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Strategies & Market Trends : DAYTRADING Fundamentals
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To: Judy who wrote (958)6/18/1999 8:34:00 AM
From: TraderAlan   of 18137
 
Judy,

<some say % - some say points - neither "let your profits run". I know it is contingent to some extent on the time frame for the trade.>

Price tends to travel in waves (impulse retest, impulse retest). Traders get in trouble when their time frame is out of synch with the natural cycle of the stock being traded. For example, many day traders try to capture single, direct thrusts of only a few 5-min bars and exit on a price expansion bar away from their entry price. If they wait for even a single dip, their profit is lost. So they're neither relying on a % gain nor letting profits run.

For longer "holds", (even longer day trades on intraday charts), you're in a much safer position after allowing a sequence of impulse/retests so congestion above your long position is created and mounted successfully.

Alan
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