Momentum Daytrading - Tricks of the Trade Message Board

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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade

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To: Ken Wolff who wrote (285)	1/17/1998 2:22:00 PM
From: wmwmw	Read Replies (1) of 2120

You wrote: The low hit on the first sell off becomes your current DOWNSIDE POTENTIAL because you have NO REASON to believe an oscillating stock will make a new low. Look at PWAV on 1/15/98( it is the kind of stock that you like to trade: it had a earning out on the day beating estimate): It opened at $12 3/4 ( which was $1 1/4 below previous close)then down to $11 1/2 then bounced up, making first bottom. According to your theory, it should be the day low and one should buy at $11 9/16. 10 seconds later it dropped to $11 1/8, making the second bottom. It stayed there for 10 minutes and bounced a little but then dropped to $10 3/4, the third, and then $10 3/8, the fourth, and $10, the fifth. Each time bounced off after making bottom. So many bottoms, which one you choose as the real bottom? And how you decide? For GERN, I check the prices from 1/14/98 after it run up as high ask was $17. So very small chance you could short at that. The low bid was $12 1/2, so you couldn't cover below that. I must say you have something value in your method but without a real time display we couldn't see how it works out.

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