DAYTRADING Fundamentals Message Board

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Strategies & Market Trends : DAYTRADING Fundamentals

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To: Eric P who wrote (5125)	11/2/1999 8:17:00 PM
From: OZ	of 18137

I'm not sure I understand what you are saying. Does this mean that you look for good trade entry points off of the daily charts => Once found, you enter the trade during the next day only after it breaks out to a new intraday high on 15 minute chart (or 5 min, etc)? Subsequently, place your stop loss exit order (mental or otherwise) at the most recent intraday low on the 15 minute chart? I let the daily chart tell me what the greater forces of the market want to do and find my stocks based on those setups. I use the intraday chart position firmly position myself into the stock before the datek and e-trade crowd. I take on larger positions than normal and start offering stock into strength to all the sheep that are waiting fo the all time highs and 52 week highs. I then raise my initial stops for the remainder of the shares and am far more comfortable to let it run. I have repeated this constantly this week and last week. The one thing to remember is that the longer and tighter the consolidation the better. Your WHIT example set up the same way. I think the mistake was having weak hands (improper/active stop) rather than patience and waiting for the 52 highs. If you wait for the highs (which in your case happened to be about the same entry as under my scenario) the stock is frequently overextended and you become a turtle soup rather than a turtle breakout. At least if you get in based on intraday, you already have some profit before it tanks... When I say having an ACTIVE stop versus a PASSIVE stop I am referring to having a stop that was not really pre-determined and flippant versus having a passive (preselected) stop that just sits there and wait for the market to COME TO IT. The following link is an example of a similar trade I put on this week. homestead.com regards, OZ PS. I am busy preparing for tomorrow, so PLEASE lets not get into when to exit. I will say that I use FIB retracements to increment out of positions....

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