No sir. That is a volume profile chart. It is not the same thing as tape reading. Tape reading is exactly as I explained it you above. If you do not believe me, go back to the father's of tape reading and read their descriptions.
tape reading...
- Thread starter vincentnyc
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No sir. That is a volume profile chart. It is not the same thing as tape reading. Tape reading is exactly as I explained it you above. If you do not believe me, go back to the father's of tape reading and read their descriptions.
I don't want to hurt your feelings, but you're waaaaay off the mark.
The Holy Grail of trading is in TA of the price charts. That's where you can tell what traders are doing with their money. Nothing is more important than that.
In "all the world of the markets", you don't get to KNOW much at all. (Illegal front-running and insider trading excepted). But you get to KNOW SOME from the price charts. That's as good as it gets. And you can work that into financial success if you're smart and diligent.
Trade what you KNOW.... with stops.
KISS, baby!
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It’s ok, sniff, I’ll bounce back. Eventually. Just trying to help.
Speaking of which, I’ve been noticing a pattern of intolerance in your posts during the last few weeks. If you have the urge to dispute this, may I suggest you go back and reread some of your posts on trading and the reactions of others.
You are very knowledgeable on many things and I appreciated you PMing me on handgun advice a while back under a previous nick of mine. Even there, while your advice was solid, in my particular situation and needs, It was not optimal.
Stay thirsty, my friend:
That's because all they had was the ticker tape, now we have time and sales, thus the different terminologies. (I refer to myself as a systems trader, but now I am told I am an Algo Trader)
The ticker tape was just the time and sales of the time and they still used that info to build charts after the close of the market. Referring to Livermore's and Wyckoff's approach as simply tape reading, time and sales of their time, is dismissive of their larger body of work.
Tape reading - time and sales - orderflow, whatever you want to call it is the same trade data and most all trading methodologies and systems depend on it.
Many people like to have a Quote Box of the major indexes, sectors or stocks comprising them colored with red and green for up and down and a few might even use it to trade momentum but for most its just a giver of confidence and for others a distraction.
Ultimately for @vincentnyc purpose of looking to expand or refine his trading skill-set tape reading and viewing time and sales are the same and he'll have to go down that rabbit hole to see if they bring him profits.
Sry offtopic but re handguns I like my sig226 9mm alot more than my glock22 40cal. Like my Remington 12ga pump tactical. Miss my charter arms bulldog 44cal revolver.
Re tape reading it's best used at hod lod vs inside ranges--- Big tip there
Sorry if you took offense.
Arguing trading is like arguing religion. Traders are very stubborn about what they believe. (I'm that way too, of course. I'm willing to consider that I'm wrong if someone can show me where... but not just because somebody "says so". I'm not some "ET wannabe"... I've had LOTS of experience and LOTS of success. I'd venture to guess that almost everybody on ET would gladly trade their purse for mine. If you want to argue with me you'd better be on solid ground... otherwise it's like poking a stick at the big dog.) If I'm going to make a point... not only to the respondent but to others who might read the thread, I feel I need to be blunt and (brutally?) honest to be effective.
I don't get onto somebody's case just for the heck of it. Frankly, it's rather tiresome to keep having to say, "you're doing it wrong" when they so fervently want to believe that they are doing it right and I'm the one who's full of baloney.
Though not well accepted at times, I feel I'm doing a service when I say, "you're on the wrong track"... and hopefully they'll take that to heart and look elsewhere. (Of course often they immediately want to say, "I'm a jerk".)
I'm willing to tell people where the good fishing hole is, but I'm not willing to bait their hook and cast their line for them too.
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You can think what you'd like. But on the face of it it appears you have not understood anything I have posted.
That is Volume Profile with Bid Ask Delta. It is built on the "Tape" or "Time and sales" data.
lol You really are too much.