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: MARK BARGER who wrote (1376)	8/3/1998 9:15:00 PM
From: Ken Wolff	of 2120

Mark, Here is a discussion we had in the room today.. it talks specific stocks we watched and the general market... MTrader Class - 08/03/98 (C)opyright 1998 The Momentum Trader [12:47] <WOOGIE> Hi gang.. [12:48] <Nesi> Please , to send questions to woogie double click on Nesi , thanks.. [12:48] <WOOGIE> Again our market today was rather limited.. [12:48] <WOOGIE> We picked on GMGC both as a short and also a long play.. [12:49] <WOOGIE> today I felt any gainer that was gapping up was a good short as the market continues to be a very nervous one.. [12:49] <WOOGIE> I felt GMGC was my best pick... [12:49] <WOOGIE> We reversed also at 5 5/8 ... [12:50] <WOOGIE> OK...again we do pretty much the same thing everyday.. [12:50] <Nesi> 3 questions holding... [12:50] <WOOGIE> We assess the open based on the previous days activity ... [12:51] <WOOGIE> and With the trading last week nervousness is a no brainer.. [12:51] <WOOGIE> so we expect a good downside on most of our stocks today... [12:51] <WOOGIE> ASND was a good indicator for buying strength.. [12:51] <WOOGIE> and it was not real great.. [12:52] <WOOGIE> I think it only went up about 1/2 pt.. [12:52] <WOOGIE> off the first bottom.. [12:57] <WOOGIE> anyways we again were very limited with our trades but picked on a few good one.. [12:57] <WOOGIE> ones. [12:58] <WOOGIE> OK...first question NESI?? [12:58] <Nesi> <member> Woog, you mentioned the open short play, GMGC, was delayed at the open so I didn't trade it...hindsight shows I missed a GREAT trade. Please explain how this situation should have been played. [12:59] <WOOGIE> variables are in the market.. [12:59] <WOOGIE> so our variable today was the open attitude and it was not great.. [12:59] <WOOGIE> so I would have shorted it at the open expecting NO run up at all... [13:00] <WOOGIE> I personally focus on the bid price at the open and if I spot trades occuring at that price I know some selling is happening.. [13:00] <WOOGIE> I try to anticipate any running of gainers showing very strong buying also.. [13:00] <WOOGIE> I would do a limit sell at the bid when I see a few of them allowing me to anticipate the selling... [13:01] <WOOGIE> I try to assess my risk based on the average run up by our open shorts.. [13:02] <WOOGIE> and the run ups have been far and few between lately.. [13:02] <WOOGIE> Next question?? [13:02] <Nesi> <member> How can I reduce my fear about getting into a position at the right price? [13:03] <WOOGIE> by papertrading and allowing reasonable times based on the pace and volume of the trade... [13:03] <WOOGIE> You saw on WCAP on Friday many of our experienced traders warn against trading it... [13:03] <WOOGIE> and rhiannon got caught in the stock and unable to get out... [13:04] <WOOGIE> they based their opinions on the risk of NOT getting out of the trade.. [13:04] <WOOGIE> You have to study the trades until you are comfortable with my alerts and calls and then consider your own.. [13:04] <WOOGIE> It requires a lot of work... [13:04] <WOOGIE> next question?? [13:05] <Nesi> <member> Woogie: the open short GMGC gapped down & then went further down. At what point is the gap down too much (indicating a possible run), are the gainer less like to run than the dumper shorts? [13:05] <WOOGIE> On an 8 dollar stock I will look for a normal downside of 3/4 pt until buying begins...on a GAINER.. [13:06] <WOOGIE> GMGC was gapping down so my target was about 3/4 pt.. [13:06] <WOOGIE> So had I seen an open of about 7 1/4 I would back off the trade... [13:07] <WOOGIE> so considering the market today I was still interested in shorting GMGC as I thought the downside would permit enough room for acceptable profits.. [13:07] <WOOGIE> our average pullback on GOOD gapper days is about 1 dollar... [13:07] <WOOGIE> and this was a weak open...that is why I suggested shorting any gapper up today.. [13:07] <Nesi> 2 questions holding... [13:07] <WOOGIE> Ok..next question?? [13:08] <Nesi> <TR8R> Woog would you expect the market to find clear direction in the next few weeks as the old timers come back from summer break? [13:08] <WOOGIE> Yes... I think we will see some very good action this week in fact.. today looks very good.. [13:08] <WOOGIE> for a Monday.. [13:09] <member> Getting old waiting for someone to do something [13:09] <member> I want April and May back [13:09] <WOOGIE> we may see fast bottoms with buying not very recognizable until everyone gets back in the market...but [13:09] <WOOGIE> it will be good for more experienced traders.. [13:10] <member> It seems like we are seeing a different market every week [13:10] <WOOGIE> If you are less experienced or new at trading this market is not offering you much in the way of slower high percentage trades.. [13:10] <WOOGIE> every day actually TR... [13:10] <member> agree [13:10] <WOOGIE> Next question?? [13:13] <WOOGIE> so my calls were more suggestions today.. [13:13] <Nesi> <member> Could you comment on CLST. It went down found bottom, went up and now it is in comma with low volume. What do we expect in this type of stock? [13:13] <WOOGIE> I really did not expect as good of a Monday as we got... [13:14] <WOOGIE> Normally after 9 am stocks move in very restricted ranges... the only thing we have seen in the last 2 weeks is slow buying and moves that go up over the afternoon.. [13:14] <WOOGIE> so we have to buy stocks early and hold to catch that trading pattern.. [13:15] <WOOGIE> CLST is a dumper and may not weaken much..but they usually tend to go down later than up... [13:15] <WOOGIE> I was not interested in buying the bottom because of the story... [13:15] <WOOGIE> SEC investigations can halt with really bad news... I do not mind shorting.. [13:16] <WOOGIE> I would love to be short the stock that halts and goes bandrupt.. [13:16] <WOOGIE> bankrupt.. [13:16] <WOOGIE> I do not expect much movement up on CLST and it will probably fall again to about 10 .. [13:16] <WOOGIE> next question?? [13:17] <Nesi> no more questions woogie.. [13:17] <WOOGIE> OK...I am going to quit for today.. [13:18] <WOOGIE> thank you...we will continue tomorrow.. [13:18] <WOOGIE> thanks.. [13:18] <member> Thanks Woogie. [13:19] <member> thanks woog Good Luck Ken www.mtrader.com

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