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Strategies & Market Trends : DAYTRADING/SWINGTRADING STOCKS with INTRADAY INVESTMENTS -- Ignore unavailable to you. Want to Upgrade?

To: deronw who wrote (198)	6/5/2001 8:47:24 PM
From: KymarFye	Read Replies (1) \| Respond to of 565

"Through sound trade management, we ended up turning the bad start around and salvaged the day by ending down only 0.30 point." I was looking forward to your report of your day, and it confirms the impression I gained throughout the day from my own experience and from the experiences of some traders with whom I'm in contact: Not much of a day for (most) swingers. One guy who's been hitting the ball out of the park on a daily basis over the last couple of months by playing support/resistance got creamed today trying to short "resistance" points that repeatedly turned out to be breakouts, until, finally, he got with the trend at the end of the day - only to get caught in the final sell-off. I didn't fare as poorly as he did, but it took me (and my favorite indicators) too long to turn around and recognize that the rally wasn't going to roll over and confirm the short- to medium-term bearish pattern on the Nasdaq (which I believe is still intact, but susceptible to negation on any substantial further upward movement). It seems clear in retrospect that it was a day to play narrow range breakouts and momentum without a second thought, and without waiting for pullbacks that didn't come until very late - or perhaps by seeking them on a shorter time frame.