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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade
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To: Ken Wolff who wrote (2023)8/30/1999 5:15:00 PM
From: Ken Wolff  Read Replies (1) of 2120
 
(cont..)

Let's say my group of first day gainers are called 111 group and let's call my 2nd day gainers that appear to have continuing strength 222 group. What I normally see with the first group is less selling and more buying. I am looking at 111 group to do one of two things:

1. They will go UP at the open (which I call a running market) and the only way you can play them is to catch the first uptick and buy not really knowing the potential of the trade. Those who will do this will guess at what would constitute reasonable profits and exit while there is still buying. Conservative traders simply watch.

2. Most often this group of gainers will sell down from the open and PAUSE. If the market is strong enough and buyers are willing you would be looking for buying with the fastest stock in the group and that would be your indicator if it did indeed move up before the
others in the group. If I saw an adequate climb with this stock I would move to any laggers.

The easiest market to trade is when we have as many as 5 first day
gainers that are good candidates for buying and after we identify the action with our indicator begin to pick up any laggers with similar potential. This usually occurs within the first 15 minutes of trading.

(...cont)

Ken Wolff
www.mtrader.com
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