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Non-Tech : MB TRADING
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To: William W. Dwyer, Jr. who wrote (1060)9/7/1998 2:04:00 PM
From: Nazbuster  Read Replies (2) of 7382
 
William,

Key thing, when the stock gaps up a lot, you don't buy at the open, you wait for selling (profit-taking) to occur causing a small pullback, then you buy for the next run-up which is more predictable and safe.

I'm new at trading, but have done fairly well with this pattern during these turbulent days. Unfortunately, there is often a very short window of time where the bottom is hit and reversed. I hate chasing a stock up or down. My biggest BURN was once where I thought AMZN had bottomed (it was consolidating), but moments later it ticked down under the consolidation. I couldn't unload fast enough (even with a market order) and got stung for 4 1/2 points.

What tools or indicators do you use to safely identify the turning points?
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