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Everyone will have a different strategy depending on their style of trading/investing, their personal financial situation, their expectations from the stock, and how large or small their positions are. Ideally if this hits .20, I'll still be holding a decent position.
IMO this wave up is going to go much higher, and this setup has the looks to ultimately be a multi bagger. All imo, while I have high expectations, I always sell some blocks into the initial strength in case things change, which we all know has a tendency to happen in the penny stock world.
He's not saying that the TA is what's driving the move, it's that the TA has been reflecting the strength of the price action, which as you said is largely driven by the fundamental strength in the company. I've had this stock on watch for months now because of the insane strength in the price action which is clearly seen in the chart, it's the reason I'm sitting with such a nice position at such a nice price.
Forget charts vs. fundamentals, it all comes down to what tool can you use to formulate a successful trading plan.
http://onlycharts.com/?s=srsr
Check the date and where the price was when I first posted SRSR.
I'm holding a decent chunk and am content to ride it out. I think the chart is showing a nice imbalance in supply and demand (favoring the bulls), and any positive developments will likely send this stock into .05 - .10 or maybe better. Good luck to you, myself, and everyone else. :)
I just get riled up when people try to pull out the manipulation card on something like this. If there was some actual buying pressure, you'd see the stock move up, but for now it's going to float all around on low volume and bounce from one retail trader's order to the next. I've appreciated your posts and DD that you've shared so far, so it kind of irked me when you went out whipped out the M word. I tend to not take people seriously who make those claims, and after all your great posts I couldn't believe you were trying to claim manipulation. Anyways, sorry if I offended, thanks again for sharing your info.
Manipulation? These are all retail joes trading this and now the bid and ask are lower than the last trade, I have no idea why you think that's manipulation. Someone is trying to sell at .0079, it's simple as that.
IHAI – Zooming in on the Last 1.5 Months on the 60 Minute Chart
http://onlycharts.com/2011/06/03/ihai-zooming-in-on-the-last-1-5-months-on-the-60-minute-chart/
I think news = stratosphere, imo.
KATX – Breaking Out of the Symmetrical Triangle, Is this the Bottom?
http://onlycharts.com/2011/05/28/katx-breaking-out-of-the-symmetrical-triangle-is-this-the-bottom/
LLEG – Finally Getting a STRONG Breakout from this Channel; Bulls are Back in Control
http://onlycharts.com/2011/05/28/lleg-finally-getting-a-strong-breakout-from-this-channel-bulls-are-back-in-control/
RPPR – Broke the .0009 Resistance I Posted, Now Heading for the Stratosphere
http://onlycharts.com/2011/05/28/rppr-broke-the-0009-resistance-i-posted-now-heading-for-the-stratosphere/
IHAI – Recent Symbol Change, Possible Reverse Merger, No Reverse Split
http://onlycharts.com/2011/05/28/ihai-recent-symbol-change-possible-reverse-merger-no-reverse-split/
APPY – Very Bullish Consolidation on Top of it’s Moving Averages
http://onlycharts.com/2011/05/28/appy-very-bullish-consolidation-on-top-of-its-moving-averages/
WLGC – Still hasn’t Cleared Through the .26 Resistance, but it’s Close
http://onlycharts.com/2011/05/28/wlgc-still-hasnt-cleared-through-the-26-resistance-but-its-close/
ECOB – Recently Hit New 7 Month Highs, Now Consolidating Right at the Channel’s Ceiling
http://onlycharts.com/2011/05/28/ecob-recently-hit-new-7-month-highs-now-consolidating-right-at-the-channels-ceiling/
WLOC – Looking for a Bounce Play, Possible Head & Shoulders if it Triggers
http://onlycharts.com/2011/05/28/wloc-looking-for-a-bounce-play-possible-head-shoulders-if-it-triggers/
KATX – Breaking Out of the Symmetrical Triangle, Is this the Bottom?
http://onlycharts.com/2011/05/28/katx-breaking-out-of-the-symmetrical-triangle-is-this-the-bottom/
LLEG – Finally Getting a STRONG Breakout from this Channel; Bulls are Back in Control
http://onlycharts.com/2011/05/28/lleg-finally-getting-a-strong-breakout-from-this-channel-bulls-are-back-in-control/
IMSC – Trading Near Long Term Resistance, Not a Convinving Breakout Yet
http://onlycharts.com/2011/05/28/imsc-trading-near-long-term-resistance-not-a-convinving-breakout-yet/
ATIG – Is there a Round 2 for this Rally?
