This is a variation of ' Turtle Soup' strategy by Larry Connors, from the book' Street Smarts' The difference is entering one day after signal in direction of anticipated trade instead of the same day. See notes on Linked idea ' Short WPL' which already booked a profit as a day trade.
Momentum pinball strategy - from the book ' Street Smarts". 1. Sell off day before closing in lower 20% 2. today looking for a reversal - break above the first hours high is signal. 3. Stop below low of day 4. Hold until profit acceptable or near previous highs or until next day only
80-20 strategy long > previous days low after big down day see related trades NZDUSD for details
Using strategies from Street smarts - two opposite set ups to hedge out market risk on June Options Call on NCM - this is a modified ' momentum pinball ' set up anticipating a correction back up to middle of range only after ABC correction ; at money June calls 400 shares worth Put on ASX - this is a new high then correction > 20 days High failure; called'...
This is taking advantage of a Failure at new 20 day high, it beat 4 days ago, but has corrected quickly back in....shows weakness. I prefer Put options due to risk of false break out again at highs if pushes up one more time in next few days; I figure June expiry is enough time and only looking for a 4% correction obvious support $1.00 below or more... For $400...
CFD short few days only on WPL, strategy based on book ' Street Smarts' by Larry Connors & Linda Bradford Raschke 1. Look for a new 20-day high 2. Must be greater than 4 days since previous high 3. Short sell order -a few cents below this old high as a break-back correction 4. Hold into close or next day only Place stop-loss just above new high of same day 5....