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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: U.B. Green who wrote (8724)	12/7/2000 7:48:33 PM
From: Logain Ablar	Respond to of 30051

Bernie: They are hard stops. I readily admitt I can be too early and the MM can buy my shares if I am wrong. I'd rather be stopped out of a position if we are going to 2,200 (I think if we break 2,600 we are going lower than the recent 2,550). If we are starting a counter trend rally and I'm stopped out I can chase a stock (there is always a pull back just as there is always a retest. Of course the issue is where to reenter and set the stops. As an example with RMBS today I purchased @ 46 5/8 and now have a stop @ 44 3/8 (also moved by lower stop to this level tonight). A problem with this market is support levels do not hold and we are still below the 13, 20, 50, 100 & 200 ema's which I've used. So this stop is 2/8 below todays low. Not very scientific and I can lose 5 to 10% pretty quick. Tim