http://onlycharts.com/2011/05/28/atig-is-there-a-round-2-for-this-rally/
RPPR – Broke the .0009 Resistance I Posted, Now Heading for the Stratosphere
http://onlycharts.com/2011/05/28/rppr-broke-the-0009-resistance-i-posted-now-heading-for-the-stratosphere/
DKAM – Potential Double Bottom & Ascending Triangle Hybrid Setup (Sounds Fancy)
http://onlycharts.com/2011/05/28/dkam-potential-double-bottom-acending-triangle-hybrid-setup-sounds-fancy/
IHAI – Recent Symbol Change, Possible Reverse Merger, No Reverse Split
http://onlycharts.com/2011/05/28/ihai-recent-symbol-change-possible-reverse-merger-no-reverse-split/
You're absolutely right, there will be more sellers when the shares convert, BUT this isn't some highly pumped stock with a huge following. This thing was under the radar in penny stock terms, so with the right conditions, the converted shares could end up being no problem. It's really going to come down to news and how the situation plays out behind the scene. If nothing else, today is a good sign and some fun to watch.
He thinks there was a split. There will be more sellers as shares are converted (from the name/ symbol change), but the share count isn't changing. Whether or not these levels hold or not is likely going to depend on news.
Because your account doesn't have the post-change shares yet. When they convert, your account will reflect the gains, which hopefully will stick and go up.
This is completely typical of a name/symbol change, don't get too worked up. In my experience these have always been a positive, so enjoy the weekend.
You know what kills me, people who don't understand that there are multiple ways to arrive at the same spot. I never claimed that positive news can't act as a catalyst to move a stock, and I never claimed that stocks move because of a chart. Charts simply reflect the trading action in an easy to view manner. A strong stock tends to reflect something positive about the company, and that can often be seen in the trading action (the chart). I watch as many strong trading stocks as I possibly can, and when I see an opportunity to hop onto some momentum, I do so. I noticed the demand side has started to dominate over the supply side on this stock (a while ago), so I could see the situation was working in favor of the bulls. I saw a clear line of resistance, and the signal I was looking for was that to get broken and volume to come in. I don't care what brought in the volume, and yes I did see the PR. All that matters is I caught the breakout and have been doing this going on six years now. You play the news, I play the charts/momentum. I've got my method and it works beautifully for me, and hopefully your method is working for you. Can you respect that?
Good call, so far at least:
VKNG – Starting to Bang on this Channel’s Ceiling, With Extra Resistance from the 200 MA
http://onlycharts.com/2011/05/18/vkng-starting-to-bang-on-this-channels-ceiling-with-extra-resistance-from-the-200-ma/
Kind of nailed this one:
RPPR – Possibly Bottomed Out and Starting to Look Bullish, Looking for a Bounce/Breakout Here
http://onlycharts.com/2011/05/21/rppr-possibly-bottomed-out-and-starting-to-look-bullish-looking-for-a-bouncebreakout-here/
Good Call:
LBSR – Testing Support on a Tight Triangle, but it’s Still in Striking Distance of a Breakout
http://onlycharts.com/2011/05/14/lbsr-testing-support-on-a-tight-triangle-but-its-still-in-striking-distance-of-a-breakout/
So far so good on this call:
KATX – Symmetrical Triangle Breakout, I’m Saying this is the Bottom
http://onlycharts.com/2011/05/23/katx-symmetrical-triangle-breakout-im-saying-this-is-the-bottom/
LTS – Solid Trendline Break, Not Quite a Total Breakout
http://onlycharts.com/2011/05/26/lts-solid-trendline-break-not-quite-a-total-breakout/
LUNA – Bullish Long Term Consolidation, Watch for Signs of Life
http://onlycharts.com/2011/05/26/luna-bullish-long-term-consolidation-watch-for-signs-of-life/
If things go ideally. The chart setup and my interpretation of it doesn't guarantee any outcome, but based on my experience it's got a good shot of starting to aggressively move up.. here or soon.
KATX – Symmetrical Triangle Breakout, I’m Saying this is the Bottom
http://onlycharts.com/2011/05/23/katx-symmetrical-triangle-breakout-im-saying-this-is-the-bottom/
ECOB – Starting to See Some Volume on this Move Past the 50 & 200 MAs
http://onlycharts.com/2011/05/23/ecob-starting-to-see-some-volume-on-this-move-past-the-50-200-mas/
SSY – Flag Pattern Testing Resistance
http://onlycharts.com/2011/05/19/ssy-flag-pattern-testing-resistance/
WLGC – Still Consolidating Above the Trendline and Moving Averages, Waiting for a Break of .245
http://onlycharts.com/2011/05/21/wlgc-still-consolidating-above-the-trendline-and-moving-averages-waiting-for-a-break-of-245/
APPY – Bounced Off of Support, Now Consolidating at a Higher Range
http://onlycharts.com/2011/05/21/appy-bounced-off-of-support-now-consolidating-at-a-higher-range/