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Strategies & Market Trends : DAYTRADING Fundamentals
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To: Eric P who wrote (2949)8/18/1999 12:52:00 PM
From: David Lind  Read Replies (6) of 18137
 
Here's a question for the thread involving exit strategy. I have had quite a bit of success picking entry points following the basic strategy outlined by Elder with his triple screen technique. For those of you who are not familiar with it, in a nutshell he recommends identifying uptrending stocks on longer-term charts (daily, weekly), then entering the position on an intraday low. The challenge is when to exit once a profitable trade is in motion. (A high class problem.) There seem to be three possible points of exit. One is to draw back to the daily charts and wait for the upside move to subside, or head into oversold territory. Second is to take profits if they are strong in an intraday basis, possibly even entering again the next day. Third is to continually update stop loss points and wait for the stock to take itself out. Experienced opinions and ideas would be appreciated, and I am sure of use to traders like me who are still struggling with time-frame.
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