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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade
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To: Ken Wolff who wrote (316)1/24/1998 2:27:00 AM
From: Ken Wolff  Read Replies (4) of 2120
 
GAINERS (Part III)

(continued...)

If a stock has gained approx. 20% or more in one day, it is a candidate for a SHORT SELL the following day.

The trading scenario I expect is for the big gainer to open up and trade up to the first high (which usually becomes the high for the day). I must see the typical CLIMB, PAUSE and the SELLS to outnumber the buys with a couple of "in-betweeners".

I do a LIMIT short sell and use a STOP of 1/8. I hope the stock will oscillate down to allow good profits. If the stock has oscillated down enough where I feel profits can be made I will reverse the trade and buy at the low of the first oscillation down and hope the rally continues. But again, I sell at the first hint of selling.

REMEMBER the chances are the previous high will not be made again unless the story is exceptional.

Ken
mtrader.com
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