In the classic sense tape reading is simply watching prints and "feeling" for immediate direction. Livermore took tape reading to another level by watching certain price levels and seeing how it acted at support on resistance. Although he never used these terms because he was not a chartist, instead he substituted supply and demand. I believe Wyckoff was the first person to take it to the next level(publicly anyway) incorporating bid/ask data. Thus identifying where size was coming in and at what price. Later on when the specialist rules changed regarding uptick/downtick participation a whole other school evolved in which traders tried to determine what side the specialist was on and traded accordingly. Wychoffs book on tape reading is available for free online....you just have to find it. Thats how I understand it...feel free to correct me. Good trading to you.
tradeideas is a great program. however, tymorra is much more comprehensive and intuitive. best, surfer
You must have of a superficial understanding of what tape reading is about. Sure, one is open cry and one is electronic but that doesn't matter one tiny little bit. The tape is the tape and prices are the prices, volume is volume and that is what the tape shows regardless if the specialist is putting them there or the MM's on the Nasdaq are doing it. A chart is a chart regardless of who is "making" the prices or "how" they are made and the chart has a story to tell about where prices will likely head next. It simply doesn't matter if it is the MM's making the price or the specialist. Now if you are just looking at bid/ask "price" and "size" and price depth (level 2) w/o looking at a chart of the prices and correlating that chart with charted volume and you are trading intraday then yes you will be seeing how the MM's position themselves and also try to determine what the specialist is doing then yes they trade different and yes you may use different strategies. However, if you are looking at daily charts and volume or even intraday and aren't looking at bid/ask price and size then it simply doesn't matter "how" the price was made (open outcry or electronic) or "who" made it (specialist or MM's) as the chart shows simply what price did and the volume it did it on regardless of "who" did it or "how" they did it. Just plain doesn't matter.
Jesus you guys have a lot of holidays, whats this one? Homer Simpson day? The market is uglier than a Dick Grasso lookalike contest
Actually its Veterans day...geez that one comment made me wish I never took the time to respond to your stupid fucking lazy ass newbie question.. Veterans' Day (formerly Armistice Day) November 11, is the anniversary of the Armistice which was signed in the Forest of Compiegne by the Allies and the Germans in 1918, ending World War I, after four years of conflict. At 5 A.M. on Monday, November 11, 1918 the Germans signed the Armistice, an order was issued for all firing to cease; so the hostilities of the First World War ended. This day began with the laying down of arms, blowing of whistles, impromptu parades, closing of places of business. All over the globe there were many demonstrations; no doubt the world has never before witnessed such rejoicing. In November of 1919, President Woodrow Wilson issued his Armistice Day proclamation. The last paragraph set the tone for future observances: To us in America, the reflections of Armistice Day will be filled with solemn pride in the heroism of those who died in the country's service and with gratitude for the victory, both because of the thing from which it has freed us and because of the opportunity it has given America to show her sympathy with peace and justice in the councils of the nation. In 1927 Congress issued a resolution requesting President Calvin Coolidge to issue a proclamation calling upon officials to display the Flag of the United States on all government buildings on November 11, and inviting the people to observe the day in schools and churches...But it was not until 1938 that Congress passed a bill that each November 11 "shall be dedicated to the cause of world peace and ...hereafter celebrated and known as Armistice Day." That same year President Franklin D. Roosevelt signed a bill making the day a legal holiday in the District of Columbia. For sixteen years the United States formally observed Armistice Day, with impressive ceremonies at the Tomb of the Unknown Soldier, where the Chief Executive or his representative placed a wreath. In many other communities, the American Legion was in charge of the observance, which included parades and religious services. At 11 A.M. all traffic stopped, in tribute to the dead, then volleys were fired and taps sounded. After World War II, there were many new veterans who had little or no association with World War I. The word, "armistice," means simply a truce; therefore as years passed, the significance of the name of this holiday changed. Leaders of Veterans' groups decided to try to correct this and make November 11 the time to honor all who had fought in various American wars, not just in World War I. In Emporia, Kansas, on November 11, 1953, instead of an Armistice Day program, there was a Veterans' Day observance. Ed Rees, of Emporia, was so impressed that he introduced a bill into the House to change the name to Veterans' Day. After this passed, Mr. Rees wrote to all state governors and asked for their approval and cooperation in observing the changed holiday. The name was changed to Veterans' Day by Act of Congress on May 24, 1954. In October of that year, President Eisenhower called on all citizens to observe the day by remembering the sacrifices of all those who fought so gallantly, and through rededication to the task of promoting an enduring peace. The President referred to the change of name to Veterans' Day in honor of the servicemen of all America's wars.
Dont give me your patriotic crap, your country goes out of it's way to kill young men by the thousands only to end up trading partners with the enemy 2 weeks after cease fire, the day clones like you wake up and recognize you get played by the rich and powerful is the day you will do something constructive for those brave young men, those in power count on your blind patriotism
I`m not only a patriot but a former US Marine and proud of it. You asked a question and I helped you. My mistake for helping...good trading to you feeder food.
I`m not blind or brainwashed. But when somebody makes a comment like "is it homer simpson day"on a holiday we celebrate to remember the fallen...well that shows no class at all. Good luck and try to be thankfull for all you have.
The entire concept of war has become a joke, politicians roll out the same tired old lines about evil empire, freedom on the line... does anyone actually believe the enemy is evil when they are men and women like us with babies to feed and grandparents to look after, it's a god damned con so some fat bastard can make more money producing bombs that kill more men