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Strategies & Market Trends : TATRADER GIZZARD STUDY--Stocks 12.00 or Less..... -- Ignore unavailable to you. Want to Upgrade?

To: LTK007 who wrote (1783)	7/25/1998 9:40:00 PM
From: TATRADER	Read Replies (2) \| Respond to of 59879

PSIX....Stock demonstrated weakness on Friday 1)stock closed lower than open 2)stock gapped and then was heavily shorted and sold... a)when opening gap price was taken out to downside b)when Thursdays high of 20.87 was taken out... Fast stochastic 8 day is at 76.225.....At this point I will wait for it to move below 20, or a test of the gap area before considering entry....My pullback price is the 16.50-17.00 area... If any trader disagrees let him speak and explain his thinking... I would have put my protective stop just below the opening gap(21.06) at 20.50, that was about 3% below the opening gap...That way I would have secured a nice 3 3/4 point profit, and had the cash home for the weekend...The stock did not close strongly, and the rule of the Gizzard is to sell every stock at end of day if it close weakly, no matter how small the profit...Now 3 3/4 points is no small profit... Good luck next week, I am now following the rule book 100%.... What separates the professional trader from the rest is the ability to cut losses by seting protective stops, and making sure a winner does not get away from you by setting trailing stops... mark