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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures
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To: Robert Graham who wrote (39837)11/3/1999 6:00:00 PM
From: Matthew L. Jones  Read Replies (1) of 44573
 
Interesting. Particularly the time comments. I have wondered (and not come up with any specific rules by which to play it) if there is any benefit in waiting out a day trade. Let me give an example: Suppose you go long at 61.25 because of a buy signal you received (price break above your upsloping moving average) and your near term resistance is 5 points overhead while support (other than the MA) is 2 points below. Let's further suppose that the larger market direction is also up (MA slope, indexes, vix decreasing, tick increasing, etc.). I would expect immediate confirmation that my trade was correct (move in my favor). In the event that I didn't receive that confirmation after a bar or two, I am tempted to bail the trade. The thinking being, when it should go up and it doesn't, it will most likely reverse. However, another way of looking at it is that it is a time of consolidation, in which case you would want to sit tight and wait for the momentum break (hopefully in your direction) with stop in place below for protection. How would you (or others on the thread) play this? Which is more appropriate for day trading? Is it the same for position or swing trading? Just food for thought. Matt
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