MA
MarketProfileScalper
Rep: 0
Posts: 3
sure, support becomes resistance and vice versa. higher highs, higher lows and vice versa.
and make sure you look at price only day after day on the same 1 minute or 5 tick chart. do not change the bar chart because your subconscious must learn to recognize patterns.
do not use candlesticks as they can produce an illusion. use no indicators. price action is all you need to learn.
enough said, that is all you need to extract points from the market.
and make sure you look at price only day after day on the same 1 minute or 5 tick chart. do not change the bar chart because your subconscious must learn to recognize patterns.
do not use candlesticks as they can produce an illusion. use no indicators. price action is all you need to learn.
enough said, that is all you need to extract points from the market.
PT
pt_emini
Rep: 5,707
Posts: 1,940
just my 2 cents here but tape reading is an advanced trading skill, it takes a lot of practice and experience with the markets, thus i do not recommend new traders base trading decisions on the method. it is very powerful when applied correctly at key times. i use the technique to refine the actual timing of position entry and exit, thus 99% of the time i am watching the charts and not the tape. once i have made the firm decision to take action, then that ratio reverses and my focus is on the tape and not the charts.