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 (1817)	2/18/1999 5:27:00 PM
From: Ken Wolff	of 2120

I generally follow 2 types of "gainers" - 1st Day, 2nd Day gainers. 1st day gainers have FRESH momentum (usually news). 2nd day gainers has less momentum. I normally place a higher priority on 1st day gainers in strong markets. We have 4 types of patterns at the OPEN on 1st and 2nd gainers: 1. No pullback (runners) 2. Weak pullbacks (1/4 ot 3/8 pt) 3. Normal pullbacks (3/4 pt) 4. Strong pullbacks (over a buck) The first 2 are tough to trade by most traders..experienced or inexperienced. You must buy when you see the first uptick. I personally do not recommend them very often because of "delayed trades" of NASDAQ near the open. There are situations that would FORCE us into an OPEN buy. If a stock had news that was real big, I would buy the first uptick. A "big story" stock can do any of the 4 OPEN types above. We often use "THE GAP UP" strength to determine our expection for the stock. (cont...) Ken www.mtrader.com

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