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William,
Thanks for the input. Actually, I was doing what you suggested. I didn't play the actual open, but waited about 30-45 minutes until it bottomed. I have sucessfully traded "bounces" in both directions fairly well. Wait for bottom, buy... see the end of the bounce, sell and sell short. A faster execution system would be great.
I got that horrible trade during one of those cliff-jump drops AMZN takes on occasion. I saw it coming and submitted a market order, deciding to take my lumps. I was amazed that it took 9 minutes to trade. I probably would have been better off with a limit order. At least it would appear in the queue for someone to take out.
I have found that if I wait for the buying to become evident, I've missed the boat, so I'm using what I learned about TA to watch the patterns and volume to time the entry. It's worked fairly well. I also watch various indexes. I don't have futures, so I can't watch those. It surprised me to see that the DOW seems to lead the action on some stocks. Maybe its just because everyone has a hair trigger right now...
I think there truely is an element of "instinct" to trading. I don't subscribe to the Eliott Wave theory, mostly because I don't trust a system where one has to struggle just to interpret what is before your eyes. I think the cycles reflect human emotion, however, and having come from a family with a long history of music, I sense the rhythms. I'll see if I can be consistent before I believe my own BS, however! |
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