levels but i also think tape reading is important but interpreted differently from new york tape which i like but what do you mean by 4 level 2 level window.
Let say when u watch level 2 window or order entry on the level 2 i like to open and (watch ) four window and watch 4 stock constant and try to scalp which have been very helpfully for me. Rest Second very helpfully has been the HI and low it is good for scalping third indicator i use is the stock against the nasdaq index EG Fri Dell was all day down and the nasdaq was positive so i had to see how dell was behaving every time it very to 30.70 t 30.80 i tried to short it and it all worked out pretty well But u have to make sure u don't get caught in 1 direction rally when you are already in a position ( which happened to me but i averaged it out ) but nothing can guarantee you anything where the stock will be heading but we try to do our best. On fri i was watching Dell INTC QQQQ and msft This was my trading day for FRi hope that was helpfully for you