just wondering how the other tape readers (who r still around since hybrid) are doing. any of you guys adapted? I feel like im just adapting now, any of you guys left in here? I hope so! cheers. 8s
What exactly do you mean by tape reading? I consider myself a tape reader as all I am looking at is price, volume and dom (throw in a few trendlines) but many of my trades can last up to 30-60 minutes.
trading with no or almost no charts and trade based off where the market maker fills orders and orders in the 'open book', that whole game is what the OP means im sure.
Bear a tapereader is a lost art, since the inclusion of the computer in our finances we have all become followers. Actual tapereading these days is best done staring at CNBC & Bloomberg. As those trades are somewhat attached to frequency a name will pop up that shouldn't be there and even if it's up only 5 cents you know to research it... the other day Birth Mountain that price of sh*t that cost me so much bucks what the hell is it doing with early action. You would have been tipped off about TASR's huge run as I was just by tapereading in the morning. It's a filtering system now for the huge expanse of stocks we have. Following a certain stock price and volume characteristics that's called online investing. Can you make money simply lying back and trading off a ticker?> I've tried it and it's damn hard. gaps often reverse the next day. But clues emerge Perue Copper up 30% leads to Corriente which hits... the eyes can predict the markets mood and direction in many cases... GE up over a stick recently got my attention that never moves like that... big cap in vogue for a day I guess...... In short there are probably more " Tapereaders " out there than you think! ~ SI
Yep still around and still in business. I've found that in some of my positions reading the tape has actually become "smoother". Now, with that being said, I really don't trade for smaller movements (.25 or less just isn't worth my time), but use it as a tool in establishing my larger positions. I think that as my time in the trade has gone on, my tape reading has become even more important. Good Luck!
Tape reading is modern world is looking at T&S (time and sales). Just read Wykoff day trader bible and there is is all outlined. The book was written pre 1929, and for the most part still is actual, though more for futures than stocks.