Page 10 - A Complete Guide to Volume Price Analysis: Read the book then read the market

These then appeared on a narrow paper tape which punched out the numbers throughout the trading day. Below is an original example of what
these great traders would have used to make their fortunes.

Hard to believe perhaps, but what appears here is virtually all you need to know as a trader to succeed, once you understand the volume, price,
trend and time relationship.

Fig 1.10 Example Of Ticker Tape

Fig 1.10 is a Public Domain image from the Work of Wall Street by Sereno S. Pratt ( 1909 ) - courtesy of HathiTrust www://www.hathitrust.org/

This is precisely what Charles Dow, Jesse Livermore, Richard Wyckoff, J P Morgan, and other iconic traders would have seen, every day in their
offices. The ticker tape, constantly clattering out its messages of market prices and reactions to the buying and selling, the supply and demand.

All the information was entered at the exchanges by hand, and then distributed to the ticker tape machines in the various brokerage offices. A short
hand code was developed over the years, to try to keep the details as brief as possible, but also communicate all the detailed information required.

Fig 1.11 is perhaps the most famous, or infamous example of the ticker tape, from the morwwwfrom thning of the 29th October 1929, the start of
the Wall Street crash.