Bracketing the time and sales window
Tools I need:
- Time and sales window, not filtered, real time data
- Notepad
- Stopwatch (second hand on the clock)
What to do:
- Watch my time and sales window for 20 second (could be 30 or 45 secs)
- Make note of the HIGHEST price I see, and the LOWEST price I see
- I am then going to watch the relationship to the highs and the lows
Objective:
- Condition your EYES to read the tape
- Learn how to find the highs and the lows, and the relationship between the two
Challenge:
- Spend 10 mins a day for 10 trading day
- Practice this for 10 minutes and your tape reading will improve.
Best time to use tape reading:
- Entries
- Exits
- Looking for market sentiment around specific levels (HOD/LOD, double-tops/bottoms
Avg income for our traders:
· Fast Track = 30 tics per day per contract
· 1 lot = 300usd/day
· 10 lots = 3000/day
· Advanced method = 4lots = $1,000
· 30 ticks per contract per day
Posts
Practice this technique for 10 minutes a day, 10 trading days in a row and you will see amazing improvement in your tape reading skills
ReplyDeleteMy first real lesson and I "got it". Totally unexpected. Mr. James, you've given me hope. I look forward to learning many more techniques on the art of trading. Thanks for this webinar!
ReplyDeleteTry this idea too!
ReplyDeleteUse this tehcnique on the Filtered AND non-filtered time and sales window.
This way you can see the BIG MONEY and the little guys and practice your tape reading skills