Daytrading Canadian stocks in Realtime Message Board

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Gold/Mining/Energy : Daytrading Canadian stocks in Realtime

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To: Gemini who wrote (11628)	5/6/1999 5:18:00 PM
From: keith massey	Read Replies (1) of 62348

Thought I would post a response I just gave to a private message. They had some questions about how I entered the trade on NNC yesterday at $40.20. Did you buy at the ask? Use a market order? Use a limit order with a price higher than the ask (my fav)? Put in a bid higher than a large bid (ie. try to be just above the bottom of the box...if there was one)? Because of the delay in bids hitting the floor I was trying to predict a bottom on this one. I knew there was going to be large support at $40.30-40.20. As it approached this level the volume was dropping. I put in a bid to buy at $40.20 with no restrictions. When it got to this price I was on the phone with Greenline to set my stop .30 below. I almost never use market orders. I don't consider this catching a falling knife, the time of the day was right for a bounce and it was a big resistance level. I was willing to eat the loss if I was wrong. It turned out I wasn't Also, what did the depth look like at the time you bought? Was there substantially more on the bid? Or was it more of a flyer in that people were hitting the ask and you just "hoped" it would continue? As it approached the bid price the ask was very weak and there was lots of support at $40. I had my kill order typed in just in case huge resistance showed up as it approached my bid but it never did. Also, how far below the current bid did you put your stop loss? Did you place it below a large bid that might act as support? Did you place it above a large bid so that you'd probably get filled at that price? I place my stops normally using support and resistance levels and also the maximum I want to lose. In this case I had a tight stop because if it broke through $40.20 by more than .30 than the resistance would have been broken and the stock would have likely gone into free fall. The biggest mistake I have made is putting my stop loss under a huge bid. If that bid gets taken out and you stop gets hit it often drops like a stone and you get filled .20-.50 lower than your price. Best Regards KEITH

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