Is it possible to "JUST" tape-read

Thats exactly what I am doing. Going over the discussion. I read in your longer description (page5) point 5 "chart formation" the thread starts out though with: "is it poss. to JUST tape-read". If you include charts for entry as well the answer is obviuosly no. Which by no means diminishes the value of tape reading. You also talk about your site, would you be allowed to provide the URL. (my first time on elite). Again I apologize for my rash comments, but is my oint with "Non Display Orders" not relevant?:eek:

I appreciate your enthusiasm in responding. I also like the quality of your responses.
 
Well, I don't know how, going over discussion, you miss the point made several times about tape reading done through more convinient medium - chart. If you need to put nail in the wood and use a gun instead of traditional hammer, it's still same nail, same wood and same result - faster and easier with more convinient tool.

PS. Thanks Brandon. As non-paying member of ET I apparently am not allowed to post links to my website.
 
OK Threei, I read ya. I just didn't see your site. About the discussion, I was in the process of (and I am just done reading). I'll get the book and let ya know.

Thanks
 
Thank you.

In order to avoid any further confusion:

1. don't get fixated on words TAPE reading.
2. realise tha it's about WHAT you looking for rather than about HOW you look for it.
3. realize that those things original tape readers of Jesse Livermore times saw on tape can be seen on chart as well.
4. start looking for those same things they looked for, and no matter HOW you look for them, you read the tape - no matter WHAT you use, tape or table or chart.
 
Let's start at the beginning.

In early days there was an actual paper ticker tape , the width of masking tape that was spewing out of the printer and at the brokers people were passing the trape through their hands reading the output.

The output was the stock symbol and price and lots traded.

So tape reading in a literal sense would mean making decisions based on price and volume information.

In the seventies there were ticker machines available where you could edit the symbol list and limit the symbols to what you wanted to follow. I have successfully traded sugar from home that way.

Sometimes the market got active and the printer fell behind by minutes.(hence the term: late tape)

With derivatives trading feeding into the market now I am not so certain I would trust the tape, besides there are so many additional ways to read the market.
 
Quote from neisykay:

is it still possible to make good money without having a computer do the trades - assuming one has their system and discipline.

Thanks,
Denise
More...
Denise, a winning system and discipline to follow it are 99.99999% of the winning combination (no idea about the other 0.000001% - but most things are not 100%)

So my guess is if it worked 5 years ago it still works!

I think there are many failures today because they have too much info, a computer; and believe enough info and speed is the key. But the one thing that's missing is no real discipline!.
 
When I refer to tape reading, I don't mean the Level 2 Time and Sales, which includes executions against the Specialist, other exchanges and ECNs. I find the T&S to be too fast and frenetic for many stocks and there's too much extraneous information. This makes pure tape reading of T&S less meaningful.

I'm only referring to the prints against the NYSE Specialist's book for listed stocks. I guess many traders have their own definition of tape reading.
 
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