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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: Threei who wrote (16901)	9/21/2003 5:06:30 AM
From: Joseph Silent	Read Replies (1) \| Respond to of 18137

Threei, When you watch the tape, one sees: t1, t2, t3, t4, Q1, t5, t6, Q2, ..... where the ti are trades and the Qi are (bxa) The Qi are changing for a reason (presumably) and not randomly. 1. In the listing (i.e, in the way the market-makers or whoever list the times of the trades and quotes), is Q1 a function of t1, t2, t3 and t4 or is Q1 a function of t5 and t6? It is unclear how they list the information. 2. I understand that the way you look at it is that people just keep posting their own bids and asks and that is how things change. I am looking at it slightly differently --- people (esp specialists) choose their bids/asks depending on order flow. Maybe this makes sense only in times of order imbalance -- I don't know. 3. Ultimately, I am asking this question simply to try and understand if I can look at a sequence of trades and classify. I apologize if I am not clear. If we use your definition (trade at bid = sell, trade at ask = buy) that is fine. But because of the ambiguity of sequencing (meaning I don't know which quote to look at with respect to the trade --- the quote before or after, in the sequence) I don't know how to classify. Thanks, Joseph