Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

Soultrader

[Tape Reading Part 2] by Traders Laboratory

Recommended Posts

A brief video on tape reading from a live recording on Sept. 11, 2006. The first two parts go over one particular trade I had using the tape.

 

In the third video, I explain one interesting pivot point play. Gaps fills will act as a pivot.

 

CLICK HERE TO VIEW PART 1

CLICK HERE TO VIEW PART 2

CLICK HERE TO VIEW PART 3

 

Note: Part 1 and Part 2 is fairly big in size. Depending on your internet connection this may take 10 - 15 minutes to load. Approx length is 40 minutes combined.

 

Charts created by Tradestation

Presented by Traders Laboratory

Share this post


Link to post
Share on other sites
hi,

 

Is it possible that you do a series of pit noise lessons?

 

thanks,

C.

 

I will try to post a video on pit noise soon. Do you currently use pit noise? Also is there anything in particular you would like to learn?

 

Note: there is a glossary of pit noise posted in this forum. Make sure you take a look at the list. It can be very useful.

Share this post


Link to post
Share on other sites

as a matter of fact, the glossary posted was extremely useful. The issue I'm currenly having is when to detect there's change of short-term market direction based the caller's bids/asks. In addition, I'd like to learn how to detect the subtle 'buzzing' level in the pit crowd.

 

thanks a bunch,

C.

Share this post


Link to post
Share on other sites

What I listen for when using pit is the level of emotions. On a scale from 1 to 10 (10 being the loudest), I will figure out the current level of noise. If a sudden trend starts with good noise this confirms a breakout or buying interest. After a runup, I will then listen if the level of noise has decreased or increased. An increase in noise indicates further buying interest while a decrease indicates less market participation. This can lead to a choppy market or a reversal.

 

The issue I'm currenly having is when to detect there's change of short-term market direction based the caller's bids/asks.

 

Usually the caller will mention phrases like "locals are trying to push it lower", "locals are selling into strength", "paper seller again", "one of my top teners fighting the entire pit", etc...

 

Whenever I hear these at a key pivot level, this can act as a confirmation for a reversal signal. One particular phrase I hear is when the markets make a new high or low by a few points and the caller mentions how the "top tener" are fighting the market.

 

Usually I go with him. I have no clue how big of a size they trade but I have seen these guys go head on with the markets and reverse it. It is a pretty scary but amazing phenomenon.

 

Also tune in to the caller mentioning whether the pit is crowded or not. On a day before a national holiday.. the pit is pretty empty. Time is another important factor. I do not like trading after 11:00am until 2:00pm. The pit is usually quiet during these times as well.

 

Note: Top teners refers to the top ten biggest floor traders for that particular contract.

Share this post


Link to post
Share on other sites

i notice you reference TRIN levels right after the opening. imo, TRIN is useless in (at least) the first 1/2 hour. after then, i start looking at it.

 

that's just my opinion though.

Share this post


Link to post
Share on other sites
Guest cooter

The first THREE minutes are useless for market internals like $TICK or $TRIN as they need to settle to current market activity.

 

Thus, in TS, I've set them to a custom session beginning at 8:33am CT (9:33 ET) to account for this discrepancy.

Share this post


Link to post
Share on other sites

I don't use internals at all any more - just support, resistance, price and volume - but out of interest what do you mean by "they need to settle to current market activity"?

Share this post


Link to post
Share on other sites
Guest cooter

Ever look at the first couple of minutes of these internals, right at and after the starting bell?

 

$TICK, $TRIN, $WPCVA (put/call) and $VIX are slightly askew until the market activity settles from the initial open.

 

These readings are usually discounted by seasoned market technicians for the first 2 or 3 minutes of RTH activity.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • ...hallucinates.... Student: “What if we gave the monkey LSD?” Guru: “The monkey already did LSD”
    • Question: To those that had/have cancer, what were the signs that made you think “something is not right here” to make you go see a doctor? Answer: So, 5/25/2018, I woke up, got ready for work, and as I walked to my car, I started gagging. Like something was stuck in my throat and I needed to clear it. And then it went away.   But 10 minutes after that, I was T-boned at 40mph on the driver side door. But what made me see a doctor was while my muscles felt better and bruises were going away, the gagging still continued, I started having fevers, my neck felt swollen, I was having such a hard time breathing, and I'd have random sharp pains in my chest, but not from where the seat belt saved me.   2 weeks after the accident, I finally see an urgent care doctor, who looks me over, tells me I'm fine, but luckily requests a neck X-ray. And I ask for a chest X-ray, which he rolls his eyes but let me have (most of my pain was in the neck, so I understand).   The very next day, he calls and says “So, that chest X-ray shows there's a 4 inch mass on your heart and lungs, and your lungs have been filling up with fluid, as well as in your pericardial (heart) wall. We need you to come in tomorrow.”   Turns out the big mass, due to the accident, caused my heart and lungs to tear and fill with fluid, the swollen neck and gagging was caused by 2 metastasized tumors, and the fevers and weight loss were symptoms. Stage 4b Hodgkin's Lymphoma.   But thankfully, we went very aggressive with chemo (and had a lot of bad side effects that don't normally happen to patients), and now I'm about 16 months cancer-free. Yay lucky X-rays! Rachel Jurina, Quora Source: https://www.quora.com/To-those-that-had-have-cancer-what-were-the-signs-that-made-you-think-something-is-not-right-here-to-make-you-go-see-a-doctor   Profits from free accurate cryptos signals: https://www.predictmag.com/  
    • As a man, the reality of life is the harshest part. I don’t mind looking older or becoming weaker over time; it’s nature.   Have you ever heard that the only people who will be loved unconditionally are women and children? Men will only be loved as long as they can provide until they are no longer needed. It doesn’t matter if you already did your best to get your kids to the best school or get the best things for them, if you stop before they’re done with it, there will be no thank you. The only thing they will remember is that they have to quit school at 15, ignoring all the previous 15 years of life you provided for them. The only people who will accept you, no matter what, are your parents. But in this situation, you might be that ungrateful child.   EDIT: Wow, I didn’t think this would get so much attention.   For those who disagree, I can only say that everyone has their problem. If you don’t get the chance to face such a thing, be grateful. Remember, sometimes what you throw in the garbage is something that someone wishes ever to have.” – ElZee, Quora   Profits from free accurate cryptos signals: https://www.predictmag.com/    
    • The good thing i had noticed so far is that the traderpot value is also on the rise..
    • yup its a gradual rollout the right way in my opinion, its really good and its exciting for the sto in 2027
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.