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

To: Dominick who wrote (12149)	3/4/2001 11:24:24 AM
From: TheStockStalker	Read Replies (1) \| Respond to of 18137

If you don't mind, what time bars are you monitoring? Also, it's commonly accepted that the first 30 minutes is considered amateur hour, how far off would I be that you base your new highs on the 30 minute bar? I have a daily and a 5 minute chart with 5 days on it. I used to have a 15 minute on there but dropped it to keep things simple. I do not wait for any set period of time to pass to start buying. It is more based on the recent market price action (day before) and the current action. I may start buying some in the first minute to test the waters and then if it looks good I may start charging in after 5 minutes. Lately the 5 minute wait has been the prudent move. Many times I go both long and short at the open and then after a trend is in place I will unload the side that is working less or not at all. It beats just waiting to figure out what side is going to work before I enter because I unload the entire side with a basket and then am already at least partially represented on the correct side with some good prices and some profit already in it and not left scrambling to get in with the herd. If the morning is supposed to be filled with so many amateurs, why do you not want to be there taking there stock away from them on every downtick of their futures or macd, or whatever they use...But I will say that the morning can often seem like the more difficult time at times. Remember that much of what I do is tied to the fact that I am trying to get into so many things at once. If I was just trying to find one or two "perfect" things I too would have a list of "commonly accepted" rules. Though I am sure they would be my own rules and not the common ones. PDT