What is Tape Reading?
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Tape reading is an old technique that day traders used to analyze the price and volume of a given stock. From around 1860s through the 1960s, stock prices were transmitted over telegraph lines on ticker tape that included a ticker symbol, price and volume. These technologies were phased out in the 1960s with the rise of personal computers and electronic communication networks – or ECNs.
Understanding Tape Reading
Ticker tapes were invented in 1867 by Edward A. Calahan, who was an employee of the American Telegraph Company. Thomas Edison developed the first practical stock ticker two years later that helped the market became more efficient. These machines were soon installed across all major brokerages as the primary means of price and volume dissemination.
Many famous traders made a name for themselves by tape reading, including Jesse Livermore who pioneered momentum trading. Several books were also published about tape reading, including Tape Reading and Market Tactics and Reminiscences of a Stock Operator. Many terms also remain in common use since then, including ticker symbol, stock tickerand phrases like “don’t fight the tape” (meaning don’t trade against the trend).
Tape reading eventually became obsolete in the 1960s and 1970s with the rise of television and computers, but the terms ticker symbol and stock tickers remain in use and traders employ many of the same techniques with more modern technology.
Key Takeaways
- Tape reading is an old technique that day traders used to analyze the price and volume of a given stock by looking at a ticker tape sent through a telegraph.
- While tape reading was phased out in the 1960s, similar strategies are used by electronic traders, and many of the terms originating from the time are still widely used.
Modern Tape Reading
Modern tape reading involves looking at electronic order books to analyze where a stock price may be headed. Unlike stock tickers, these order books include non-executed trades, which provides a higher level of detail into the market at any given time.
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For example, a trader may look at a security’s order book and see that there are large limit sell orders at a certain price level across multiple exchanges. This may indicate that the stock will experience significant resistance at these levels. The opposite may be true if there are large limit buy orders below the current price, which could indicate strong support at a given price point and give a trader the confidence to buy knowing there’s a price floor.
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Many brokers provide access to these order books in the form of Level II quotes. In advanced cases, programmatic traders may use the information when building trading algorithms. Interactive Brokers, for example, provides a function called “reqMktDepth” that lets traders stream order book data for analysis. These insights can prove extremely helpful when developing modern trading algorithms.
What every teacher should know
Reading 101: A Guide to Teaching Reading and Writing
Reading 101 is a collaboration with the Center for Effective Reading Instruction and The International Dyslexia Association.
Oral vocabulary refers to words that we use in speaking or comprehend in listening. Reading vocabulary refers to words we comprehend or use in print. In the Simple View of Reading, which describes reading as having two basic components — word recognition and comprehension — vocabulary falls under language comprehension.
Vocabulary plays an important part in learning to read. Beginning readers must use the words they hear orally to make sense of the words they see in print.
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Consider, for example, what happens when a beginning reader comes to the word dig in a book. As she begins to figure out the sounds represented by the letters d, i, and g, the reader recognizes that the sounds make up a very familiar word that she has heard and said many times. It is harder for a beginning reader to figure out words that are not already part of her speaking (oral) vocabulary.
Furthermore, as children advance to reading longer, more complex types of words, many English words have more than one plausible phonetic pronunciation. For example, canopy could be cuh-NOP-ee instead of CAN-up-ee; timid could be pronounced with a long i in the first syllable (like time – id) instead of with a short i. If children already have these words in their oral vocabularies, it will be easier for them to read the words correctly.
Vocabulary is also very important to reading comprehension. Readers cannot understand what they are reading without knowing what most of the words mean. As children learn to read more advanced texts, they must learn the meaning of new words that are not part of their oral vocabulary.
There are four types of vocabulary:
- Listening vocabulary: the words we need to know to understand what we hear
- Speaking vocabulary: the words we use when we speak
- Reading vocabulary: the words we need to know to understand what we read
- Writing vocabulary: the words we use in writing
In assessment of vocabulary in beginning or struggling readers, use of an oral measure (listening and/or speaking vocabulary) is very important. A written measure of vocabulary will confound vocabulary knowledge with reading skills.
For instance, if a poor decoder obtains a low score on a vocabulary measure that requires reading, it will be difficult to know whether the low score actually reflects vocabulary limitations or merely the fact that the child could not decode the words on the test.
Adapted from: Put Reading First: The Research Building Blocks for Teaching Children to Read, Kindergarten Through Grade 3, a publication of The Partnership for Reading.
Semantic gradients are a way to broaden and deepen students' understanding of related words. It helps students distinguish between shades of meaning and allows them to be more precise and imaginative in their writing.
Reading 101 is a collaboration with the Center for Effective Reading Instruction and The International Dyslexia Association.