Reading the Tape, Question please.

[dominationFX]

Hi guys. I have been reading you can get Forex info direct from Interbank, which is called reading the tape? Anybody know anything about it, as I cant find any info on T2W about it. How do I get access to the tape info? Does it cost and what websites will give it to me? Is anybody here a tape reader? Thanks.

 

[mb325]

Well I could be wrong, but I believe 'Reading The Tape' is an old, old wooden ship that was used during the Civil War era.

 

[SanMiguel]

Hi guys. I have been reading you can get Forex info direct from Interbank, which is called reading the tape? Anybody know anything about it, as I cant find any info on T2W about it. How do I get access to the tape info? Does it cost and what websites will give it to me? Is anybody here a tape reader? Thanks.

No one reads actual tape anymore, stock price aren't printed on tape like they used to be.
If you hear anyone talk about reading tape now, they are using the phrase as lingo to mean reading the DOM or Time and Sales at Level 2.

 

[dominationFX]

No one reads actual tape anymore, stock price aren't printed on tape like they used to be.
If you hear anyone talk about reading tape now, they are using the phrase as lingo to mean reading the DOM or Time and Sales at Level 2.

Thanks, san miguel. What does DOM stand for? What does Level 2 mean? Is there a free website that I can get this info from please? Do you know if tape reading is the same as what I would know as price action trading, with time and volume? Thanks.

 

[SanMiguel]

Thanks, san miguel. What does DOM stand for? What does Level 2 mean? Is there a free website that I can get this info from please? Do you know if tape reading is the same as what I would know as price action trading, with time and volume? Thanks.

DOM=depth of market - it is usually a screen on direct market access where you can see how many contracts are placed at each price level and the number of orders that got filled.
It's quite an advanced way to trade, you won;t find much info on it.