隻有想不到，沒有做不到
投資，股票，計算機
What is tape re ading?
Tape reading is the art of studying pure price action in real-time, based on the data fields in the Level II box. Using the tape you are able to gauge player’s psychology and imbalances in supply and demand to formulate trades.
大家都在說indicator, Tape Reading 是最好的Indicator: it analyzes current: bids, offers, and volume transacted at a given price.
Why is tape re ading important?
Because it gives you an edge, an additional tool to improve your entries, exits, and trade management.
What can you se e on the tape that you can’t se e on the charts?
Bar/Candlestick charts depict a range of price action defined by the open price, range, and close price, over a specific interval of time, or in the case of tick charts the price action over a specified number of transactions. What the individual bars don't tell you is how bids and offers acted at a given price, or the specific volume transacted at a price, within the time-frame (or transaction count in the case of tick charts) of the individual bar. By reading the tape you can see the active buyers and sellers and see what levels they are participating at by watching the supply and demand they seek. You can follow a certain buyer and recognize the pattern in which he is accumulating the stock. The same goes for sellers. With tape reading you can feel how the market is taking your orders and have a sense as to whether a certain stock is weak or strong. For example: if a stock looks weak on the chart but it is very difficult for your bid to get hit then that is a clue that there is not that much selling happening, so the stock might not be that weak after all… but more on this later. Finally, charts are showing you past data... granted charts are valuable, but when you mix tape reading and technical analysis you will have an edge many intraday traders do not possess.
舉一個例子：
在這張圖上你可以看到GMCR有一個大爆發，接著還有幾次跳躍，你的進入點在哪兒？
your entry would have been long at $34.15 when it broke the high or even $33.96 when it broke the mini range. By using the tape to find an entry you would have noticed there was a held bid and accumulation around the $33.50 level. You could have gone long at $33.51 with a stop at $33.44 (or when the bid dropped and offer held below 50c). That would have been a great entry and tighter risk using the tape instead of getting long at $34.15 or $33.96 risking about 50 cents. Also, your risk reward ratio is heavily skewed in your favor using the tape.
再看一個例子：
Below is an example of lowering your risk while finding great entries and exits:
ASTM was in play after a trading halt, and subsequent re-opening, moving down sharply, we don’t usually play stocks that are/were halted but this presented a great risk reward situation to enter a trade. Although ASTM is a cheap stock (we don’t usually trade sub $10 stocks either) there was a great opportunity to trade it. ASTM opened up after the halt and dropped sharply. We looked for a great entry to short while keeping our risk low. ASTM bounced and started to hold an offer around $3.60. Also, when the offer was being held another big offer showed up. You can't see that on the chart, but you can, if you know what you are looking for, see it on the tape. We got short and waited for the offer to get filled to get out. Our risk was about 3c if we saw the order decrement quickly we would have hit it also and not waited for it to get filled. Some of the order got filled but not quickly then the stock dropped. The stock kept dropping and the offer kept stepping lower. Finally the remainder of the order was filled around $3.15 where we exited. Not a bad trade risking a few pennies to make about 45 cents.
LEVEL2係統講解 （參考第一張圖）
左邊是bid, 右邊是ask. 每行是一個order. 包括MM的代碼, 價位, 和手數. 同一價位的單子用同一顏色來表示. 哪邊同樣的顏色靠下, 哪邊的單子下得多, 一目了然.
Island的數據類似. 但是沒有MM的代碼, 卻有數字在左右欄下麵, 說明除了列表內的單子, 還有多少下單.
我總是也隻能用最苯的方法來觀察, 但還是要綜合起來考慮:
1. 如果哪一邊的單子多, 說明哪一邊的力量大. 這是self explain的.
2. 但是要看每一筆的手數. 單筆單子數額大, 更有可能是大戶或莊稼在出貨或吃貨. (觀察單筆成交)
3. 還要看單子數目的變化. 如果一邊單子多, 但另一邊在增加, 說明看多或看空的人逐漸在增多.
4. 如果賣單多於買單, 不論單筆手數多少, 但價格並不下降, 而且緩慢攀升, 說明有人在吃貨, 後市看好. 反過來則看跌.
5. 如果下降緩慢, 但有迅速拉高, 特別是在幾秒鍾內在某一價位(比如$30的股票, $30~$30.50)的單子全部被吃掉, 即便今天不漲, 轉天必定跳空高開.
6. 如果成交緩慢, 而且bid/ask之間價差(spread)較大, 要等. MM還沒決定何去何從.
7. 騙線. 如果賣單裏有一筆超級大單, 賣單也很多, 但股價下跌並不多, 而且當買盤逼近這個賣單的時候, 這個單子突然被撤掉了. 往往是莊稼的"蓋板". 貨還沒吃夠. 往往這時候股價會上一台階, 然後再照此辦理.
8. 但小心如果這個大單是被逐漸吃掉的, 買力很強而股價變化不大, 是莊稼出貨.
9. 結合實時圖表, 可以互相輔助判斷是騙線還是真實形態.
10. 通過MM代碼可以觀察從某一MM的進出情況. 但肉眼不容易判斷. 從同一個MM出來的單子不一定都是機構自己的, 如果MM是broker, 會有其客戶的單子. 但機構的單子往往會比較大, 要結合單筆成交來判斷. 最好是有程序.
以後有時間的話將繼續寫第二部分
