Replies to post #323289 on Zeev's Turnips Patch-No Politics (ZEEV)

[Zeev Hed]

I do it quite often (did that today with the third ZBRA serving, all I wanted from it was the bucker). I used to do it a lot when I had the time to day trade, then almost half the day trade buys were followed immediately by entering sell orders near the top of the box, unless I expected market blowout behavior.

[Duster]

AD, I find it a very good and profitable practice to put a standing sell order in on a long I buy. From a stock's chart, it is often easy to see the first major line or overhead resistance. I usually place my sell order just under it. I find that the first shot up to resistance reverses very quickly and the pullback can be significant. Unless you are lucky, it is almost impossible to catch it manually and you usually have to wait a couple of days for it to go back up there. Having a standing order gets me out on those spikes and allows me to re-enter on the pullback.

If you use IB as a broker your order is active through the whole pre and post market. I have had many outrageous and profitable sales in the pre/post market. I have had sell orders hit after hours a good 10% or more above the closing price allowing me to re-enter the next morning at the closing price.

I always put a sell order in immediately after I buy even if it is outrageous.

Good trading!

[ogm]

I usualy have a target exit in mind and put the order in for half my position after the entry. Especcialy helpful with the short positions in this market. Protects from violent bounces. Sometimes the price hits target so fast, that if you blink, you miss the exit.

[wecus]

I have daily Outrageous Asks on most stocks, placed at levels where I see resistance in an exuberant move. Since I trade from Germany and can't follow the market all the time this has proven quite effective for me.

Of course often enough the stocks react really wild and continue their rise after I sold, but life is full of missed opportunities...