August 5, 2010
Tape Reading Lesson; Patterns on Time & Sales Window SchoolofTrade.com
Hi guys!
I wanted to show you some really useful stuff in the second part of this series on reading the tape, so enjoy tonight’s lesson.
If you missed the first part of this series, click here to learn more about tape reading fundamentals
Step #2: Look for Patterns
“This is one of the easiest ways to learn to read the tape, its easy to do this for any timeframe and the patterns always work, you’ll see!”
• Technique: ‘Bracket the Tape’
• Use Time & Sales Window
• Watch the price action for 10-15 seconds
• Create a ‘mental bracket‘
– Make note of the HIGHEST & LOWEST Price you see
– Similar to bracketing a sideways market
(click images to enlarge)
Dont miss the next video coming tomorrow!
• Step 3: Execution &Trade Management
– Build confident entries
– Know when to hold trades & when to close trades
– Managing stops and targets
We love your feedback! Please post it here!
