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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade
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To: Ken Wolff who wrote (612)2/26/1998 1:15:00 AM
From: Ken Wolff  Read Replies (1) of 2120
 
THIS IS MY TYPICAL TRADING DAY:

PRE-OPEN
I look for gainers and dumpers; I pay close attention to how they gap up or down just before the open. The pre-open action gives me an idea of the strength or weakness of a stock.

OPEN
The first few minutes of the market is when I usually look for a short on a gainer.

Next I focus on catching the bottom of a dumper.

If I have no dumpers to trade I will scan the gainers that either gapped up or had a price swing of $2 or more the preceding day. I scan the last price and compare it to the high on my quote screen to notice any nice pullbacks of about 3/4 or more. If I find one that is pulling back nicely from the high I will focus on the rhythm of the bid and ask change and be ready to buy at the PAUSE using the bottom methods I have indicated earlier.

12:00 EST
Usually I will be done with my trading by about 12:00 EST. I then look for news the rest of the day. I have not done very well trying to play later day rallies as they tend to weaken very fast. I generally find that stocks trade in narrow ranges later in the day offering little opportunity for nice gains.

3:00PM EST
I will then conclude my day by watching the movements of the gainers and dumpers going into the close. I focus on the LAST 5 minutes before the close. I try to recognize a HEAVILY bought stock to give me an indication of overnight strength.

Ken
mtrader.com
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