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Non-Tech : MB TRADING
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To: Gary E who wrote (2685)12/12/1998 3:51:00 PM
From: Wayners  Read Replies (1) of 7382
 
My style is daytrading the most volatile/white knuckle stocks available on the exchanges. I look for the highest volumes possible. Several million shares per day are best. I primarily use trendlines, support and resistance levels, and identification of chart patterns. I look for places in the charts where the volatility is low, like near the apex of a triangle, pennant, opening 10 minute rectangle, or wedge and then place buy stop or buy stop limit orders just outside the pattern, trendline or support or resistance level such that if it breaks in my direction, I hopefully get a fill and a free ride. Its like running out in the highway in front of an 18 wheeler. I like to get knocked for a few hundred yards before I know what happened. I then place a stop order to protect my position from a loss or lock in a gain. When I see volume peak or prices start to run too fast per unit time---I immediately take profits--usually close to or at a whole dollar value.
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