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Strategies & Market Trends : DAYTRADING Fundamentals
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To: sherry who wrote (24)6/5/1999 10:26:00 PM
From: TraderAlan  Read Replies (1) of 18137
 
Sherry,

There are no good books on tape reading since it really can't be taught by educators or by explaining how to do it. So much of it becomes an intuitive part of the market day. The skill requires a lot of input from outside the flow of the tape. This includes time of day, overall market sentiment, the particular stock, the chart support and resistance points.

The best learning process is the slow burn of time. Pick your stocks and watch them for hours and hours, until the quirks start to appear.

For me, I always begin that process by memorizing key numbers and levels on the price chart. Then I pay extra attention to the tape if/when price enters the "action zone" i.e. the area surrounding these important points, to see how it acts and reacts AND whether I can predict the key reversals in my head.

Alan
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