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: Ken Wolff who wrote (1588)	10/5/1998 9:28:00 PM
From: Ken Wolff	Read Replies (1) of 2120

Continued [12:48] <KenWolff> 9:49:34 so after our momentum stocks climb.. we are now interested in shorting... but I could not time the tops.. [12:49] <KenWolff> 9:49:57 so I missed the tops today... very, very difficult for me to time.. [12:50] <KenWolff> 9:51:04 but in anycase you should consider the downward pressure prior to the open as someone who is pushing a ball down under water... it is the same as the coiling action I described last week.. [12:51] <KenWolff> 9:51:49 As the downward market pressure is applied to our trades... value is created... [12:51] <KenWolff> 9:52:02 so I normally expect better upside on almost all of our trades... [12:51] <KenWolff> 9:52:37 we have to deal with nuances though... and the market is very , very negative.... and because of this being a Monday... we have less of a rebound today.. [12:52] <KenWolff> 9:52:55 as we can see on VIAS, AZPN, AVID .. normally I would expect much higher targets.. [12:52] <KenWolff> 9:53:33 so based on the days action it is prudent to take smaller profits and not hold many of these trades.. [12:53] <KenWolff> 9:54:30 Now.. if we get much of a correction tomorrow and some good gapping... I would expect most of these stocks to be undervalued because of the market.. [12:54] <KenWolff> 9:55:08 so considering the action today (negative bias) I will expect shallow pullbacks tomorrow and running stocks of multiple dollars.. [12:55] <KenWolff> 9:55:50 So... assuming this could be the action.. my first indicator of this will be the afternoon buying on YHOO, AMZN, XCIT, LCOS.. [12:55] <KenWolff> 9:56:28 If we get good buying and fairly consistent... my next indication will the the very end of the day... [12:56] <KenWolff> 9:56:47 and I may consider some gapper plays at the end of the day... [12:56] <KenWolff> 9:57:17 all of that is based on the action of the ball being held under the water... especially since dow 7500 will be very important.. [12:57] <KenWolff> 9:57:57 "AS PRUDENT TRADERS YOU ATTEMPT TO ANTICIPATE THE TRAIN... BUT DON'T JUMP IN FRONT OF IT!!!" [12:57] <KenWolff> 9:58:23 Watch the engine go bye and try to catch a ride in one of the box cars.. [12:58] <KenWolff> 9:58:59 that is how you will consistently keep your money growing.. [12:58] <KenWolff> 9:59:31 OK.. questions?? [12:59] <Nesi> <blaster> if I'm correct AZPN formed 6 bottoms. Would the climb off 6th bottom qualify as a high percentage trade or not? [12:59] <KenWolff> 10:00:31 I do not believe AZPN hit that many bottoms... but I could be wrong... but the 5th bottom is where I will almost always buy.. [12:59] <KenWolff> 10:00:38 yes... very high percentage trade... [13:00] <_dadylonny> why did you pick the internet stocks to monitor buyers? [13:00] <KenWolff> 10:00:53 and normally off the 5th bottom I expect a 2 dollar climb... . [13:00] <KenWolff> 10:01:12 but the price and story on AZPN threw some salt into that trading percentage.. [13:00] <blaster> got it, thanks [13:00] <KenWolff> 10:01:39 What group of stocks have been the biggest swingers and the most active dady???? [13:01] <KenWolff> 10:01:52 "The Internets" [13:01] <_dadylonny> true.. i almost bought xcit when it was at 27 1/2 [13:01] <_dadylonny> next day at 38 [13:01] <KenWolff> 10:02:22 Yes.. we have been playing them for several weeks... [13:01] <KenWolff> 10:02:36 swings are amazing... YHOO 16 dollars.. [13:02] <_dadylonny> what promotes that [13:02] <KenWolff> 10:02:52 AMZN over 8 bucks I believe.. [13:02] <KenWolff> 10:03:08 Please DCC questions to nesi... [13:02] <KenWolff> 10:03:21 "perceived value" in what causes the wild swings.. [13:02] <Nesi> Please, Double Click on Nesi to send questions for Ken. [13:02] <KenWolff> 10:03:25 in = is [13:03] <KenWolff> 10:03:56 You can review my recent class on "perceived versus real value" [13:03] <KenWolff> 10:04:08 Next question?? [13:03] <Nesi> <_TLG99> What is your best stradegy for getting a short execution on second day dumper stock like EBSC? [13:04] <KenWolff> 10:05:25 I will note the open.. and try to short the very first time I see trades occurring at the bid... I look also at the early volume.. I usually like stocks that open about 50K in volume.. [13:05] <KenWolff> 10:06:07 If I see some trades occurring at the bid... I will short the stock at the bid price.. if the stock is on a downtick I will enter a price above the bid.. Continued

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