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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: GROUND ZERO™ who wrote (22117)	5/2/1999 9:06:00 PM
From: Chip McVickar	Read Replies (2) \| Respond to of 44573

GZ, <<Are you presuming the bottom today?>> The market formed a nice spike at 3:15 and reversed the days trend for +20 points. I watch for these changes...and these new forks are often very tradable. I don't know how far the new move will carry? On trading this move....I would have bought 2 contracts and sold both at a -2 or -3 (if wrong). Since this move remained positive...I would have sold one at the close (or on any internal weakness). This pays the account and meets money management requirements. The 2nd is kept over night.....it could be held as a position trade for any number of days. If the move continues with strength the stop is raised to 50% of the move. As the profits and days held increase, I will raise the stop to 80% of the move. I have held many of these for 10-20 days without triggering a sell....the biggest problem is still when to sell? For building an equity base and protecting significant profits this appears sensible. You can do the reverse with decline prices. Does this make sense to you? Chip