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Strategies & Market Trends : Lizard King's Trading Swamp
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To: Dan Celestino who wrote (703)8/24/1997 5:09:00 PM
From: LzzrdKing   of 7396
 
Jiggles are something you have to fight all the time. I try not to get shaken out, by keeping a few things in mind. Where is support for the stock. I look at volume on the way down compared to volume on the way up. I see which market makers are on the bid and ask and keep track of it. I monitor the stocks closely to understand the way they trade.

As an example, here is how I played RATL Friday.

Thurs night I looked at the chart and trade logs. There were huge blocks traded late in the day and it closed very strong. This perked my interest. Friday morning was very weak so I was not looking to go
long unless it showed strength. My thinking was to buy if it put in a higher high. It was weak early and then reversed, and had good volume.
Volume is always the key. When it was clear to me this stock was going higher, I bought at 17 1/16. Then it quickly went to 18, where it could not get thru. After a few failures to clear 18, I sold 17 7/8 with the idea to reenter lower or above 18. I reentered at 17 9/16 when the stock seemed to find support in this area. The mm's were jiggling the stock around between 17 5/8 and 17 3/8, but I just ignored it basically. Late, the stock made a run, and I would have doubled up at either a move above 18 or a close at the high. Neither happened so I have a half position now, but will buy above 18. Target is 20. I will sell there are rebuy if it moves above 20 with good volume.

I have been redoing my office in the house so I am not sure whether I will get much chart work done today, the warden wants to go to a movie later. grrrrrrrrrrrrrrr
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