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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade
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To: Ken Wolff who wrote (514)2/15/1998 4:51:00 PM
From: Joe W.  Read Replies (1) of 2120
 
Ken ... an observation on open shorts

I was fascinated to discover your open short strategy (pattern as you call it). I wrote a scan and system test for Metastock and started to randomly scan stocks (NASDAQ & NYSE) in my "core" database ( stocks between 15-25 dollars with an avarage true range of over 1 1/8 pt over the last 30 days ).

I shorted at the open, all stocks in my "core" database that gapped open more than $1.00 at the open.

The results are very promising. Of course this test is on end of day data, not intraday data. The added advantage of watching what happens to the stock at the open in real time could only improve my results.

Looking forward to trading this setup when I become a full time active daytrader in early March.

Thanks again for sharing...
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