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Old 02-06-2007, 10:37 AM
Anna-Maria Anna-Maria is offline
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Re: Tape reading substitute for forex

As you’ve quite rightly alluded to, there’s no such luxury within the Foreign Exchange environment. And apart from the futures camp, volume prints won’t afford you a very reliable take on the cash movements either, well certainly not with sufficient enough accuracy to warrant any kind of consistant strategy to be compiled around that tactic anyway.

I guess you’ve witnessed the candle prints forming on & around key levels? Big Figures (00’s), prev zones of weekly/monthly supply & demand (highs-lows), intra-range swing zones etc?

These levels provide workable clues as to the propensity of a pairs ability to continue or stall-out/reverse. Such is the cross section of agenda’s at these levels from the differing camps (aggressive intra-day specs/large non-commercial activity/Bank desks working customer orders etc), you’ll often spot candle or bar prints which if utilized with typical math gauges, offer pretty good entry/exit levers.

I guess it depends on which type of trader you are & the specific strategies you employ as price buffers these common zones of interest? But volume/pressure isn’t always necessary. After a while observing the price activity around the “obvious” levels, you’ll begin to get a feel of how reactive they are & the likely build up of each-way traffic residing there.

Doji’s, neutral prints, engulfing, inside/outside patterns occur for a reason!! Team that up with WHERE they print & WHERE they lay in relation to the trend or range, & you can begin to develop a plan (& a contingency) to take advantage of the price journey.

There are brokers out there with ladders in which they'll display best & cumulative bid-ask availability. But again, it's only indicative of that specific suppliers traffic. A broker which clears thru a rolling tranche of suppliers will only offer bid-ask traffic available at that time.

It's not what you're seeking, but then nothing (with any degree of accuracy) exists to facilitate your requirements anyway as far as I'm aware.

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