Momentum Daytrading - Tricks of the Trade Message Board

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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade

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To: Ken Wolff who wrote (2024)	9/7/1999 5:42:00 PM
From: Ken Wolff	Read Replies (1) of 2120

(cont...) At the same time when the above group 111 is showing me the strength in the market I will quickly search group 222 for signs of any better pullbacks and slower action as this group normally bottoms after group 111. Many times stocks in this group can be as strong as the group 111 trades. As I watch the early trading the most important factor in locating opportunity is separation from the early highs making lows that have good upside potential and this is the toughest thing to ascertain in the early trading. For example, if group 111 drops from the open by about 1 dollar you really need strong trading conviction to buy only looking at 1 dollar of potential and there is always the thought in your mind that these stocks can go lower. So you really need some strong preparation to begin to nail trades early with such a small amount of upside potential. Usually a conservative trader will let the strong stocks run and hope to catch a stock that is pulling back more than the average strong stock. Ken Wolff www.mtrader.com

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