Best Tape Reading member in ET?

Gloria, since nobody answered you, here is the answer but it won't make you happy.

ET's best tape reader was Jack Hershey. RIP (and yes, he is still an ET member in the heavenly trading offices)

Now what do you do with that info?
 
They were all posting prior to 2005 and discussing general info about how they use Bid/Ask screens, level II, times & sales. There were about 10 of them and none of them post here at ET any more.
 
Pekelo said:
Gloria, since nobody answered you, here is the answer but it won't make you happy.

ET's best tape reader was Jack Hershey. RIP (and yes, he is still an ET member in the heavenly trading offices)

Now what do you do with that info?
More...

Did he talk about tape reading? I read some of his stuff but I cannot recall he mentioned tape reading.
 
GloriaBrown said:
Did he talk about tape reading? I read some of his stuff but I cannot recall he mentioned tape reading.
More...

Looks like he didn't :

jack hershey said:
I started in 1957 with the WSJ reading.

Then went to TA immediately and never changed. (Magee 4th ed)

I also found the P, V relationship. A Boolean expression in two parts and I added a corrolary. (Granville).

In 1957 I made brownline charts to fill in with pencil. (HLC and volume).

With 300 dollars and part of my salary for 3 years, I made 10% per month and then in 1960 took all my original capital out to go to Europe and buy a sports Mercedes (190SL). Thus I have always invested only profits from themn on. This is an attitude adjustment that is a big time thing.

With the invention of Xerox, PC's and software. it gets much easier.

I leaned to score the stock cycle using three variables. The score goes 7, 6, 5, 4, 3, 2, 1, 0 and repeats. I use P, V, and A/D as variables in that order of significance with Boolean values of 1 and 0 which i reevaluate in base 10. 0 to 7 is the turn of the trough 4 to 3 is the turn of the peak. You will notice that the sequence is elegant and symmetric. for price and volume increasing is 1 and for accumulation (A) the score is 1. What you know from this is: where you are; what is next; and how fast the market is moving. This follows the P,V relation perfectly. It is nicknames by those I mentor as "Tomorrow's Newspaper Today"

I moved into commodities futures indexes using my paradigm from equities trading.

With the advent of software and the PC, it is much easier to make money.

There are eight separate ways to double your performance in investing and trading. When anyone adds each to where he begins, the eight doubling are very significant for making money.

They are:

1. use natural cycles.
2. enter on BO's anticipated by FRV from DU volume.
3. Use trend following stops for protection.
4. Exit on the "away" side of trends.
5. rotate capital through threads of money where you have one thread a day to focus upon.
6. Select a universe of quality stocks that obey all of your paradigm rules, use no others. (EPS and RS> 90)
7. optimize trading by cycle compression.
8. practice anticipation by using pair of fractals (trade the slow and anticipate on the fast)
More...

And there are thread out there about his specific method.
 
wrbtrader said:
They were all posting prior to 2005 and discussing general info about how they use Bid/Ask screens, level II, times & sales. There were about 10 of them and none of them post here at ET any more.
More...

Some of them said that tape reading is dead.
The one I talk about traded mainly Equity.
Since there's no specialist anymore.
 
Yeah, that's what's being said today. I found several good conversations about how they were using Bid/Ask screens and one thread there's good instructions about such and book references.

Things seem to change dramatically after some rule changes like decimalization and then hft/algo growth killed most of it...tougher these days for those still trying to use that stuff with all the games (spoofing and layering) being played along with the tremendous growth in "dark pools" that allows most of the trading to occur not at the exchange in which buy/sell orders are matched anonymously (public can't see it until after the order is executed). Then came the pinging stuff that many started complaining about...

Tough for traditional tape readers to compete with. Regardless, the old threads back then had a lot of instructional value by those guys.
 
If by "tape reading" you mean tracking the course of price movement to determine whether buyers or sellers are in the driver's seat, one of the best was DbPhoenix, but he doesn't post here anymore.

LC
 
Db doesn't do tape reading. In fact, he's on record several times in stating he doesn't care much about it.

...I don't much care about the bid and ask or about T&S...
 
You must log in or register to reply here.
Back
Top