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> From: Steven C. Walker <Steve@xxxxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: Cooper - Reply to Jack Hutchison
> Date: Tuesday, February 10, 1998 7:56 AM
>
> Jack -
>
> Your comments re Cooper are interesting to me. I got his book sometime
> ago. I have found his patterns good to breakeven but not to make
> consistent profits. I like your idea of joining two of the patterns
together.
> Would you provide more details to your use? For instance, after you
> identify stocks meeting the range expansion and 50 day MA, what else
> do you do? How do you enter? How do you stop? How long is a trade
> generally? Do you have price criteria? How large is your positon? What
> is the win/loss ratio? Thanks.
>
> Steve
> (in Dallas)
Steve,
My SuperCharts(home) and TradeStation(office) generate a hot list from the
ChartScanner from a database of ~400 actively traded stocks heavily
weighted in NASDAQ tech issues. I generally receive 10-30 candidates each
nite.
I first review each chart on SuperCharts and plot the Fibs on promising
charts. I note the promising candidates, and search the news on each the
following morning before the opening. Next, I log on to the Net to review
the earnings calander and chat box. I next analyze the intraday charts on
TradeStation to look for an immediate trade setup or later breakout. I set
the Alerts in TradeStation and log on to PCQuote and Cybertrader.
You will often find these hot stocks gapping up (gapping down for shorts)
at the open and it does not pay to chase them. I often bid for 1000 X
shares prior to the open using SelectNet. If I get filled, the returns
within the first 30 minutes of trading are fantastic. If I don't get
filled prior to the open, I'll await the inevitable reversal and buy the
first uptick from the Fib support. I exit at the Fib resistance using
SelectNet or on two tick reversal using SOES whichever comes first. Some
days I don't get a trade off, other times I may have 50 tickets. I leave
the office and go back to my wood working hobby when things are slow, or if
I had a bad start.
Oh yeah. I almost forgot. I never trade against the market trend. I check
out the S&P futures and bonds first.
No. This is not SOES tradeing per se. It's the Yankee Traders home grown
system and it works for me.
No one every said it would be easy my friend.
Yankee Trader
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