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Strategies & Market Trends : Evaluating Rumors and News Along With T/A and F/A
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To: Susan Saline who wrote (37)9/22/1998 7:51:00 PM
From: Wayners  Read Replies (1) of 141
 
I often have that same problem. One tactic I like to use is only sell at a resistance level where its evident the upward momentum is slowing. I then put in a buy stop higher in case it breaks to the upside. There are situations where the odds are greater for a further break upward. The answer is high or unusually high volume on the stock because of news or a rumor. CIEN today is a good example. Volume made it the most active stock on the NASDAQ. It was in the top 10 from the pre-market forward. That's a good sign that the buy stop trick will work. If the volume is ordinairy, i.e. its DELL which is always on the top 10, the buy stop is less likely to work. Also the steeper the trend, the more likely the buy stop strategy will work. Flat or downtrends on average volume--take the contrarian approach and buy support levels or place buy stops above trendlines or support levels when price is lower. Conscously look for retests of downtrendlines or double bottoms--even intraday.
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