[BennyHey]

Don't know if anyone is still watching this thread but I have started to watch tape more during my daytrading and can see a clear advantage to it. At first I did not like it as it would have the same effect as having CNBC on in the background would have, make me close out a good position early, or not take a trade I should have. That said I have read a couple books and watched numerous books on the subject and I now believe it gives me an edge.

I use the tape to help my timing on my entries ie. I will try and make up for the spread by timing my entries on dips or pops on the bid and ask. As I continue to learn I will try and post something a little more helpful but the main idea is to watch the highs on the ask and lows on the bid.

Having said that the tapes is only useful to intraday scalping. If you are trying for 3-14 day swing plays a tick or two wont make any difference toward the overall profitability of your trading.

[BennyHey]

I got a couple PM's asking for Tape reading resources here is the reply I sent:

Hubert Senters from TTM has some good ones on their site under the free video section:

http://www.tradethemarkets.com/public/department61.cfm

you'll have to do some looking around but they are there.


Here is Alex from Pure Tick with a few nice videos:

http://puretick.com/BB2/viewtopic.php?t=381

I'll look around for some more....

I think there are a few good ones on youtube.com believe it or not.