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Trading without charts (tape-reading)

  • #21
  • Mar 17, 2013 3:48am Mar 17, 2013 3:48am
Quoting diceman555


now your talking ramack,

i watch 14 pairs of quotes and there value changes,although i only trade cable.as you have said you can see when the volume increases by watching these quotes my screen lights up like a Christmas tree when large volume enters the market.but there are 2 other key pieces of information from this perspective .

firstly you can see the momentum as it contracts and resides you can see the strength of the bid.you can see the market test s/r ,you will be very surprised to watch the whole market working as one.

secondly...
Youīre watching tick volume. How would you know when "large volume" enters the market?
  • #22
  • Edited 7:44am Mar 17, 2013 4:33am | Edited 7:44am
I'm using two brokers, FXCM and Oanda. I look at the Simple Dealing Rates window in TradingStation (FXCM) and the Quotes Panel(Oando). When volume is high, yes it's like Christmas lights! Is the length of the "flash" proportional to the size of the order? This may answer Myo's question. I could pose the question to the brokers too.
  • #23
  • Mar 17, 2013 5:18am Mar 17, 2013 5:18am
Quoting ramack
I'm using two brokers, FXCM and Oanda. I look at the Simple Dealing Rates window in TradingStation (FXCM) and the Quotes Panel(Oando). When volume is high, yes it's like Christmas lights! Is the length of the "flash" proportional to the size of the order? This may Myo's question. I could pose the question to the brokers too.
What I mean is, Iīm pretty sure I understand what heīs trying to do, but nothing good will ever come out of it. True volume in Forex is not known to us retailers. We are not even connected to the interbank market.
  • #24
  • Mar 17, 2013 7:46am Mar 17, 2013 7:46am
I hadn't really thought of the volume before because it isn't relevant to Fx. Is the volume that we can see, just the volume flowing through our broker?
  • #25
  • Mar 17, 2013 9:05am Mar 17, 2013 9:05am
Quoting ramack
I hadn't really thought of the volume before because it isn't relevant to Fx. Is the volume that we can see, just the volume flowing through our broker?
Yeah, and so the flashes on your quote screen should be irrelevant to your trading. I canīt see how there would be any edge in watching this stuff.
  • #26
  • Edited 10:13am Mar 17, 2013 9:52am | Edited 10:13am
They are relavant in the sense of indicating activity. When there's activity there's price action. If looking at the quote panels, all the info is in small area of the screen. I can have 20 charts open, or I can view the activity of 20 pairs. It's easier for me to see what pairs are more active by observing the quote panel or dealing rate window which is simulanteously displaying all 20 pairs instead of a chart plotting out a single pair.
  • #27
  • Mar 17, 2013 1:55pm Mar 17, 2013 1:55pm
Quoting Myo
Youīre watching tick volume. How would you know when "large volume" enters the market?
im not sure your old enough to remember the outside swimming pools,if your big in weight when you jump from the high board ,you create an effect that ripples across the water.thats an effect of volume,you can see volume your just not using the simple .every thing seems so complex until you understand its simplicity

i can say the fx market is chaos,but it has moments of structure,most are trying to make sense of chaos.


if you understand this.you will make money
  • #28
  • Mar 17, 2013 2:33pm Mar 17, 2013 2:33pm
@diceman555 & ramack:

I can move EURUSD 50 pips with a nanolot.




Honestly, thatīs the whole point Iīm trying to make. Your quote screen can blink like a pinball machine for minutes, but that doesnīt mean that any size is moved in the markets, it just means that price changes fast. And when trading conditions are ultra-thin, the bids that are left will naturally move the market more strongly. To gauge "market strength" from watching retail quote screens is an hopeless endeavour as far as I understand the structure of these markets. Diceman also said, he could see the strength of the bid. Yes, I can too, but whatīs it worth? Itīs just a figment of true volume, taken from your brokerīs feed. Again, we are not even connected to the Interbank market - at least I suppose youīre not - so how can that help us to identify big player sentiment?
  • #29
  • Mar 17, 2013 2:38pm Mar 17, 2013 2:38pm
Quoting diceman555
im not sure your old enough to remember the outside swimming pools,if your big in weight when you jump from the high board ,you create an effect that ripples across the water.thats an effect of volume,you can see volume your just not using the simple .
It's still not clear to me how you see the volume?
  • #30
  • Mar 18, 2013 12:02am Mar 18, 2013 12:02am
Quoting ramack
It's still not clear to me how you see the volume?
you can see this in the bid ,the way in which price moves,when price moves in low liquidity the price can move a 100 pips very quickly,news releases are a good example of this.

