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Note that "read the tape" is in parenthesis. Agree or not, the term is commonly used to describe virtually any method that interpets market sentiment through real-time volume/price interaction. |
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Well I guess we will have to agree to disagree. But I would think that the old pros (and some new pros) who just use time and sales would laugh if you told them you were "reading the tape" by drawing a chart. Once you introduce a chart into the analysis, you are doing a form of technical analysis.
In my "Trading with Market Statistics" threads, I only show price and volume in the analysis, but I would hardly call this tape reading. There are others discussion in these forums that use price and volume only, such as volume spread analysis, wide range body analysis, candle shape analysis. I don't think I have seen any description of these as "tape reading".
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If you want to say T&S is the "only" form of "tapereading" have at it. It is closest to what early traders had. But to say it is the only way to interpret the principles taught by Wyckoff, Scabacher, etc. is wrong. |
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Schabacker (that's with an h and a k) as far as I can tell, never mentions the words tape reading in his books. In fact he is probably the father of modern technical analysis using charts.