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Strategies & Market Trends : DAYTRADING Fundamentals
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To: fftrader who wrote (3275)8/24/1999 12:25:00 PM
From: TraderAlan  Read Replies (1) of 18137
 
ff,

I'm not a grinder or scalper. Maybe you'd refer to it as day position trades. I use support/resistance info from the daily to help locate larger opportunities on the 5-min charts. When time frames converge and line up, the trades are more profitable (position traders can find a great example with MGM Grand's breakout yesterday).

I like playing with pullbacks from new highs, like AMGN. But my holding period is still short, about 10-15 min on 2 of those trades yesterday, about 30-min on the third. I'm looking for single direct moves and try to avoid the pullbacks (on the 5-min) once I'm in a position as I always get screwed by them.

Alan
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