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Strategies & Market Trends : Position Trading Forum -- Ignore unavailable to you. Want to Upgrade?

To: Nazbuster who wrote (4818)	11/1/1998 9:15:00 AM
From: Don Pueblo	Respond to of 7247

Dan, take a look at this: quote.com You can get this chart to go back about a week on the 60 minute bar. Beyond that, I wouldn't really trust the data, due to a)the vagaries of the market, or b)my inability to figure out what the significance of the data is (choose one) I'd concentrate on the Dow, the Comp, and a couple of other indicies and see if there is a pattern that leads the stocks I'm interested in, as well as the patterns of the stocks themselves. For example, I happened to notice that XCIT was trading last week between round numbers (including fractions like halves and quarters). Short term trades that take advantage of these patterns, as well as the underlying index pattern, have worked for me recently. I have my "watch list" for the week set up so that intraday price changes move the individual stocks up and down the list. For example, at any one time in the day, I know the stock that is up the most and down the most. If a stock that is "in the middle" starts moving one way or the other, I can see it. I then pull that stock onto my real time 2 minute bar and see if it looks like a play. I've given up on all the TA stuff except the 13 period RSI on the 2 minute bar. I check the daily chart going back 300 days on everything before I pull the trigger, but as a general rule I end up watching only about 3 or 4 stocks in a given day. Also, if I'm seeing what I think is an intrady top or bottom on an index, I can fade the move on a very weak or very strong stock. You get the idea; short a weak stock on an index top. I don't trade on the Internet, I have a satellite feed, and I have a setup that will take me back 300 days. But as I said, the patterns have changed. I believe that the Dow closing above the 200 day MA on Friday will pull money into the market next week, and hopefully we'll be able to shuffle some of it into our personal accounts. One more thing, for Tim's position trading strategy, I would keep a log of where the daily high and low is on the stock at the point where I initiate the trade. Longs that are initiated within 25% of the daily high, and shorts that are initiated within 25% of the daily low, seem to be much more successful for me. Trades that are initiated when the stock is in the middle of its daily range have a greater probability of going the wrong way, in my experience.