Tape reading and volume interpretation go hand-in-hand. The concept that there are volume patterns that progress through a sequence of events is also quite foreign. Since most in the financial industry are inducted in conventional wisdom, the notion of volume leading price is a minority opinion met with chronic skepticism. Interpreting volume is a completely different paradigm compared to CW’s interpretation of price action. Most will stop at conundrum’s such as lot’s of price movement with low volume or no price movement with large volume when common sense appears to dictate otherwise.
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There are other parts to the equation to see the whole picture for those willing to do the work to extract the market’s full offer. In fact, it’s so informative that it is accurate to say that volume leads price always and without exception.
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Orderflow software is just another way to display market data.Īt some point in your display of market data from coarse to fine detail, the desire to ‘know’ the degree by which market orders are being entered is quite informative of market turning points.Īlso at some point, interpreting volume accurately is extremely informative. Skepticism can be either advantageous or disadvantageous depending on context. However, most chronic skeptics never examine the underlying reference points that support their proclivity to be enduring skeptics. Most often, when combined with critical thinking, it is quite useful. Skepticism has it’s usefulness and it’s place. Harris’s material, you have a solid foundation on which to build. One thing that is true, is that one has to have the margin to place the order, resting or otherwise. Limit orders on the book have a lot of misconceptions about it’s informative usefulness.
No claims of a holy grail or anything and it seems very honest. I just remain skeptical of it's actual value.įrom what I'm reading it seems like most people are very happy about the course material and the guy seems like a great guy. I have my own system which I rely on, but don't know much about order flow and consider it an area I should probably study up on. Not to mention it's main purpose which is to serve as a hedging vehicle for the underlying index.Īll this makes me cautious if the resting bids and offers can provide any insights about both what's actually going on at any given moment and what's going to happen in the future (next 5 seconds or next hour). This relates particularly to index futures which correlates with the underlying index and is routinely arbitraged and spreaded against other markets. For the same reason I'm skeptical towards inferring to much information from volume readings. I, myself, have avoided 'tape reading' on ES since I'm skeptical of it's value in this day and age. I'm curious if anyone have experience with this course and also comments on if this type of analysis is useful for a market such as the ES?