Market Gems-Trading Strong Earnings Growth and Momentum Message Board

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Strategies & Market Trends : Market Gems-Trading Strong Earnings Growth and Momentum

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To: Ryan Mak who wrote (6020)	3/7/2001 7:19:12 PM
From: Jenna	of 6445

Important Observation. The Low and High establshed by 10:00 We have been shorting and going long MERQ very consistently this week. However when we have a situation like today... a gap UP and 3 bars of strong upside on the minute chart. By the third bar, a turn was observed and it was 9:40 at the time. The best way is simply to sit and wait for 9:50 or 9:55 and see where the trend is headed, that is why we say the low/high established by 10:00. If you look at the two charts we have "long entry after 51 1/2" which was yesterday's high. Today we discussed the HUGE importance of the intraday chart SUPERCEEDING the daily chart especially in such a situation like today.. and from now on as we have established in the past month, we will have an intraday chart 'embedded' inside the daily. When in doubt LOOK TO THE INTRADAY.. and NEVER make a trading decision in 95% of cases before 9:50. You can't decide the direction of the trend until then so when in doubt, WAIT for clear direction. I got stopped into a trade 51 7/8, using a buy thought would not stop until 10:00 at the high of the day. The closer till 10:00 you wait, the BETTER THE DECISION WILL BE.. The earlier you enter, the worse it will be. Finally MERQ straightened out and the other shorts were far easier and MERQ finally did regain the momentum to the upside. SO NEVER DO ANYTHING UNTIL 9:50 ---> better 9:55.. and 10:00 if there is no clear trend. The NQ's were beginning to pull back as well somewhat strongly. marketgems.com marketgems.com Handcuff yourself to the chair, have some coffee, write a poem, a letter to Alan Greenspan, whatever but make no trading decisions until 9:50.

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