Learning tape reading

[TAjammy]

im taking a big step back from 'tape reading' for the meantime ..but rather focus on some illiquid markets to master....sugar for example is what im looking into...trade it and nothing else.

Im actually drawing up a criteria to help me get a sense of how sugar behaves

 

[Ambrose Ackroyd]

Sozz, won't contaminate your thread again.

 

[TAjammy]

lol it's k

 

[cuotes]

Since the thread is dovoted to tape reading, maybe some of you would like to have a powerful tool to do that, right?

And probably most of those, would like to try MArketDelta, but it is too expensive. Again right?

Just try this.
Imagine the power of MarketDelta embedded into NinjaTrader.

Nice look&feel, highly customizable and deepest level of detail that i've ever seen.

Superb.

FlashLight: Advanced Tools for Trading over NinjaTrader

A couple of screenshots:

And the answer is: No, I'm not selling it

 

[TAjammy]

4k a year last time i checked

 

[TAjammy]

from now on people i will be studying the white sugar futures contract (WZ9)

i have made a list of 14 questions that i aim to answer withing 3 months to help me understand this market.
i will be taking each question at a time and probably at least a week for each one. i will be posting the questions and answers here.

luckily i unlocked about 5000 charts for my metatrader and white sugar is one of them :clap:

 

[candles]

why aren't you doing the T+S tape reading stuff anymore out of interest?

 

[TAjammy]

a number of reasons
1) i was told by someone that i should do it
2) i was told i should focus on fast markets YM ES

i realised that i really didn't want to do this, in fact i always wanted to live an breathe one market, in particular an illiquid market, unlike ES were you are up against the worlds best.

I realised that in fact, scalping isn't actually for me and that i prefer to do swing trades , intraday at most.

The real answer as to why is me realising myself and what i want to do.


finally, after months of flipping and flittering around like butterfly from method to method because i didn't take into consideration what i was comfortable with and i should trade in a way that suits me, i have found what i want to do. My study of this market has begun already as i have created a sort of criteria for analysing a market-only roughly though, the rest must come from experience. I have spent too much time learning a little about a lot rather than a lot about a little
You see when i started this thread i was in a mess confused as to whether i was following tape because it suited me or others, now i realise that this is what i am MUCH more comfortable with.

I feel a little guilty for not taking the guy's advice though....

 

[TAjammy]

ok so far i have figured out 4 MA's which price REALLY sticks to and forms patterns that are brilliant for swing trading ( particularly a swing trading method with 50 and 200 which i explained earlier in this thread).

It seems that price doesnt react to fibo levels...at all really but what i have noticed is that price is ALWAYS trending ( within a day - there may be a few hours of choppiness)

what i need is a pivot point calculator... i need weeks to analyse properly here

 

[TAjammy]

also, it seems daily timeframe is definately best trading on this. price reacts well and bounces of TLs- certain prce action signals act VERY well against S&R- pin bars work well, IBs do not

 

[TAjammy]

.

learn this in great detail for the next 2-3 months...then spreadbet

edit: making an excel pivot calculator

 

[montmorencyt2w]

a number of reasons
1) i was told by someone that i should do it
2) i was told i should focus on fast markets YM ES

i realised that i really didn't want to do this, in fact i always wanted to live an breathe one market, in particular an illiquid market, unlike ES were you are up against the worlds best.

I realised that in fact, scalping isn't actually for me and that i prefer to do swing trades , intraday at most.

The real answer as to why is me realising myself and what i want to do.


finally, after months of flipping and flittering around like butterfly from method to method because i didn't take into consideration what i was comfortable with and i should trade in a way that suits me, i have found what i want to do. My study of this market has begun already as i have created a sort of criteria for analysing a market-only roughly though, the rest must come from experience. I have spent too much time learning a little about a lot rather than a lot about a little
You see when i started this thread i was in a mess confused as to whether i was following tape because it suited me or others, now i realise that this is what i am MUCH more comfortable with.

I feel a little guilty for not taking the guy's advice though....

Depth versus breadth, sort of thing.

On the other hand, if one is not too careful, one can become too narrowly focused. Even if you specialise in one instrument, you probably need to have a wider awareness of what affects it, which in turn will inevitable mean your keeping a weather eye on other markets.

 

[montmorencyt2w]

also, it seems daily timeframe is definately best trading on this. price reacts well and bounces of TLs- certain prce action signals act VERY well against S&R- pin bars work well, IBs do not

If you haven't already done so you might want to see if double-bar-high-lower close, or double-bar-low-higher-close works on this. Or even just DBH or DBL without the lower/higher close.

 

[TheBramble]

What exactly does this have to do with tape reading?

It stuns me that people still think tape reading is what it was when Wyckoff stared writing about it.

The market is SO different now that you may as well forget any attempt at ‘tape reading’ along those lines.

Sure there are other, similar, methods to employ in today’s markets – but to expect/imply/suggest what worked back then works now is not only madness, it’s an insult.

 

[mb325]

No he's moved on to something else now Bramble, just like it will be something else in a fortnight!

 

[TheBramble]

Ah right. Thanks for the reminder.

 

[rathcoole_exile]

im taking a big step back from 'tape reading' for the meantime ..but rather focus on some illiquid markets to master....sugar for example is what im looking into...trade it and nothing else.

Im actually drawing up a criteria to help me get a sense of how sugar behaves

several fellow Rotarians are all (indian) sugar traders
(Thailand being one of the world's biggest producers and India one of the biggest consumers)

It is totally FUNDAMENTAL driven,

It has had a spectacular run up, so much so in fact that the government are trying to intervene and even the traders are perturbed
At the moment, speculators hording vast amounts of sugar are messing with the Supply whilst undoubtedly the Demand is increasing because people like you, johnnie-come-latelies, are latching on to it.

Perhaps it will continue to trend strongly for a while, although I doubt it, given the governments intentions to take affirmative action to curb the excesses.

I wouldn't touch it with a barge pole, until that is, it's time to short the @rse out of the inevitable burst.



Stick to marbles or trump cards Son .........

 

[pedro01]

From what I can see TAJammy has an issue. The results of his issue is that he's running at a million miles an hour latching onto every internet trading technique out there.

TAJammy, take a piece of advice from one who's testosterone levels have calmed down a bit.

Get yourself laid.

You will find that your ability to calmly analyze things will improve a hundredfold.

 

[rathcoole_exile]

Get yourself laid.

and not just by your local priest !

 

[TAjammy]

If you haven't already done so you might want to see if double-bar-high-lower close, or double-bar-low-higher-close works on this. Or even just DBH or DBL without the lower/higher close.

i will be properly backtesting the reliability of such setups


to those who say i'm just jumping onto another approach....

people on these forums MADE me jump from approach to approach in the past. So i'm making it my duty to ignore anything on the lines of ' this sucks, chose another method'- because it has been me listening to this that has made me jump about clueless.

i am sticking to the sugar market- end of