Great value! Look for L2 confluence with daily chart technical levels. This helps strength the significant of the price seen on the L2. Also, "How is the price action reacting within the context of the trade." Is a great concept proposed by Lance.
This is a really cool video. Hearing Lance talk about certain details gives me confirmation on some of the things I've paid attention to while tape reading. No one ever teaches tape reading so it's been little nuances I've picked up along the way that I thought were significant but weren't too sure. An example would be spread widening/narrowing during moments in price action and then which side is closing the spread. Something I've picked up but never knew if it was important or not.
Very interesting to hear this align about right with my theory on it. One other thing to extend on the "big" is to watch and see if the big buy hits again on the other side, this could indicate failure in one side signaling a break the opposite way. I've taken a few trades successfully by using that technique. Big sell came in and few candles later it was back out, so that signaled to me my long was probably right, and it indeed went pretty far in my favor 👌
Thank you all very much. I am now making a nightly volume scan watchlist with levels on each listed to help my tired ass in the morning be fast and reference where I saw levels day before the action is poppin. It’s been showing me how to trust the scanner and what to look for more each day. Thank you SMB
awesome video! this video along with re watching my own tape has helped me grasp reading the tapes and improved my trading tremendously by not getting siked out on early break outs.
I watched it on mute and caught the turn, love going back and watching tape for those "see it" moments, shout-out to Lance for introducing the world to the highlight reel concept.
Good clip n thanks Gents. I find that the "market depth" offers more insight to the size of the bids n offers vs just the tape. When I use to stare at that, it was very informative and really summarized supply-demand immediately. If the bids (size) outweighed the offers, it was clear it was moving up as the bids would buy the offers asap. The opposite is also true. Of course, if there are "minimum hidden" orders being traded it is harder to discern but that is where you see your 'held bids' or 'held offers.' Thanks. Kirby
Jfc this is gold. More please. This dialogue/inquiry/coaching modality between senior and junior is perfect for my learning edge is there somewhere I can access more of this? Ty 🙏🦋
Great value video guys. Lance has been a great value addition to SMB. Just 1 suggestion. If you guys can focus on video editing as in highlighting on the screen or zooming in when the speaker says any level (733 level) is holding well. As to guide viewers attention to that specific window
12:10 what a great coach! I think Lance expected the answer to the level choice to refer to daily levels, 733 LOD or PDC, and 740 a round number, a High, or where large offers were piling. Right?
This was helpful -- thank you. I'm almost brand new to tape reading and am still not quite sure where to keep my eyes focused most of the time; the third window from the left...which I'm assuming are consolidated bid/ask orders? Order size? Price action? Both?
This is a great video, but I'm not sure if I totally understand what we were watching on the tape video. Is there a resource where I can learn more about how to read the tape orders?
Can you make a video talking about exactly how to watch and read the tape? Are you constantly scanning everything, are you focusing more on colors and movement? I have trouble knowing exactly what to look at or how to scan everything as it moves so fast.
It takes a long time to understand tape reading and very subjective to individual style. Some things you might look for are when price comes into a level does it immediately bounce from there or is a lot of volume done at that level. If price wicks through does it immediately come back? Is there heaviness on the tape, meaning is the price revisited many times? I'd argue that unless 733 is some longer term level, probably not the best to make trade decisions around. Taking out the pre-market range and getting over 740 is a buy though. When Tesla can move $30 in 10 minutes, those couple dollars, which amount to confirmation of the thesis, are a small price to pay. It could have very easily dropped that 733 level and moved to the downside just as fast.
So what i understand from watching, is that the opening drive trade is basically when you have a big breakout right at the open and acceleration on price action lvl2, just didn't have a name for that type of movement/trade
good one - do you buy at the b/o (at 740) ? do you wait for a 740 pullback once price shots above? where do you have more conviction to add for that b/o? did you start piling in on 733? if so, do you take off some in case the tape slows down?
There was no set up to take a trade. Red to Green still needs a setup. Maybe a 3 bar, 4 bar, ORB, flat top breakout or a pullback. You do not want to buy that huge Green bar. That spread on TSLA would be enormous. Can't size in with that. So I do not see any possible trade there.
All orders are the same. There’s a buyer and a seller. An inbetween print isn’t terribly informative compared to an aggressive buy order @ the offer or an aggressive sell order at the bid. So really not much information to glean from them, more just extra noise.
@lightofmylife1 green means market order buy or/ people hitting the ask. (order hit at ask) red means vice versa. market order sell or people hitting the bid.
