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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade
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To: William W. Dwyer, Jr. who wrote (1988)6/8/1999 11:29:00 PM
From: E. Davies  Read Replies (1) of 2120
 
You buy from the last person willing to sell, then the stock heads north. Not gonna happen very often
Funny thing is that it happens often for me. Not that I get the "last" seller, but that I get executed at the bid. If you buy when a stock has just taken a sharp drop down to a support level you catch the market right when it is churning. Buyers are stepping in, but sellers are not gone yet either, so you have a pretty good shot at getting executed at the bid. After all the sellers are buying from someone!
If it doesnt turn in a finite amount of time (usually about 15-30sec) I get out. If the market is still churning you might even be able to sell at ask and cover the commissions.

Funny thing is this only worked for me with a discount broker. My "direct to market" broker didnt seem to fill as well buying at the bid. One time today I put a limit buy order at the bid and as soon as I hit "enter" the bid started rising. I *still* got filled! Don't have any idea why.

Those are the traders who really want in. It a situation such as that, it's very unlikely you'll get filled at the bid.
Heck, in times like that I have a hard time getting filled at the ask!
I want to know *how* to find the momentum stocks early rather than after they have moved a lot. Ideas?
Eric
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