I appreciate this as well. I'm also trying to learn how to tape read. Also that book that you recommended: Tape Reading and Market Tactics by Wyckof, I'm not seeing it. I see one with that title but its by Humphrey, B Neill. Good Trading, YoungOne
<http://www.amazon.com/Studies-Tape-...=sr_1_5?ie=UTF8&s=books&qid=1195894062&sr=1-5> i think this is the one.
hi mmrreedd, In my style of trading the ES my frames are very short and so at any given time I can see less than 30 mins of price action on my screen. I do not have time to look to higher frames and in any case it now confuses me. But instead, I do have market structure from a frame 3x greater, imposed on my screen. Tics to the open show me ...... a) which side of the open I am on. b) whether it is close enough to effect my decisions. Tics to HOD and LOD work in the same manner as these are three very powerful price points. The rest of the important levels ( ie yesterday high & low etc) I no longer track since this is revealed in it´s own way inside the market structure. However, this is my 11th year of following the markets and what has become obvious to me may well lie ahead of others in this moment. This is a very good thread that A is running and it is teaching people the basics of market structure. If people commit to trading this style with say the NQ and become comfortable and consistently profitable, then they can move ahead developing deeper and deeper trading skills. If they cannot make this style of trading work profitably for them on the NQ, then IMO they are not addressing their own issues and changing horses will only make matters worse. It is mental toughness and commitment that makes a great Trader as I see it. regards f9
Anek, did you take your large monitor on the road with you? With my main chart, anchor chart, T&S, and matrix, my laptop alone is way too crowded.
I get more tips from watching the tape than I do from the price action on the chart. You can see past support and resistence on a price chart but you can see the new levels of S & R building in the tape. A chart is only history of what has already happened. Activity at the current market price is here and now. Just spend some time watching and keep you hand off your mouse.
I tell you how I solved the problem, I bought a bigger bag for laptops and I travel with 2 and connect them as a network and use synergy to control both with 1 mouse and 1 keyboard. Or in case I want to use the second laptop only as an extended monitor I use Maxivista. Another possibility is to buy a 15 " lcd screen with a detachable base and take with you only the screen and your laptop in the same bag crazy stuff traders do
it's not bad as a contrary indicator i find... but since it's hard to keep your eye on both that and T&S when the mkt is moving, i agree - better stick to T&S
Here is a tape reading manual written by Richard Wyckoff.I don't know if is as complete as some of his other work but it is a good start.
Great stuff. I too would like to learn how to read the tape as well through T&S window. Going into the most basic of tape reading, i have a few simple questions 1) What is hitting the bids? 2 What is lifting the offers? Referencing this blog: http://traderfeed.blogspot.com/2006/07/what-every-short-term-trader-should.html To my understanding, the bids are just buyers who are willing to buy at a certain price and offers are sellers willing to sell at a certain price. So when looking at T&S: Does bid mean sellers? Does offer means buyers? thanks in advance J