@@lightofmylife1616 A market has limit orders and market orders. Limit orders are the ones you see on the level 2. It’s someone saying “I want to buy/sell at X price”. That could be $0.01 below/above the current price, could be $10 above/below the current price. A market order is the person who buys the ask/offer or sells into the bid. They are the *aggressor* as they are less price sensitive and just want to get into a position quickly. When that aggression is one sided, you get solid moves in the direction of the aggression. Green = someone bought the offer/ask, and red = someone sold into the bid.
@@BonkersFutures 😂true! But tbh I kinda developed a filter for that and I can just tell if things are iffy on it, so for me it's actually rather useful!
I have been trying to understand the tape. but all I see is numbers. you all talk about (held bids) and I have no clue. I wish someone would show me how buying pressure and selling pressure look like on the tape. I also hear a lot on a (heavy tape). no clue. what happens when the bids are more than the offers and vice versa? help. and I will put it like Jermey Irons on the movie (Margin Call) . explain it to me as if I were a child or a golden retriever. I've read Bella"s book twice and sorry but I learn better with visuals.
SMB has multiple courses or training programs that will allow you to learn how to read tape. That's honestly what changed it for me, even though i had spent years with the "free" education prior, didn't help much
I break down my time and sales into 4 windows. Small orders. Medium small and medium big. Then biggest orders. It helps show and divide the activity into windows of importance or weight of trader ideas. Obviously when I see the bigger orders combining with all the other smaller size orders it’s confirming the amount of people following the levels I’m watching
This is just normal Preston, he works with Lance often to get feedback on his trading and was actually the first one at SMB to get the DRC (daily report card) rolling with Lance.
Are you kidding me? You can’t just be like ‘Ah ok, lets see bids at 733’ with the fast moving tape, you can’t even cognise the price movement. Either smb is duping retails to believe this is tape reading, or this guy will be unprofitable in days to come if he trades this way. Prove me wrong
He didn’t say that, he said he wanted to see 740 break speed up and have volume come in. He said it for more conviction. seeing 733 hold and quickly buyers start to prop 733 back up and hold. It shows buyers are starting off the day and in control and strong. again, His main focus was 740. 733 was just a confirmation of a potential play. Simple as that
thanks for another nugget of gold SMB - always grateful for you guys sharing your knowledge! 🙏🏼 btw - any retail traders here have experience telling their spouses about their losses as a way to hold themselves accountable to being a better trader…? i did & made a short youtube vid about it 😅. feel free to check it out & let me know if you agree or disagree 🙏🏼
Join the SMB Workshop coming up: bit.ly/3bInLLt
Are you serious. You guys are using TOS charts?
more lance videos, please!!! this guy is a phenomenal teacher.
One of the best tape reading videos from SMB outside of the Foundation. Really well done. Lance is clearly a rock star. :-)
The reading the tape videos are some of your best! Keep ‘‘em coming.
Great value! Look for L2 confluence with daily chart technical levels. This helps strength the significant of the price seen on the L2. Also, "How is the price action reacting within the context of the trade." Is a great concept proposed by Lance.
Just rewatched this Video. Love how Lance corrects the trader on what they should be seeing on the level 2 during a breakout. Amazing!
Would love to see more tape reading reviews by Lance 👍. Excellent review, thanks 🙏
Thank you Lance for offering your time to help others learn and improve. Very generous!
Context and specificity. Love all the talking points, keep it up SMB!
Learning how to read the Tape gives you a Great Advantage 🌪💯✅
Tape reading my favorite tool. Thanks guys for another great lesson on tap reading!!
This is a really cool video. Hearing Lance talk about certain details gives me confirmation on some of the things I've paid attention to while tape reading. No one ever teaches tape reading so it's been little nuances I've picked up along the way that I thought were significant but weren't too sure. An example would be spread widening/narrowing during moments in price action and then which side is closing the spread. Something I've picked up but never knew if it was important or not.
glad you found it helpful Erik
I really enjoyed listening to the senior trading critiquing what we should be looking at at certain levels. Please upload more of these.
More tape reading and such detailed breakdown of tape reading please. This was a great video.
Lance is a great teacher. Would be helpful to see more videos with him. Thanks for your efforts! It helps a lot so see how you guys work. go for gold.
What a positive guy Lance is. You know when a trader is that positive he's on top of his game.
this is one you can watch multiple times
Great level of detail in the tape reading here. Would love more of these!
Enjoyed watching that opening drive........would love to see when he got his entry and the final exit too. Thks a million.
As others pointed out. Lance did a great job explaining what to look for.
Liked the detail in reviewing the trade. Thanks Lance and Mike.
Incredible video for those learning 👏
Very interesting to hear this align about right with my theory on it.
One other thing to extend on the "big" is to watch and see if the big buy hits again on the other side, this could indicate failure in one side signaling a break the opposite way. I've taken a few trades successfully by using that technique.
