The market is a tug-o-war. Successful tape reading requires ability to judge which side (Buyers or sellers) has the greatest pulling power and one must have the courage to go with that side.
There are critical points which occur in each swing, just as in the life of a business or of an individual. At these junctures, it seems as though a feather’s weight on either side would determine the immediate trend.
Anyone who can spot these points has everything to win and little to lose, for he can always play with a stop placed close behind the turning point or point of resistance.
Richard D. Wyckoff
Studies in tape reading.
submitted by /u/Cheeky__Bananas to r/Daytrading
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