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: William W. Dwyer, Jr. who wrote (1426)	8/11/1998 6:21:00 PM
From: Rick Faurot	Read Replies (1) of 2120

Guys, My own experience is that watching charts is too slow for picking up a move and getting into it fast. I believe this is why Ken doesn't use charts or L2. On the other hand, Ken is not trading--he is making calls for other traders, so he watches about 20 stocks on a simple quote screen and gets the moves from that. He is good at his approach. For me, I automatically pull up a L2 screen for any stock I am interested in. I have a TOS on the side and I detect entries from MM activity and from prints. I also watch Tick Trin $INDU $COMPX and I find that these are vital indicators of stock movement in general. When all my indicators go green, I am itching to buy. If any of them go red, I am waiting. Of course, you get stocks that "fight the tape" like NSCP yesterday and AAPL today and if you want to play those types of moves, you have to pick some other indicators-usually pretty tricky to do. Good trading! Rick

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