Time and sales without a tape: building a rough substitute in forex

[Amanhasnoname]

Equity traders read the tape, a list of every trade with price and size. Spot forex has no equivalent, yet scalpers can build a rough substitute from what's available.

A tick log showing time, bid, ask and the change from the previous tick offers a basic sequence of events. Colouring ticks by direction and highlighting large jumps gives a feel for pace and pressure.

Combined with depth information from the broker, where available, it hints at where liquidity sits and how it responds.

Some platforms display the data as a scrolling list. Others need custom indicators or scripts.

The limits are clear. Quote updates aren't trades, sizes are unknown, and different brokers show different sequences.

Still, watching the rhythm of ticks can add information that candles smooth out. Fast, one-directional runs, long pauses, and bursts of reversing ticks all carry some meaning.

Practice is needed to interpret it, and it's best treated as a supplement to other tools.

Have you tried reading raw ticks, and what stood out?