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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade
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To: Ken Wolff who wrote (1826)2/23/1999 8:39:00 PM
From: Ken Wolff  Read Replies (1) of 2120
 
(cont...)

The bouncing ball or the "macro" momentum in which the market is making its moves each day is generally considered by looking at your fresh gainers and 2nd day gainers.

I generally consider the present prices during the day in light of the
low, high and middle ranges. Each stock will be averaged into the market by the prices they trade at during the day. If 80% of my fresh gainers are ending near the high I will consider the market to be going UP and so I expect good buying the following day.

On the other hand, if the fresh gainers are ending mid range, the buying may be iffy and I will be a bit more cautious.

If the fresh gainers are ending near the low then I will turn my attention to shorting the next day and look for larger than normal pullbacks.

The real challenge to everyday trading is guessing the amount of selling at the open as this is usually the normal action 90% of the time.

(cont..)

Ken
www.mtrader.com
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