Learning tape reading

[TAjammy]

lolz im not posting here any more can a mod lock this baby up

there's no point in me having this journal because i need to set things straight myself and hearing what others say can be useful but for me it can be distracting and put me off course, after all i am yet to stick one thing through to the end....

 

[TheBramble]

Tony,
Can you expand on this comment a little please. I would have thought that most traders will agree with you that today's market bears little or no resemblance to the market as it was in Wyckoff's day. However, many would argue that the human emotions of hope, fear and greed etc. that drove the market a century ago still drive the market today. In this respect, Wyckoff's market analysis is as relevant today as it ever was and, doubtless, will be for a very long time to come. As it happens, I'm currently half way through 'The Three Skills of Top Trading' by Hank Pruden (Wiley Trading, 2007) who makes this very point and devotes a whole third of his book to the Wyckoff method of pattern recognition.
Tim.

Which two Railroad stocks would you consider are the market leaders today?

While that one sinks in, if you select the two highest cap players in the US market today, what are their relative weights as a percentage of the overall market? How does that compare to the heavyweights 'back then'.

It's all very, very different.

 

[pedro01]

Which two Railroad stocks would you consider are the market leaders today?

That made me laugh anyway.

 

[TAjammy]

epic short set up amirite?

 

[Masquerade]

Great long there, depends on your targets/time - I hate your charts though, can barely read it.

 

[rathcoole_exile]

Masq,
ferfuxake, LONG ??????? Didn't you just read the late Guru Shastri, this is, apparently, a Short !

a chaste man who unfortunately died of a disease with all the hallmarks of syphilis

and couldn't trade his way out from under a priest's cassocks


Masq, you don't even have "TA" in your name, what the fook do you know ?

 

[TAjammy]

we'll see where it is in a few hours.....

 

[rathcoole_exile]

haven't you got queer, sorry choir practice tonight ?

 

[TAjammy]

haven't you got queer, sorry choir practice tonight ?

ass-face...how does it feel,you know, to have an ass...for a face?

 

[rathcoole_exile]

i don't know ...... i"m no a Taig ..........

 

[Vladd297]

Great market insights

TAjammy,

If you wanted to find a deeper way of looking at the market you should try to notice the bigger patterns that regularly take place. How you can take advantage of those bigger patterns depends on what type of trading style you prefer to play.

You talked about a trading style to match your personality and I think that is a very important point. If you read between the lines from most trading books you will notice that the successful traders make trading an expression of their personality. To become good at trading you need some sort of perseverance, which you clearly demonstrate, but to maintain that perseverance and really be successful, you need to enjoy the trading style you choose.:smart:

Enjoy what you do and you will naturally gain deeper insights into your profession.

If you wanted more help on this issue, check out the articles on my website.

-Vlad

 

[Masquerade]

Masq, you don't even have "TA" in your name, what the fook do you know ?

I know nothing - it works wonders sometimes not having to think about all these different lines and what they mean. It might be the key to my recent success.

 

[rathcoole_exile]

If you wanted to find a deeper way of looking at the market

he doesn't.

he's an idiot who flits from one idea to the next, despite the well-intentioned advice he is freely given.

Vlad, don't waste your breath .........

 

[rathcoole_exile]

your personality

well thats him fooked then .........

 

[TAjammy]

lol, whatver you say rathcoole but im up 26 pips on this so far , the 'apparently' short.
plus i've been practicing this price action stuff for about 2 months now so i've stuck to that, i'm now focusing on it in more depth.
i've been given advice which i have followed you idiot, taking advice that is being shouted at me from all different opinions which made me flit about.

you taig

 

[rathcoole_exile]

you are a genius

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[TAjammy]

go back to the south

 

[TAjammy]

looking good on that short but it's gonna take a while before it decides to hit my S/L or TP

 

[amit1986]

What exactly does this have to do with tape reading?

It stuns me that people still think tape reading is what it was when Wyckoff stared writing about it.

The market is SO different now that you may as well forget any attempt at ‘tape reading’ along those lines.

Sure there are other, similar, methods to employ in today’s markets – but to expect/imply/suggest what worked back then works now is not only madness, it’s an insult.

I don't know how you can justify saying that tape reading does not work. It's a perfectly legitimate method of trading now as it may have been several years ago. Many traders (including some on Trade2Win) successfully use tape reading techniques (level 2, time and sales, etc...) to trade and take consistent daily profits from the markets.

On a different note, I agree with rathcoole_exile completely that sticking to one strategy is very important, instead of jumping from one strategy to the next.

 

[TAjammy]

honestly though, if i don't stick to price action trading then i will ask to be banned, ok?

been a bit higgilty piggilty as i was following what other people said what i should do ...then i broke from that...thought sugar was what i wanted...wrong...went back to something that i was actually good at but at the same time will have to work on patience a lot for- price action.