i went over my past trades and it seems like i manage to buy at very specific time almost every time. Right before a massive dip sometimes i manage to buy and sell at great times like exactly but very rarely Bought this yesterday after watching the chart for few hours and it seemed to hold pretty flat almost all day. So i placed a buy order for a lower price than support just in case it quick dips again like it did previously. And this morning order goes through as it keeps falling down. If i post my other charts most of them will look like that. Literally on the edge of a dip is when i manage to buy. Obviously im reading the charts wrong. But i dont know what im seeing here that is wrong. Another order that went through is nile which also dipped Im not really losing money but im losing time that i have tied into each trade that i have to ride out for a rebound... I understand that this is part of learning thats why im not stressing out.
Real traders never trade penny stocks. That is the problem. Penny stocks are manipulated a lot and because they are penny stocks, TA, PA or anything else will not work like it should. Penny stocks are for gamblers. TA, PA and all the rest only work for "normal" people, not for gamblers. "Stocks" that go up and down 60% in the same day are no stocks, they are gamblers stuff. You see clearly the pump and dump.
The stock has been in decline for two years straight and you want to find support based on what it's done in the last 5 days, muchless after a huge lark-sneeze-rally like that? I don't use traditional support-resistance lines tho to give advice of where to go from here, so I'm afraid all I can offer is a bad attitude.
ET is full of arrogant and dumb so called traders who think they actually, know how to trade the stockmarket. Been here long enough, I know who the real good traders are by how they dissect and analyze the stockmarket and stockcharts. Those without a clue and there are many of them, just talk BS and gibberish, trying to sound like they know squat. They do not and will only lose their monies if they actually, are stupid enough to trade the stockmarket. Some of them are just trolls who do not even trade the stockmarket but, trying to encourage other real traders to reveal their trading systems, so that, they can steal it.
%% Good points/good analysis Aisone. Actually about 99% + of the time a penny stock is not worth fooling in. IF someone's name is Tim Sykes in college that exception\ just proves the rule. Also Mr Sykes had in my opinion, very good work habits+ his dad had a library , maybe a much better than average library. IT's not just that so many of penny stocks are junk; smaller priced stuff %% gain can kill any account. Good thing perhaps, about penny stock account\ blow ups may teach a helpful lesson. I know when i ground a account down to nothing\ i cut back on short term trading /but i like a profitable business...............................................................................
I also don't touch penny stocks (well any stonks) but are you kidding me look at the effen volume yesterday haha. Suuuuuport? Anyway keep in mind low-priced stocks price levels of $5, $2 and then $1 (which it has been below last few days) are critical in regards to a) margin allowance, b) legitimacy, c) institutional interest, d) pump and dumpers come out to play.
What was it about the chart that made you think it would change directions. Why were you looking at this particular chart to begin with? Where do you get your trading ideas?
After scanning your DPW thread the question comes to mind to ask if you want to master the pump and dump sandbox? Would you like to be an acomplished player in pump and dump land or would there be some other aspect of trading that would appeal to you more?