Tape Reading
- Thread starter trader28
- Start date
Agreed. Wycoff is pretty clear. But my point is he isn't the ONLY expert on tape reading in those early years. Therefore, his method is certainly not the ONLY way of reading the tape.
I agree to each to his own. And I am am sure semantics have a part in this.
And also short-term is defined diferently by different folks. Wycoff just says it as intraday. Others see it as maybe being longer. But his principles work in most any time frame. In intraday you are just looking at bid/ask prices and size and T&S screen to see what price is doing on the volume it was made on. To see where the transactions are going down. You are looking at: is the bid being hit or the ask and on what size. It all indicates short term intraday imbalances in supply/demand that can be taken advantage if. So, it boils down to an intraday analysis of price and volume. That is it. The same principles can be used on a daily basis. But you are looking at price as a bar instead of bid/ask. And you are looking at volume as a bar instead of bid/ask size and size of transaction. It is all the same thing. An analysis of price/volume and correlating these to in order interpret what they are saying and transpose that into the future.
happy profitable, successfull, stress free, trading to you if there is such a thing
Do we know each other? You mention "our firm" so I am wondering now if we work together?
Quote from mizer:
Very nice year so far, when I see your P/L and others in our firm it makes me think my hard work will pay off one day
Hey before you make yourself out to be an expert, you may want to stop quoting books and actually getting down to trade. Because it is very apparent you do not have an understanding of tape reading for the professional full time daytrader and also a bit apparent that you do not really trade besides your occasional odd lot swings in your Ameritrade account.
The chart and the tape are not the same thing, the chart comes after the fact of what is actually happening on the tape. If you had any real successful experience with NYSE stocks you would know that in at least half the scenarios the specialist purposely paints a false chart signals just to get the chart only traders out. A good reader of the NYSE tape will actually recognize the fake out and take the correct trade, which could either be an intraday swing or just a quick 5 second trade.
A lot harder to do on Naz, when instead of the readable human tendencies you have very fragmented order flow and auto progs flipping around 100 share lots back and forth. They don't call it Nazcrack for nothing.
I think it was you who mentioned books first! Wycoff to my recollection. So, maybe you should quit reading wycoff and start trading. It is VERY apparent YOU don't have an understanding of tape reading. You are stuck on just wycoff's definition. Is he your guru or what? In case you don't know there were alot of other tape readers besides Mr. Wycoff. And tape reading goes beyond what he said it was. Sure the specialst paint a false picture. So do the MM's on the Naz. But on either quick trades can be made.
Finally, yes the chart and the tape can be the same thing. I am not talking about chart patterns but simply what each bar is doing. Not any patterns. The bar is simply a composite of the intraday tape for crying out loud can't you see that? All the individual transactions on the intraday tape summed up make the daily bar. The daily bar IS the daily tape. What is so hard for you to see that concept? The weekly bar IS the weekly tape. You are so hung up on the tape just being the individual transactions going down as being the tape that you can't see anything else.
Maybe you need to read some more books!!! LOL
Sorry Hydro,
My previous email was to someone else. I thought it was talking to another person. My mistake. However, you might find some of the things apply to you?? or maybe not?? I couldn't edit the email as time had passed for editing. Anyway I thought I was talking to someone else so the thing about you mentioning wycoff doesn't apply.
My previous email was to someone else. I thought it was talking to another person. My mistake. However, you might find some of the things apply to you?? or maybe not?? I couldn't edit the email as time had passed for editing. Anyway I thought I was talking to someone else so the thing about you mentioning wycoff doesn't apply.
