Time and sales (the tape)

What it is

Time and sales, or the tape, is a running list of every trade: the time, price, size and side. Reading the tape means watching the speed and size of those prints, especially large ones, to see who is being aggressive at a level.

One large market order often fills against many resting orders and shows as many small prints; tools such as Jigsaw's reconstructed tape group them back into one trade so the size is visible. Like all order flow, it needs exchange data: spot forex has no tape.

How to spot it

• Big prints, or a sudden burst of prints, at a level you're watching.
• Prints hitting the bid that don't push price lower can mean a buyer is absorbing them.

How to use it

• Confirm a reaction at a key level: aggressive buying showing up as price tests support.
• Notice when the pace slows at an extreme, which can mean the move is running out.

Common mistakes

• Trying to read every print; focus on your levels.
• Assuming a big print is always one big trader.

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