Day trading in Canada Message Board

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Gold/Mining/Energy : Day trading in Canada

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To: keith massey who wrote (3951)	3/10/2000 11:58:00 PM
From: seismic_guru	Read Replies (1) of 4467

Thanks for the advice Keith. Do you use buy stops? I have been using them alot lately and they have worked quite well for me. I like to use them on stocks that are making retracements/consolidations after a big run, as its far easier and less risky for me to place a buy stop a tick or two above the latest high (usually this high is the 52 week one) rather than guess at the bottom (or get sucked into a suckers rally). As this high is usually a very strong resistence point (it stoped a big rally), if it gets breached the stock usually has the momo to go on a run. For example, I used a buy stop in BTI set at 1.30 (gave the stop enough room to confirm a breakout) after its first big runnup that peaked @1.20. I got stopped in and rode it to over $4 (taking profits along the way). Also used it very effectively with IW lately. Just curious how you feel towards them, and what are some of the pitfalls of using them? Thanks......SG :)

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