Big sell came in and few candles later it was back out, so that signaled to me my long was probably right, and it indeed went pretty far in my favor 👌
Thank you all very much.
I am now making a nightly volume scan watchlist with levels on each listed to help my tired ass in the morning be fast and reference where I saw levels day before the action is poppin.
It’s been showing me how to trust the scanner and what to look for more each day.
Thank you SMB
awesome video! this video along with re watching my own tape has helped me grasp reading the tapes and improved my trading tremendously by not getting siked out on early break outs.
I watched it on mute and caught the turn, love going back and watching tape for those "see it" moments, shout-out to Lance for introducing the world to the highlight reel concept.
Good clip n thanks Gents. I find that the "market depth" offers more insight to the size of the bids n offers vs just the tape. When I use to stare at that, it was very informative and really summarized supply-demand immediately. If the bids (size) outweighed the offers, it was clear it was moving up as the bids would buy the offers asap. The opposite is also true. Of course, if there are "minimum hidden" orders being traded it is harder to discern but that is where you see your 'held bids' or 'held offers.' Thanks. Kirby
Jfc this is gold. More please. This dialogue/inquiry/coaching modality between senior and junior is perfect for my learning edge is there somewhere I can access more of this? Ty 🙏🦋
Great Mike!As usual. Love your TA and tape reading videos.
Lance is the best!
Great value video guys. Lance has been a great value addition to SMB.
Just 1 suggestion. If you guys can focus on video editing as in highlighting on the screen or zooming in when the speaker says any level (733 level) is holding well. As to guide viewers attention to that specific window
Oh my god!!! How come I just know SMB.. I read many books for last 2 years, but I found One good trade like a week ago and it is crazy!
Loved that video… flooding my mind with Tape Reading training!
On the Bid …on the offer
Oh yeah ! 😊🦅
Awesome video. More videos like this please.
12:10 what a great coach! I think Lance expected the answer to the level choice to refer to daily levels, 733 LOD or PDC, and 740 a round number, a High, or where large offers were piling. Right?
This was helpful -- thank you. I'm almost brand new to tape reading and am still not quite sure where to keep my eyes focused most of the time; the third window from the left...which I'm assuming are consolidated bid/ask orders? Order size? Price action? Both?
This is a great video, but I'm not sure if I totally understand what we were watching on the tape video. Is there a resource where I can learn more about how to read the tape orders?
Can you make a video talking about exactly how to watch and read the tape? Are you constantly scanning everything, are you focusing more on colors and movement? I have trouble knowing exactly what to look at or how to scan everything as it moves so fast.
It takes a long time to understand tape reading and very subjective to individual style. Some things you might look for are when price comes into a level does it immediately bounce from there or is a lot of volume done at that level. If price wicks through does it immediately come back? Is there heaviness on the tape, meaning is the price revisited many times? I'd argue that unless 733 is some longer term level, probably not the best to make trade decisions around. Taking out the pre-market range and getting over 740 is a buy though. When Tesla can move $30 in 10 minutes, those couple dollars, which amount to confirmation of the thesis, are a small price to pay. It could have very easily dropped that 733 level and moved to the downside just as fast.
Very insightful video! Can you please tell us the trade details? Where was the entry? Was it 733 held or wait for 740 to break and hold?
very easy to figure out which way a stock will shoot to at open just buy drawing trend lines and horizontal lines around 8.
great tape recording
For these kind of trades I like to use a second chart.
so much confirmation to take note of ...100 out of 100 to look for in t&sales
So what i understand from watching, is that the opening drive trade is basically when you have a big breakout right at the open and acceleration on price action lvl2, just didn't have a name for that type of movement/trade
Guys, question: what are you using in this video for Level 2?? I can tell it's not thinkorswim, though I see thinkorswim in all your video. Thanks!!
u guys use think or swim? I thought u guys have ur own software?
Hello i need help to choose. Do i need totalview data for tape reading or is level II sufficient?
What software is the tape and level 2 in this video? I like that it’s got the RVOL on it
good one - do you buy at the b/o (at 740) ? do you wait for a 740 pullback once price shots above? where do you have more conviction to add for that b/o?
did you start piling in on 733? if so, do you take off some in case the tape slows down?
Thanks.
Question… why use the ladder when the footprint offers more transparency and based in fact rather than something that can be manipulated?
breaking volume down into detail is on another level
Where was the entry? At 733 level or are you waiting for the breakout and hold above 740 like a momentum play?
There was no set up to take a trade. Red to Green still needs a setup. Maybe a 3 bar, 4 bar, ORB, flat top breakout or a pullback. You do not want to buy that huge Green bar. That spread on TSLA would be enormous. Can't size in with that. So I do not see any possible trade there.
