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Strategies & Market Trends : NetCurrents NTCS

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To: Jill who wrote (4093)	11/9/2000 10:13:45 AM
From: Michael Watkins	Read Replies (1) of 8925

Jill, That's interesting. Setting your stops one bar away from where you made your entry...but what time frames do you use? How long do you usually hold a position, or hope to? Doing a counter trend trade on a test of top or bottom means that we are looking for failure for the market to move higher or lower. Check out the 1-2-3 literature on ISpec - great example. On a long, I buy the failure of price to move down, but it HAS to be a valid test. So the rationale is that if the failure to move down scenario holds, price can not move back down below my entry bar setup otherwise the down trend is indeed continuing. Time frame - any time frame. 5 minute chart to daily and weekly, the principles are all the same. Liquid stocks/markets make the patterns easier to spot and more reliable. My short term trading (intraday) is virtually all focussed on the SP and NDX emini futures contracts; all of my long term accounts are 100% in guaranteed investments at the moment. I'm not position trading anything at the moment in those accounts. I think my patience to get back into the 'stock' market will continue to be rewarded...

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