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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade
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To: Ken Wolff who wrote (1904)4/14/1999 12:20:00 PM
From: Wayners  Read Replies (2) of 2120
 
Seems to me all you need in order to study pullback dynamics of a particular stock and its past patterns is to make a simple indicator that measures the %change day to day of the open minus the low. When the % change has been increasing (i.e. greater pullbacks) and then you have a day where the pullback is less, its often a great signal to buy at the open for the next day, especially if the stock is in an uptrend. Another way to play it with respect to dumpers is look at the high spike values of the indicator over time. Look for dumpers where the open minus low % is very high in relationship to the historical perspective. I'm noticing some interesting patterns for what peaks in the open minus low % can look like. Some patterns remind me of failure swings you would normally look for in using an indicator like RSI.
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