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Strategies & Market Trends : DAYTRADING Fundamentals
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To: Kevin who wrote (1244)6/22/1999 5:49:00 PM
From: Teresa Lo  Read Replies (1) of 18137
 
In terms of looking at a chart prior to a trade, you would like to see a pattern of higher highs and higher lows once the first higher high and higher low has been made.

Once I get into a trade, I only allow one bar that goes the other way and will close out a trade if a second one going against my direction is formed.

For example, in today's 2B top you'd get in with a resting stop (in the 5 or 15 minute time frame) once the chain of bars making higher lows and higher highs was broken. Ignore inside bars. That would have gotten you short at the high of the day. When it started pulling back, it made a series of bars with lower lows and lower highs with only a couple of bars interspersed that made a higher low and higher high. When short, I adjust my stop loss order down to 2 ticks above the last bar with a higher high and higher low as a rule.

Charts and audio is at intelligentspeculator.com
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