when liquidity is good with large volume you can see price behave very differently.watch the quotes as it fills and soaks up orders,then moves to the next level of interest.theres a pattern.watching a basket of quotes makes this more easy.but were looking for harmony amonst the group ie,doller strength or weakness.it still amazes me to watch when this happens its like a piece of music. .
  • #31
  • Mar 19, 2013 2:27pm Mar 19, 2013 2:27pm
Quoting anthony500
Hi Larseg ,
Could you please elaborate on your entries trading this way ? when price enters a new set of numbers do you play the breakout ? (Going long if price enters a new set high)
Thanks
See, you automatically are drawn into limit orders and numbers from the chart that are sooooo important

The way i do it is with a high risk low reward, wait for liquidity (news), 10 pips one way will give 10 pips more the same way idea... Once a day max!!

GL
  • #32
  • Edited 3:07am Jun 8, 2015 2:39am | Edited 3:07am
I want to revive this topic.

Does anyone know of a way to let MT4 display prints? Like stocks prints. I mean it's possible to know at each tick whether price is trading on the bid or the ask, so certainly prints are possible?

imo tape reading is the biggest edge a trader has..

for example, during a breakout price initially meets resistance and keeps trading on the offer. eventually, the offers get taken out and price starts trading on the bid everytime it returns to the resistance and it is now a support. If the bid drops, we exit, if not we hold. This can lead to trades with 1:20 RR easily.

This happened on EU just now before the momentum spike... Price was hitting the offers at resistance but eventually it started getting the bids on that level, and that suggests a imminent break-out. Though it takes quite a lot of intense observation to see what's going on... which is why I am wondering if there are prints so it can be seen more easily by the intensity of colour and degree of overlap..

***

Edit: by prints I just mean 144-tick charts that are colour coded by maybe if they are trading on the bid or offer most of the time.
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  • #33
  • Jun 8, 2015 4:46pm Jun 8, 2015 4:46pm
subscribe to pit view if you want to trade order flow. . the only fx order flow for retail fx at a decent price.

https://www.youtube.com/user/AdvancedMarketSystem
All Assets NAS100 GLD BTC AUS JPY GBP All Time Return: 18.6%
  • #34
  • Jun 9, 2015 12:53am Jun 9, 2015 12:53am
Because most of FX volume is done by computers this only worked (maybe still works) in stocks. Best Tape is in the eSignal trading platform.

I used to play with it on a demo a lot and was more successful than today with fx. The trick was that with little knowledge you were able to identify false vs true breakouts in stocks.

If I understand correctly even stock are more computer traded since 2008 right?
  • #35
  • Jul 1, 2024 12:38pm Jul 1, 2024 12:38pm
Quoting Slack
I just did my first DOM (futures - demo) trade this afternoon. I think I might have got lucky, but it was profitable, and kind of fun. Had a hell of time trying to figure out how to close the trade, though.
Bro can you tell me which website's or app's DOM you using on your system?
I'd really appreciate that.
Abubaker
  • #36
  • Jul 2, 2024 12:38am Jul 2, 2024 12:38am
Quoting Abubaker786
{quote} Bro can you tell me which website's or app's DOM you using on your system? I'd really appreciate that.
This is a 9-year-old thread. I am using DOM for every trade. It is just one tool in my overall toolset but it gives me a good edge.
  • #37
  • Last Post: Jan 21, 2026 12:04am Jan 21, 2026 12:04am
Quoting ZeusDaMan
{quote} This is a 9-year-old thread. I am using DOM for every trade. It is just one tool in my overall toolset but it gives me a good edge.
the platform name plz?
and sorry I never saw this msg or i didnt know how to.
Abubaker
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