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Yes it may head up a little more before declining. Just have to wait and see.

Nope. Didn't take a position. I think it has topped for the day or close to it. I could be wrong.

I think it will make a lower low before the day ends. So far this push up hasn't been on enough volume. Nevertheless indexes are tricky. I could be wrong.

ready for the slide down?

are you ready for the slide down?

I was traveling monday and stopped at Books - a - Million in birmingham in the afternoon and talked to a young man wanting to start trading. He was in the section where the books on trading are at. You wouldn't happen to be that young man would you?

Maverick do you ever miss the game? The glory of hitting it right on most of your daytrading stocks? May I ask your age? Did you leave it for that reason? Just wondering? I couldn't do it. Not 15 - 30 stock a day! Now my 24 year old son might could.

Thanks for your take on it Maverick. The prints are just price and volume on an intraday basis. Daily bars with their volume are the same thing. They are however, a consolidation of the individual prints. Therefore, as one can read the individual prints to see supply/demand imbalances one can...

Nevertheless, it seems to mean you are only defining tape reading as intraday. Am I correct? You see no way it could be daily..weekly? Is that correct?

I think there is an easier way to tape read and it is indeed interpreting the collective action daily or weekly and especially looking for institutional buying. Their footprints or absence are on any daily chart, weekly chart..etc At least your eyes don't burn out. However, if one is scalping...

A daily chart is a sum of ALL the individual transaction that took place. You are seeing ALL the buyers/sellers at one glance. Why is it necessary to see each individual buyer/seller to be tape reading?

Hope you didn't ruin your eyes. Looking at 15/ 20 stocks quotes searching for opportunities would drive me nutty. That is for the younger folks.

Agree. However, you are understanding it big time INTRADAY. You are basically understanding price/volume intraday as you hunt for supply/demand imbalances. Is there a way to understand price/volume daily and supply/demand imbalance on a daily basis? If so, would this not be tape reading on a...

Did you get burn't out doing this day and day over?

You are still basically dealing with volume/price/size intraday.

Yes, I have the book. A great read. Should be read at least once per year. I have a question. Why wouldn'yt you use T&S screen? It shows the size of last sale and whether it was on the bid or ask.

I agree. However, that is only one form of intraday tape reading. What is the bid/ask size of last print and price of last sell? Is that not simply price and volume?

Livermore held trades overnight. Sometimes for days. Are you saying he only used tape reading for entry? Or for entry then kept it until an intraday tape said to exit it. Or do you think livermore was out of all positions by the day's end?

What is tape reading then? bid/ask size..t&S?

If Maverick is saying what I think he is saying then ONLY NYSE stocks can be tape read. What about Nasdaq stocks with all the MM's and what about futures? Does he mean to say that those can't be tape read? I would like to see what he says first before I indicate how I tape read any stock or...