Hi Maverick, What do you think about this course on tape reading? http://www.tradingmarkets.com/tmu/store.site/daytrading/Courses Web Seminars/6305/ I am waiting for it on eBay. Thanks.
How much is it on Ebay? I would probably skip it. There's a general adage that is true about trading which is, if it works, no one is going to sell it. If this guys needs to supplement his income doing this, I doubt there is any value there. But hey, if you can grab it for 30 bucks on Ebay, go for it!
There is not enough information here. Was there news on the stock? Was the stock near the highs, the lows? How was he showing size all day before that? How does he usually trade the stock? Was there a bid in the spoos? This game is so much more complicated then it looks and there really are no simples rules such as if this happens then that will happen.
I think I have all the books on tape reading...and I agree with Maverick...not much help at all. There is a black book, written decades ago, that was pertinent at the time....but even the guy who wrote it says that things have changed so much that his own book lacks value. Mav is right about watching the actual prints, all the while looking at the bid/offer spread and size...but the prints are the most telling. Don
How do you see the bids and offers on the spoos?? I just look at the chart to see if it is moving but I have never seen a quote window for it. -spxdes
You really need to see the (and hear, hopefully via a "squawk box" live from the CME floor) the bid/offer and sizes of the, at least the eMini's. Charts don't do much for intraday information. Don
With my tongue firmly bitten, I can add that from what I saw on the web page (the charting examples)...I would certainly be cautious about this. Heck we give a 4-8 week trading boot camp that is less than half that price...and we give our traders a $millkon or more in capital to trade with. Anyway, just be cautious. Don
hey guys, thx for the excellent thread. i'm not actively trading right now and still relatively green, so i've been reading and studying just as much as i can, and i've spent the morning enjoying all the informative posts. Today around 2 PM est, I signed on to my e-trade pro account, and just figured i'd watch the level 2 quotes on a few stocks (even though i know don has said they are basically worthless). Newmont Mng Corp (symbol NEM) was breaking out big time with tons of upward momentum trading a little over $48 (i'm not sure on the exact times or prices). The stock was basically taking a breath, and I noticed an ask size of 20k show up 1 cent higher than the lowest ask, which was relatively speaking a lot of shares. The 20k did not get filled and then someone flashed an ask of 78k shares, again 1 cent above the lowest ask. I thought it looked very suspicious in light of what I'd been reading on this thread, and for a little bit i thought about buying 500 shares market, but instead i just watched. well, shortly afterwards the price jumped, then kept on rising all the way up to $48.70. Is this mere coincidence or might it be related to the discussion of this thread? Was the 78K ask a fake-out? Is it possible that someone entered the 78K ask knowing it would generate buying interest? Would this type of market manipulation be illegal? I don't know. I've definitely got a lot to learn and think about.