Read the Tape Like a Pro: Timing Entries with Level 2 Data

NEW: Tape Reading Level 2. Learning to read the tape is an oldschool trading strategy that still works to buy the right stocks. Today we discuss Level two, time and sales, bid ask quotes and how we use tape reading on price carts to identify order flow.

Introduction (0:00 1:18)

Pete introduces the concept of "tape reading"
Overview of the topics covered: understanding order flow, timing stock entries, and how stocks move

Explaining Level 1 & 2 Data (1:18 4:30)

Definition of Level 1 (bid/ask prices) and Level 2 (depth of market data)
Meaning of colored "prints" (trades) in Level 2

Interpreting Order Flow (4:30 8:20)

Active buying (green prints) vs. active selling (red prints)
Yellow prints and indecision
How orders from big players ("deep pockets") move stocks

Reading the Tape on Charts (8:20 16:50)

Translating order flow to candlestick charts
Identifying bullish vs bearish order flow
Signs of changing order flow (indecision candles)

Practical Applications (16:50 18:11)

Using order flow to find entries
Managing risk by following the "smart money"
Joining Pete's trading community

Section Summaries:

Introduction (0:00 1:18)
Learn an oldschool "tape reading" technique to understand order flow the driving force behind stock movements. Discover when to buy stocks by analyzing the actions of large, institutional players.

Explaining Level 1 & 2 Data (1:18 4:30)
Dive into Level 1 (best bid/ask) and Level 2 (full order book) stock data. Understand the color coding of trades and what the different "prints" signify for order flow.

Interpreting Order Flow (4:30 8:20)
Decipher the market's order flow by reading Level 2 quotes. Green prints reveal eager buying, while red prints show aggressive selling. Yellow prints hint at shifting dynamics.

Reading the Tape on Charts (8:20 16:50)
Translate raw Level 2 order flow onto candlestick charts. Identify bullish vs bearish flow through price patterns. Spot potential reversals with indecision candles signaling a tape change.

Practical Applications (16:50 18:11)
Apply tape reading to find optimal entry points by piggybacking on institutional order flow. Manage risk by staying aligned with the "smart money" until signs of distribution emerge.


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Pete Renzulli | Stock Trading Pro
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