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: Lucky who wrote (287)	1/18/1998 10:24:00 AM
From: Ken Wolff	Read Replies (1) of 2120

Luck and GF, I wanted to illustrate the profit potential in playing the OVER-REACTION stocks like GERN and highlight that a good trader should not be locked into one specific trading mentality and should change with market conditions. I threw out the numbers to illustrate a point. That without changing with the market you will be left behind holding the bag, and trading WHAT WAS vice WHAT IS. It was not my intention of the post to say "look how good we did" but simply to make that point. Lucky, no disrespect taken, you should and really have to question anyone who throws out numbers saying "this is what I did". I will try to make this more clear in the future. This brings up a good point, the tips, techniques and methods discussed here are the only relevant points a reader should take home, not the numbers. If you believed what EVERYONE said their track record is, you would think that daytrading is the easiest profession alive. The only results you should trust is your own track record with what methods work and which ones don't. This has turned into a GREAT thread. Lets keep it coming :) Ken mtrader.com Although unimportant, here is a few snipits from the room log record on GERN: ============== We open shorted GERN at 17 as indicated by the following room log recorded on 1/14/98: [6:26] <Ken> downtick on GERN..short it NOW... [6:27] <Ken> 17 bucks SHORT target.. [6:27] <Ken> for the strong at heart.. [6:27] <Ken> ding ding [6:28] <Ken> 17 bucks SHORT target.. [6:29] <Ken> GERN should hit 16 bucks.. [6:31] <Ken> GERN coming to target... [6:32] <Ken> GERN is bottoming.... [6:32] <Ken> it is paused... [6:32] <Ken> We would cover soon but I think it will fall more.. [6:32] <Ken> short term... We played many of the intraday oscillations on GERN after the Open Short as indicated by the following log: [6:31] <Ken> I think you would consider a buy on GERN at 16 1/4 for the believers.. [6:33] <Ken> GERN uptick.. [6:41] <Ken> You would have sold GERN as it approaced 16 3/4 [6:43] <Ken> GERN should fall below 16.. [7:02] <Ken> See we played GERN exactly right...because of knowing the pattern... [7:02] <Ken> shorted at the OPEN then reversed 3/4 off the high.. [7:10] <Ken> We should be bottoming on GERN [7:16] <Ken> I don't expect it to fall below 15 on this oscillation.. [7:16] <Ken> Lets buy it at 15 1/8 [7:17] <Ken> upticking...nice timing joey... [7:17] <Ken> I expect it to go near 16.. [7:30] <Ken> I think GERN should be bottoming... [7:38] sunny short GERN at 15 3/8 [7:38] <sunny> will hold for 12 nrxt week [7:47] <Ken> I think the GERN trade is good..and should uptick to at least 15 1/2.. [7:52] goldrush sold GERN @ 15 3/8 [8:30] <Ken> I also think GERN at 14 11/16 would be a good buy for about 3/8 pt profit.. .... Some traders like to take quick (short term) profits while others have enough confidence in their positions to hold for one or two days. Sunny--one of our best traders for example Shorted at 15 1/8 and covered two days later for at 12 5/8 for a 2 1/2 gain. Jan. 16, 1998 Log [8:53] sunny covers gern + 2 1/2

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