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I watched Time & Sales for 1 hour everyday


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  #1 (permalink)
 gaz0001 
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I watched NQ tape, everyday for 2 weeks, 1 hour.

I learnt nothing. Absolutely no actionable knowlege.

Not sure what i was expecting to happen? At least i thought i could learn the flow at key levels to assist in making a decision whether the level would hold or break.....but no....nothing at all!

I would go as far to say, that those "Furu" on Twitter & YouTube, who constantly yabber on about 'Reading the Tape' are actually full of shit.

Anyone here can read the tape?


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  #2 (permalink)
 tr8d3r 
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gaz0001 View Post
I would go as far to say, that those "Furu" on Twitter & YouTube, who constantly yabber on about 'Reading the Tape' are actually full of shit.

Not trying to sound like a smart ass, just keen to understand thinking behind when people making statements like above.

When you mentioned that you watched the tape for an hour a day. What preparation was done prior to that? Did you read books on tape reading? how many of them?
What goal and objectives did you have ? Did you look into where the Tape concept was initiated from? Did you do your research on what products are suitable for a tape reading e.g Volatile or none-volatile? What is the tape reading used for ? How many questions you actually asked yourself ?

It is sound the same if I tell you, I was watching the grass grow. After watching it for two weeks, I could not see any progress. As soon as I introduce the measurements like what is the length of grass when I start watching. How much it grew in few days. After two days, avr speed of grow can be determined. I can also break the area on squares and find our the square where grass growing quicker. I can keep going.

It would be nice to hear more on details.

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 DavidHP 
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gaz0001 View Post
I watched NQ tape, everyday for 2 weeks, 1 hour.



I learnt nothing. Absolutely no actionable knowlege.

LOL, with 10 hours of 'watching', you expected to be an expert?

I assume if you 'watched' ANY chart for 10 hours, you think you would be a chart-guru?

If it were that easy, everyone would do it. I assure you, it is not that easy.

With many hours over 10,000 hours of studying, I learn new things each session.

Rejoice in the Thunderstorms of Life . . .
Knowing it's not about Clouds or Wind. . .
But Learning to Dance in the Rain ! ! !
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 Fonz 
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Don't you see anything in this picture, that could help your short term trading?

Happy trades!

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  #5 (permalink)
Jboa
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gaz0001 View Post
I watched NQ tape, everyday for 2 weeks, 1 hour.

I learnt nothing. Absolutely no actionable knowlege.

Not sure what i was expecting to happen? At least i thought i could learn the flow at key levels to assist in making a decision whether the level would hold or break.....but no....nothing at all!

I would go as far to say, that those "Furu" on Twitter & YouTube, who constantly yabber on about 'Reading the Tape' are actually full of shit.

Anyone here can read the tape?

As with any approach to market observation, it takes time. I suspect a lot longer than 2 weeks. I am no tape reading expert and only recently returned to trading after many years in the bricks and mortar world, but I can say that I have observed very successful institutional traders who do/did nothing else, and I personally, am able to discern shifts in sentiment (in short time frames) and find it especially helpful with trade entries, spotting reversals etc - by just watching the tape. Many stock pickers never look at charts and see the world through balance sheets and income statements, some only through chart indicators and others the tape. Our minds all work differently. Price/volume action, price velocity etc are arguably easier to perceive through the tape than a chart. Out of curiosity what information are you looking for in the tape?

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 deaddog 
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gaz0001 View Post
I watched NQ tape, everyday for 2 weeks, 1 hour.

I learnt nothing. Absolutely no actionable knowlege.

Not sure what i was expecting to happen? At least i thought i could learn the flow at key levels to assist in making a decision whether the level would hold or break.....but no....nothing at all!

I would go as far to say, that those "Furu" on Twitter & YouTube, who constantly yabber on about 'Reading the Tape' are actually full of shit.

Anyone here can read the tape?

What were you looking for?
Try doing it with a point and figure chart.
Or write down price every 5 minutes and see if you don't start to anticipate where price will be.

Switch to swing trading.

"The days when I keep my gratitude higher than my expectations, I have really good days" RW Hubbard
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  #7 (permalink)
Snowtrade873
London England
 
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just looking at the TS doesn't help, unless you're a robot.

As humans, we still need the chart so that we can visualize the information. And then we can use the TS to understand why the market moved in a certain direction

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