Thank you... What date it is on this TSLA trade?
6/28/22
White readings on the time and sales mean buys or sales? I get it's in-between the bid-ask spread, but how can you tell what type of order it is
All orders are the same. There’s a buyer and a seller. An inbetween print isn’t terribly informative compared to an aggressive buy order @ the offer or an aggressive sell order at the bid. So really not much information to glean from them, more just extra noise.
@@thefinger1665 what do the colors mean then if all orders are the same. i thought green means buy orders and red means sell orders
@lightofmylife1 green means market order buy or/ people hitting the ask. (order hit at ask)
red means vice versa. market order sell or people hitting the bid.
@@lightofmylife1616 A market has limit orders and market orders. Limit orders are the ones you see on the level 2. It’s someone saying “I want to buy/sell at X price”. That could be $0.01 below/above the current price, could be $10 above/below the current price. A market order is the person who buys the ask/offer or sells into the bid. They are the *aggressor* as they are less price sensitive and just want to get into a position quickly. When that aggression is one sided, you get solid moves in the direction of the aggression. Green = someone bought the offer/ask, and red = someone sold into the bid.
@@thefinger1665 what about the white orders
"less size on the offer than the bid." Surely you want much more size on the offer, indicating market orders lifting the offer?
what software is used for reading tape (the left two panels)
Das Trader Pro platform
Interesting video. There was no context to the tape reading. It just showed up. Enjoy your vidoes.
Lol right I was like what is he teaching
is time and sales equally as important as lv2?
More important time sales show what actually got bought or sold the level 2 can be full of shit
Footprint shows the truth. Price ladder is just spoof central.
@@BonkersFutures 😂true! But tbh I kinda developed a filter for that and I can just tell if things are iffy on it, so for me it's actually rather useful!
This didn't show us how to trade open...
I have been trying to understand the tape. but all I see is numbers. you all talk about (held bids) and I have no clue. I wish someone would show me how buying pressure and selling pressure look like on the tape. I also hear a lot on a (heavy tape). no clue. what happens when the bids are more than the offers and vice versa? help. and I will put it like Jermey Irons on the movie (Margin Call) . explain it to me as if I were a child or a golden retriever. I've read Bella"s book twice and sorry but I learn better with visuals.
SMB has multiple courses or training programs that will allow you to learn how to read tape. That's honestly what changed it for me, even though i had spent years with the "free" education prior, didn't help much
Sorry but the level 2 and tape is very blurry you can’t read it without hurting your eyes … also looks to be out of sync as well ….
The trader knew what he was looking for but he just couldn't articulate it.
I break down my time and sales into 4 windows. Small orders. Medium small and medium big. Then biggest orders. It helps show and divide the activity into windows of importance or weight of trader ideas. Obviously when I see the bigger orders combining with all the other smaller size orders it’s confirming the amount of people following the levels I’m watching
0:16 …SMB Capital trades stocks, options, futures AND crypto! And, crypto? How come we NEVER see any actual crypto videos?
Crypto Man Dan
im not gonna lie, the video quality of the tape was pretty bad
Enjoyed the video. Kinda Seems like Preston doesn’t like lance. There was a weird energy or tension between them.
This is just normal Preston, he works with Lance often to get feedback on his trading and was actually the first one at SMB to get the DRC (daily report card) rolling with Lance.
I think they hired a bad actor lol
This guy..grading him😑...fall back bro.
There are 1,000 ways to make money in the market..he's green on the day...awesome video tho🤘
u didnt teach me anything. that was not good...plus that guy is not eventful
Preston kind of reminds me of Michael burry
Every traders a fraud without P/L proof
@randle he does look like Michael Burry
Yeah we need Lance this dude is freaking wack narrating the tape mannnn
Are you kidding me? You can’t just be like ‘Ah ok, lets see bids at 733’ with the fast moving tape, you can’t even cognise the price movement. Either smb is duping retails to believe this is tape reading, or this guy will be unprofitable in days to come if he trades this way. Prove me wrong
He didn’t say that, he said he wanted to see 740 break speed up and have volume come in.
He said it for more conviction. seeing 733 hold and quickly buyers start to prop 733 back up and hold. It shows buyers are starting off the day and in control and strong. again, His main focus was 740. 733 was just a confirmation of a potential play. Simple as that
thanks for another nugget of gold SMB - always grateful for you guys sharing your knowledge! 🙏🏼
btw - any retail traders here have experience telling their spouses about their losses as a way to hold themselves accountable to being a better trader…? i did & made a short youtube vid about it 😅. feel free to check it out & let me know if you agree or disagree 🙏🏼