Befriend the Trend Trading Message Board

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Strategies & Market Trends : Befriend the Trend Trading

SPY 685.40

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Jan 21 4:00 PM EST

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To: Dr. Stoxx who wrote (3052)	2/13/1999 3:39:00 PM
From: Ken Adams	Read Replies (1) of 39683

TC, I actually placed a buy stop for PCMS on Friday. I put it in at 8-0 as that was one tick above the previous day's high. The idea here, as I'm sure you already know, is to actually get in as early and as near the reversal as is possible when I can't sit here all day and watch for it. I put the order for the day only, so it has expired with no action taken. It seems to me to be a valid entry method when price has declined into an area of support, stochastics are well below 20 and OBV remains high. If price does not rise to take out yesterday's high, no damage is done, as you never enter the trade. I've looked at countless charts where this concept would have had fabulous results. Of course, once entered, it's just good sense to protect your position with an intelligently placed stop. Nothing works perfectly all the time <g>. Ken

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