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Hi guys. If I can add some thoughts to this area.

A friend put me onto Jeff Cooper as one who has developed a good system to generate trades both up and down. (I should note that personally i generally only trade long, as it suits my style and available time.) His principles are worth study for any trader and gives an insight into the market and what the big boys activities' mean for us little fish.

So for shorts you just reverse the signals on charts that generate long trades. Mostly his trades are only a few days (although he does intraday as well), with very close stops. His signals are neat and though not infallable are worth a study by serious traders. He will trade up or down as long as the S/T trend continues. He tends to avoid "penny stocks" but his trades work with any stock really.

He has DVDs and books - Hit & Run Trading I & II. I should note that these are ok to use except he uses the American practice of fractions for some trade prices ie 1/2, 1/4, 3/8 etc which is annoying for us here.

Otherwise it is well worthy of study for price movements in the market and how he discovers them.