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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade
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To: Ken Wolff who wrote (1829)2/26/1999 5:18:00 PM
From: Ken Wolff  Read Replies (2) of 2120
 
(cont...)

As a trader, you have two choices every day:

1. You can look for an indicator and sit on your hands until the obvious bottoms are ascertained and the general upward strength is known at which time you begin to look for pullbacks and opportunity on good active stocks that are lagging. Or

2. you can take a chance and buy a gainer when it first begins to get buying after the first pullback.

The only time neither of those methods will work is when you are faced with a running market in which most gainers simply go UP from the open and rise without sufficient pullbacks which does not occur very often.

The only way to play a "running" market is to buy the first uptick if you suspect the market is going into a buying frenzy.

(cont..)

Ken
www.mtrader.com
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