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

To: TraderAlan who wrote (5455)	11/15/1999 7:21:00 PM
From: shasta23	Read Replies (1) \| Respond to of 18137

Alan, Thanks for the offer. I'm actually embarrassed how I trade against all good knowledge. So today I shorted TECD at 1:30pm for 25 7/8 and got stopped out at 26 1/4 at 3:30 PM. Maybe I should say what I was thinking about this trade. I'm actually not a day trader or I should say I really don't know what I am. I take on day trades occasionally but in general I would prefer to swing trade or do some swing trading and some day trading. The stock above I found on the daily chart: stock in downtrend and stochrsi14 and stochrsi 8-5 severely overbought. Also the stock faces resistance at the 26 level(low of 9/16 and high of 10/14 as reference points).Despite market rally it couldn't go any higher so I thought it would turn. I also expected the market to pull back after the rally( still haven't eradicated that bias).The high in this consolidation phase over the last days was 26 1/8 and therefore I set my stop 1/8 above that. My own critique would be that I should wait until the downtrend has been confirmed with a break of the low. That's an old mistake of mine that I don't wait that the stock turns in the direction I?m intended of trading it. I anticipate instead of following the stock. Sometimes I think I will get a better entry that way but lately I think that more often I enter too soon and I get stopped out only to see the stock later go into my direction but then I?m frustrated and don't reenter. I should probably also wait that stochrsi8-5 crosses under 80 on the daily chart. Other examples are similar. Maybe one last thing: I choose a stock like TECD because I was aware that my trading was off and that I didn't have good discipline lately. Therefore I choose a stock that wasn't as volatile as stocks like bvsn, mfnx,razf etc where i would get hurt more when I trade bad. Stefan