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Technology Stocks : Ascend Communications (ASND) -- Ignore unavailable to you. Want to Upgrade?

To: Nazbuster who wrote (50381)	7/24/1998 7:54:00 PM
From: Darren	Read Replies (2) \| Respond to of 61433

*** OT * The pivot points I use are created based on a 40 day or 200 day chart, looking for significant highs and lows during those periods, as well as 10ma and 50ma studies. I used to use a pivot point that was calculated by adding the previous days H+L+C/3 to get the primary pivot, and then a machination of formulas to find two support and two resistance points. For me, the chart pivots work better. For a long term trader, the true pivots are probably better. So, for example, today on ASND: B 54 5/8, SS 51 5/8. During the trading day, if either of these prices are met, I'd place an order. At 51 5/8, I SS. ASND briefly traded at 51 1/2, which would qualify as "no followthrough." So, when it got back to 5/8, I would dump it and go long, still with the same goal of getting a 1/4 or 1/2. In this case, it followed through back up 3/4 and I decide based on L II when I should sell. Now I have made two trades, cleared $750 and paid $80 in commissions. The trade turns profitable through nimble fingers, but as a setup it would be considered a failure. I come up with about 20-30 setups the night before, and only trade the setups that hit the price points. Today, the banner setup was CNWK SS at 68 7/16, for a little over $8,000 on 1,000 shares. This system is based on Linda Bradford Raschke's book Street Smarts and Jeff Cooper's book Hit and Run Trading*, and modified to fit my trading style and tastes...it's not for everybody. I do about 6 hours of homework a night, going through about 300 charts. I pick 10 'A' candidates and '10' B candidates and '10' wildcards...ASND is almost always a 'wildcard' because it is a volatile stock [good thing], but most of the time nobody knows what the hell is going on, myself included [bad thing]. This system could be defined as a volatility breakout system.* Here's Linda Bradford Raschke's Site: LBR Rules mrci.com LBR on Volatility Breakout Systems mrci.com One of my other favorite sites is: hardrightedge.com For those of you that don't give a care about trading, please accept my apologies for putting 'trading' information in the ASND thread, but we have talked a lot about trading in the past, and I was defining an ASND trade today...