Tape Reading(Mav/Steve...cough)

Discussion in 'Strategy Building' started by Bogwaluth, Jun 6, 2006.

  1. So today my stock was JOE (Maverick/Steve, if you have some thoughts here let me know)

    I saw that home builders where downgrade, so I figured I'd give this a shot, it's average volume was under 1.5m.

    The first print was an uptick offer(?) of 18600, lol that was it....I watched as this thing dropped 2 dollars over the next 1.5 hours. Stock would drop, offer would size up and drop again, then reload, drop, pull back a bit on no size, bam reload, drop.

    Actually, I did sell the near-bottom....mwhahaha! But I got out and made $1! Take that.

    I couldn't tell if it was a buyer, a seller, a short, or the Cookie Monster. I have no idea what ticks mean. Uptick bid, prints going off in the spread, a bunch of 100 shares messing up my tape, sheesh so much noise.

    I don't know what made the stock go down except I assume someone was unloading alot of it. How would I know if there was a short in there?

    My big training at said prop firm was find the shorts (offers stepping down) and jump in. Then watch for bounces. Makes me want to eat my own underwear. Churning the call it and laugh. So dumb. (IMHO).

    I never saw a big cleanup print and he only keep showing up with 5-8k on the offer. I saw what he was doing....the chart(1 min) shows the picture of it really well. Sell some, rest, sell some, rest.....10 years of finally understanding TA, and now I decide to do this, I must be nuts.

    I new what he was doing, I could see it, but I wouldn't have know to get in until after about 1min....and clearly I had no idea when he was done (sold the bottom, then he ran up a dollar).

    Help please....cry....

    B