Reversal Of Fortune
Short-term trading is about pulling the trigger when the iron is hot, and
while many daytraders key off the daily chart, sometimes market dynamics and the
intraday bars are all we need to take some money off the table. This morning,
the java applet alerted a quick striking winner for the nimble player.
Â
| Search Results
Total Records: 1 Â Â Â Viewing Records: 1 to 1
|
Â
What I first do is check the chart of Vertitas
(
VRTS |
Quote |
Chart |
News |
PowerRating). Traders
who follow Kevin Haggerty’s methodology were probably already in the trade after
it shot higher out of an opening reversal. At 10:02 when the alert came across
the screen, it was beginning to rally out of its first pullback following its
reversal off the open.
Â
Â
Next, a quick look at the Nasdaq Composite
(
COMPX |
Quote |
Chart |
News |
PowerRating) confirms
the move, as the index is suggesting continuation from a wide range reversal bar
with a strong close at the time of the java applet alert.
Â
Â
Traders who are quick to react to the positive underlying market
dynamics are able to grab most of a 3 point move over the next 30 minutes before
the rally fizzles.
Â
Â
Get into the habit of checking the intraday chart, then the
daily, when an alert comes across the applet, while keeping an eye on the
indices throughout the session. This will be a great aid in uncovering gold in
your trading.
Until tomorrow,
Duke
P.S. Note to the producers of CNBC. I think its a fairly safe
assumption that 90% of of us between 30 and 60 years of age know that Larry
Wilcox (who was a guest this morning) played Jon Baker on the television show
“CHiPs”. Since you were interviewing him regarding his new endeavor as
president and CEO of MediaHub, don’t you think it would have been wise to put
the name of the company under his name, rather than identifying him for the
entire 10 minutes as a former star of a TV show? Then I wouldn’t have to do a
Google search to find out the company’s name!