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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: Albion Ende who wrote (5338)	11/11/1999 9:19:00 PM
From: TraderAlan	Respond to of 18137

Albion, Sounds like you may have several different strategies mixed together here. HIFN tested and failed the high of the first 10 min about 45 min into the session. If you're using a classic first hour breakout strategy, you need to wait the full 60 min for the range to set up. What you really did on HIFN was buy a double top, something we're all guilty of from time to time. If you're using a gap breakout strategy, some have you wait the first 1/2 hour, others the first hour. Not a real clear answer or way. One rule I've found very helpful is to sell the second top and buy the third when you see it in a pattern. IOW sell into a double top pattern, buy into a triple top (sometimes a cup and handle appearance) pattern. The exception seems to be on flag type corrections that appear to move at 45 degrees against the trend and "eat up" all the overbought condition. When these moves are over, prices just propel past old highs. Alan