DAYTRADING Fundamentals Message Board

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Strategies & Market Trends : DAYTRADING Fundamentals

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To: wallstreeter who wrote (3026)	8/18/1999 12:29:00 PM
From: Rick Faurot	Read Replies (2) of 18137

WS, There are traders who specialize in breakout trading. I'm not one of them. I prefer to wait for pullbacks, locate a trading range on charts and trade within the range. Solid stocks, yes. Bottoms, no. Hitting bottoms is a low percentage play in that there is no way to know when the sellers have really finished. Best to wait for some upticks and then look at all your indicators. In the current nervous market conditions, I wait for a bounce to get tested a couple of times. Once the testing is done, if the markets look good, then is the time to consider going long. You don't want to be the first one in and never be the last one out. Leave that stuff for the hotdog traders who get off on adrenaline. I'd love to know more myself about trading breakouts. I hate buying highs but sometimes it works great. Yesterday, for example, AMZN made a series of breakouts then today it gapped up huge. Who knew? I sure didn't. :) Always more to learn. Rick

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