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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium
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To: Kimberly Lee who wrote ()2/12/2000 5:51:00 AM
From: Autumn Henry   of 108040
 
From Wizard Trader Linda Raschke:

Q: What is your most practical tool for trading?

LR: My most practical tool? You mean like an indicator?

Q: Yes, something you use, something you see that guides you.

LR: Well, the most practical thing for me is having a conceptual idea of what that market should do that day. Some way to conceptualize, not look at a concrete chart but think about what should this market be doing. Should we be testing the high we made yesterday? Should we be having a morning correction and then resuming the trend? And that's why I always do the buy days and the sell short days. Maybe it's a sell short day, but we should only approach it from a scalp. So for me, it's having a conceptual idea of what the market should do that day.

Q:And you work this out the night before?

LR: Yes, it really only takes me one minute to do it. It's terribly simple. I don't sit there and look at hourly charts. I can look at the dailies in two minutes and say okay now I'm going to look to buy a morning sell off, or I'm going to look to sell a test of yesterday's high, or we just had a big move the day before and so today should be a consolidation day and we're going to chop back and forth, so if the market sells off, I can buy it and if it rallies back up, I can sell it. In other words, I can pretty much be a counter trend trader.
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