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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade -- Ignore unavailable to you. Want to Upgrade?

To: Ken Wolff who wrote (501)	2/12/1998 11:34:00 PM
From: Marlin C. Harmon	Respond to of 2120

Ken, Thanks for the response. The systems you teach are so practical, one tends to assume you in the "jack of all trades" role because of your skills so articulately manifested in the training you bring to this tread. After posting the question regarding the options I thought to myself, why would anyone want to make things more difficult if these set-ups you teach already work so well? And I might add, they do. So, I guess the post was originally more out of curiosity than to add to anyone's bag of tricks. After posting and reading some of the other threads, coincidentally, I came across the one referenced earlier by Robert Stewart of Jenna's post: Message 3241256 She doesn't go into much detail about how it works as far as the set-up but after paper trading her system a short time I have found that the set-ups and entries seem to work best in a pivotal system. If you look at her recommendations you will find that many of them are based on pivotal breakout systems. So, the way this works is to establish the entry and setup by picking out the pivot point where a breakout occurs. The entry point could be 1.5 times the range of the pivotal bar plus the close of the pivotal bar. Then pick the option that is in the money at that point and purchase it. The exit would actually be best at the open of the next day. I get the impression that Jenna actually gets out the same day. And I have not asked the question of detail over there because they seem very busy and often ignore the questions. As I said, I am currently only paper trading that system and so far it looks like it should work, but it may be early to tell for sure. I still need to determine which option (call) is best to buy rather than at random. I have traded the Jenna recommended stocks and done quite well, just not yet the options except on paper. In addition to Jenna's approach, I have also looked at some of the traders such as Tito (sorry, I don't have a link but I think he is in the AMAT thread). Tito trades a lot with LEAP's, these could be used in a less risky mode, but may not have the quick movement that daytrading would warrant. These are just some observations so far. Interesting and could be profitable but more complicated than the methods you teach, Regards, Marlin