Learning tape reading

[TAjammy]

yeh im not just using ttm squeeze im using some EMAs and paint bars, well there isn't really any tape as such in forex so i guess indicator based systems are the way to go for me.

I only take the squeeze signals when the momentum shifts from up to down or vice versa, the momentum's peak has to be at least + or - 25 on 5 min eurusd, take the signal and use pivots as targets, use the paint bars,the momentum indicator, or the crossover of the 8 and 10 EMA as exit,usually the crossover is the best exit


also use fibo levels for targets/exits aswell as the 50 and 200 EMA

 

[TAjammy]

actually started writing in a notepad what i have come up with with what i have seen so far-

2 pages in

lol im scared i seen rathcoole looking at this thread and something tells me he's going to give me a grilling

 

[Masquerade]

i don't have the trust of my parents , they think i will make them go bankrupt, even though i told them about my demo 3 to 15 k in a month they still wouldnt let me open an account even with my own money.

Unless you showed me what you were doing - I wouldn't trust you with that either.

 

[TAjammy]

um it was pretty conservative to be honest, just trading bounces of 200 EMA and retracements and stuff like that

 

[Masquerade]

"Pretty conservative" and you make 500% in a month. Pull the other one

 

[TAjammy]

honestly dude, i was just trading for about 6 hours a day at that point (bored sumemr days with rain )

on the 5 min on about 3 or 4 pairs. It's not that hard to triple your account when your account is small]


edit- now that you mention i was tradin $5 per pip, i think now i have found an honest decent return with 40-50 pips daily which is more realistic. I don't know what it was but i was making 100+ pips daily

 

[Masquerade]

So what stops were you using? How did you manage your risk? What was your hit rate?

Depends what strategy you use - but i've been experimenting with a small account and currently up about 30% in the last month or so, but not trading it every day. It's not easy to triple a small account in a month unless you go high leverage, in which case you have a high chance of busting too.

 

[TAjammy]

1:100 it was my stops were placed in the place where if hit would make the reason i entered the trade not valid. Didn't add to losing position either, around 60-70% hit rate

 

[Masquerade]

1:100 it was my stops were placed in the place where if hit would make the reason i entered the trade not valid. Didn't add to losing position either, around 60-70% hit rate

Can you quantify that for me? Give me a range if you like. What sort of profits are you taking on average?

 

[TAjammy]

well i had about 30 trades a day within 5-6 hours, each day making at least 100 pips, so thats about 3-5 ish pips on each trade

 

[TAjammy]

waiting for the futures to start again...when do we start trading the next contract?

yeh and what time does the futures (YM ES) start trading at UK time on sunday?


aaa matey there's a bank holiday tomorrow

edit: lol why are there like 8 people watching this thread ?!!?!?!?!

 

[Splitlink]

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You'd be better off saving your time, getting a few £ together and actually trading than wasting your time with something you can see on a chart.

I am puzzled by why anyone would want to tape read, anyway. Livermore did not have access to charts when he read the tape. Very few sources of chart data existed in the early part of the last century. Livermore had a very sharp mathematical brain and his ability to analise prices, mentally, was way ahead of his peers of the period.

Before computers, charts were all EOD and, before the net was put into everyone's reach, I used to receive a CD of LSE stocks, every week, by post. It was the net that changed all that and, in my view, tape reading went out the window, then.

The point that I am trying to make is that tapereading fills people with nostalgia, like the way Gran used to make Christmas puddings. They were great, in their day, but it's water under the bridge and time to move on.

I am old, now, but do not look back at the methods that existed then with nostalgia. I go through more data in a morning than I could in a month, then.

 

[TAjammy]

I don't think i want to tape read for nostalgia my friend.what you are saying is that people cannot tape read nowadays? then how come...people do trade of time and sales/l2 , in fact i just remembered Mr Charts reads level 2 and does pretty well if i remember???

If you yourself don't think tape reading is an effective way to trade, whatever no offense taken, but you seem to think that it no longer exists and can't be done, that it is only attempted

 

[Splitlink]

I don't think i want to tape read for nostalgia my friend.what you are saying is that people cannot tape read nowadays? then how come...people do trade of time and sales/l2 , in fact i just remembered Mr Charts reads level 2 and does pretty well if i remember???

If you yourself don't think tape reading is an effective way to trade, whatever no offense taken, but you seem to think that it no longer exists and can't be done, that it is only attempted

I did not say that no one did it. I ask myself why they would want to? I would, however, suggest that many people cannot calculate mentally, as well as me, for example. They, even, need a calculator for changing from one currency to another. I see them at it, in the Ramblas, every day! If most people lose money in their trading, most of the time, I fail to see how they are going to improve by going back to tape-reading!

 

[TAjammy]

well i haven't traded so i haven't failed yet , and why not start off learning to trade in a way that suits me?

i can calculate mentally pretty damn good well as well, a student of the trachtenberg system

 

[Splitlink]

I'm not trying to put you off, mate, especially if you like that way. Getting some enjoyment out of what you are doing makes you good at what you do.

Good luck to you.

 

[TAjammy]

what i plan to do, good thing is that i have time on my side

 

[Splitlink]

Use it well. You'll never have enough.

 

[TAjammy]

wondering though , i want to be a trader i know that now, so what would be my best option? i know to get my gcses and A-levels done and over with but what then? should i get a degree in finance or head to a prop trading firm?
.....What sort of stuff do they cover in finance anyway, in terms of trading?

lol i'd be surprised if you knew the answers to these awkward questions

 

[TAjammy]

well i'm predicted to get some A*s anyway-econ teacher says so, plus in maths i have completed 1 out of 3 modules, and after just that one i'm guaranteed a B (98.4%), ok it was **** easy but whatever. English/english lit are definiately hit and miss, aiming for Bs in those, basically some A*, and As and Bs