Thanks Don for all your continued help to new and aspiring traders. The horizon is already here. Tape reading will never die . . . it just evolved.
There aren't a lot of people who knows how to do it, anyways. Of course, "wannabe" tape readers will be gone.
Copied from a poster: hybrid system is basically that on the NYSE u can now buy stock either through teh specialist, or through ECN's. Go to the below thread (page 1--right at the bottom) if you want more information Forums âºâº Technically Speaking âºâº Strategy Trading âºâº Scalp Nasdaq
Hybred,Schmybred... Once my timing guy points his indicator at it I'll being saying Hi to all the Bread I'll have rolling in. Just got back from an incredible vacation and I'm ready to start kicking ass again. Rennick
Someone PM'd me saying this was you. Is it? http://profile.myspace.com/index.cfm?fuseaction=user.viewprofile&friendid=36102390
Do you believe someone can become a great soccer player without the skills of judging what is happening on the field?
Even with a modified NYSE system, you will still be able to observe how size is being absorbed, offers taken and re offered or bids hit and re bid, how size moves price or doen't move price etc. Watch the composite tape in addition to the nyse tape and take note of the relationship between the two. Even with a hybrid system specialists, market makers, upstairs traders etc. will be watching all executions and markets to determine where to direct their orders, the price and volume and price movement will tell all as opposed to trying to figure out the specialists intentions.
Hybrid market hmmm, as it is going to happen, i am sure type reading won't be dead. As big investors and trader are learned to trade by type reading. A.T.