dsguns, i was wondering, what entry setup do you look for when buying on the pullback? and do you rely on indicators also or just bar/candlestick patterns?
and some people want to sale it as a strategy by by creating elaborate web sites and multiple handles on elitetrader.
arz, From a tech. standpoint. I generally look for a pull back to the trendline and look at volume. If there is a big spike in volume associated with the pullback, then Ill put a stop in and watch the rest of the trade. If the reversalk is confirmeed, then I generally will start doing the same thing from the other side. Its also important to know stop levels. I thin market psyschology tells you that the market generally trades to stop levels. But more impiortantly I think its a feel thing, kind of one of those intangible trader assets. But once you are riding the wave, dancing with the market, whatever trader metaphor you want to use. After doing it for awhile you get the feeling of what is going on, and you go with it.
Don't laugh buddy. Our good old friend James "Romeo" Stock does it EVERY SINGLE MONTH, with tremendous success!~
I doubt how true that is. But lets even if he is successful every month. It is still an idiotic way to make money. Limited reward and unlimited risk. If supposedely he is that accurate, then WTF is he capitalizing on it the worst possible way.
DSGUNS1, What time frame do you use ... i guess 1 min chart? How do u determine if the market is trending? What do u do if u trade jnpr or csco and they go through multi days of chop? --MIKE