Hi Iso! A little sports talk then I'll get down to business.
Your mention of the excitement felt at the soccer game got me to thinking. I was talking with an acquaintance the other day who mentioned to me that he has never been to a live sporting event. I was stunned actually, but being from Boston, I suppose I took a lot of that for granted.
I tried to think of what sport generated the largest amount of excitement to not only me, but the fans in attendance as well.
I experienced the Impossible Dream season of 67 by the Red Sox. We were a 100 to 1 shot to make it to the series and we did it. Carl Yazstremski won the triple crown. There was so much excitement in Beantown that year that traffic would come to a standstill outside the Callahan tunnel, leading to Logan Airport because people were listening to yet another come from behind attempt at victory.
I experienced the many Boston Celtic championships with Russell and Cousey and later Bird, McHale and Parrish. There was certainly a lot of excitement there as well.
A season ticket holder to the Patriots, an attendee of many a college football and basketball game, an attendee at a Bowl Game and an attendee of many different sports on many different levels has helped me to come up with the two most exciting sports for a live attendance.
Hockey would be my choice for the second most exciting sport live. Most of the action in hockey is away from the puck and television cameras must follow the puck. The speed and the power of the game can not be appreciated unless you attend a game live. Hockey had a motto; Feel The Thunder. It was so true.
The most exciting and powerful sport I've ever attended has to be NASCAR racing, without a doubt. I've attended many races at many race tracks throughout the south, from SC to NC to VA. I've been to the Super Speedways and I've been to the short tracks. The most exciting racing you'll ever encounter and "feel" can be experienced at Darlington Raceway, here in SC. Darlington is in between a Super Speedway and a short track. So it allows the cars to get up to speed, but the track is small enough to where the racing isn't spread out like at Charlotte and Daytona. You can see every aspect of the Darlington track.
To feel the vibrations of the stadium and hear the thunderous noise (you must wear ear plugs or you're dead meat), as 40 cars, bumper to bumper, come thundering by at 140-150 MPH, is the most awesome feeling I've ever experienced.
When some of my brothers have come down to visit, and they've been active attendees in all major sports, they too have stated that no other sport has sent the chills up their spine and made the hair on their arms stand up, as it did when those cars come racing down the track. Absolutely incredible. You don't get this same feeling at other tracks.
Now down to business!
You have mentioned on many occasions that your method of investing evolves around the reading of the tape. You have also mentioned that is was a technique that you couldn't teach because it was something you had to feel and experience.
I do have some questions though, and I'm sure others here can benefit as well, if you'd be kind enough to share some information with us regarding reading the tape.
What tape do you look at?
CNBC? Streaming quotes? Level II? Or due you use something like realtime quotes where you continuously type in symbols?
What are you looking for when reading the tape? Volume? Pattern? There must be something that triggers you to action.
How does the tape help with intermediate and long term trading, as opposed to short term moves?
Do you use any technical analysis in conjunction with your tape reading, and if so what?
As you know, I've been trying to perfect my short term trading and I have surprised myself at how accurate candlesticks are when used in conjunction with RSI, Stochastics and MACD. I'm also surprised at the level of accuracy when using support and resistance lines in conjunction with the sticks.
The sticks are designed to work around opening and closing prices. I'm looking for a tool to help with intraday moves. I'm thinking tape reading may be an effective tool but I need a few ideas and concepts to work with.
Since you are successful with this technique, I thought you might be willing to help. Thanks!
And if anyone ever has an opportunity to attend Darlington Raceway, take advantage of it. The most exciting and powerful event I've ever attended.
dabum |
