Does anybody know of any books that can teach the art and Principles of Tape Reading or any web site I can look at for more information on this subject? Thanks.
To my knowledge there hasn't been any books on that subject for many years. But I think it was in the 1930's Humphrey Neill wrote an excellent book called "Tape Reading and Market Tactics". It's been reprinted a number of times and should be currently available.
Here is a previous thread that was started about tape reading: http://www.elitetrader.com/vb/showthread.php?s=&threadid=1633&highlight=tape+reading If you look on the homepage there is a Search option. When you want to find out about a certain topic that might have already been discussed, you can use this function to search by keywords. Hope this helps!!
There is another classic, "Studies in Tape Reading" written 1910 by Rollo Tape, which is a pseudonym for Richard D. Wyckoff. Should be available at amazon. A modern version goes by the somewhat bombastic title "The undeclared secrets that drive the stock market" by Tom Williams and is based upon the very principles detailed by R. Wyckoff. Available at www.tradetowin.com. The author offers also a (n expensive) program, which has been tested by TASC (Volume 17 pp637). They seemed to be pleased by the program, though it was lacking stability and reliability. To be fair, they tested V5.x, the actual version is V7.4. I do not use the program. regards Bernd Kuerbs
Re the Tom Williams book mentioned above: I bought it some time ago and found it extremely educational and full of common sense. Whilst not the holy grail it nonetheless gives me confidence when trading. As for the software, I am told it is currently being updated. Not being a user of it I cannot comment on the usefulness or otherwise of the software. The book I would recommend to any trader, epecially those starting out.