Tuesday, October 11, 2005

Change of focus

I plan to change my trading focus a little, weighting my trading focus to trading gap downs and slams overnight (at least for the rest of the week), and minimize my intraday trades to only the best of setups. Earlier in the year when the market had a more bearish tone, this was a successful strategy.

Thanks to the volatility lately, my stops are getting taken out, ruining the exits to what would otherwise be successful trades; thus enriching other traders and the market makers (which isn't really my goal in life).

In the last 5 minutes of the trading day I took on ELOS and CELG, both of which I will sell or ride with a tight stop depending on whether there is a gap down or gap up. Another on my radar was HELE, but since there was a partial retracement intraday, I chose to leave that one alone.


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