is ... YES - Another Profitable Day!
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Thanks I'll Check it out! Check my post on OPXT for a quick profit!
I've been watching it - I can do a chart for you, I'll post it when I have time. Check my OPXT Ascending Triangle post!
I don't know Jan. At the moment, I see the market heading lower. When it gets down to a place where the majority of traders view it as oversold, they will begin to buy back in and short sellers will be covering in force. When that begins to happen there will be a lot of clues and assuming I see them, I'll be buying wherever that happens to be.
Yes, I understand how that makes sense to you. Generally higher lows and higher highs on a chart are very positive but only when confirmed by other market indicators. There are situations commonly known as bull traps where the market appears to be doing one thing but, in the background something quite different is actually going on. The Broadening price range pattern is one of those situations. http://investorshub.advfn.com/uimage/uploads/2011/6/29/odxprOTOW_(chart_with_Broadening_Pattern).png
You can see on the chart that the rising price is not supported or confirmed by the Stochastics and we've also seen considerable distribution in the past 6 market days. That uptrend line you are refering to was actually broken yesterday. So, in spite of what it looks like, prices will most likely go lower now.
All irrelevant my dear Watson ... We have a bear channel now. That takes priority over a 50 day old average. The RSI only tells you how this stock is doing in relation to other similar stocks so, that won't help you know when to buy or sell, will it?
http://investorshub.advfn.com/uimage/uploads/2011/6/30/xwhqoTYTN_(chart_with_Diamond_Top_Formation).png
RE Your PM - NO appology necessary - I redrew the TYTN Chart (link below) - It will stay in the channel now until something significant happens to break it out one way or the other but, there will usually be an indication that that is about to happen. I'll keep watching this one because I do want to add it to my portfolio. I just want the best price I can get. - http://investorshub.advfn.com/uimage/uploads/2011/6/30/xwhqoTYTN_(chart_with_Diamond_Top_Formation).png
You must have missed the DOJI post ... http://investorshub.advfn.com/boards/read_msg.aspx?message_id=64721295
I have traded EMKR almost perfectly since 2006. I've made a lot of money with this stock. For some reason, it just gives very good signals. The last 4-months have been tricky so for the most part I've been on the sidelines but, it looks like we will at least see a move to $3.00 to fill the gap and perhaps beyond. There is a breakaway gap two days also ago but, breakaway gaps are not always filled.
Broken Support & Broken Trendline - If you draw a straight line across the lows from May 23rd through today you will see that not only has support at $0.01 fallen this morning, but OTOW has broken the trendline across the lows. Next support is at $0.008 (bottom of trading range) and then the 200 day SMA and $0.0005 below that. I'm telling you, I do not make this stuff up! If you study technical analysis, you will be able to see everyting I see and more. The charts rarely lie to you.
Well, go to go trade now folks - Nice chatting with you!
I'm sorry, did I promise to analyze something for you? What post please?
Well you see the problem with a pure candlestick analysis is that it's not an exact science. That is to say that a Doji is not a Doji is not a Doji. There are many Doji candles and I'm not a Candlestick expert anyway. When I see a candle like a grave stone Doji, I can look at it and see that a rally attempt was made and shot down. Two in a row indicate that for two days in a row a rally attempt was made and shot down. Check the last two days on the OTOW chart. Neither one is a true Grave Stone Doji (it was a test) but, the effect, is pretty much the same. For the last two days in a row a meager attempt at a rally was made and shot down. The significant thing is that for 4 days in a row the market has sruggled with support in the area of $0.01. IF you look at a line chart of the last 4 days that includes intraday action, it looks like a dscending triangle (another sign of lower prices). The bulls can't mount enough agression to cause a sustained rally and they are struggling to hold the line at $0.01. At least that is what it looks like to me. When you add that to three failed attempts to break out of the trading ranging range, the Broadening price pattern and the bearish divergence seen between the stochastics (going lower) and the high price trend line (moving higher), it all points to agressive selling that should result in lower prices soon.
Well, I'm not a candle stick expert but, I did not realize that a candlestick could have a wick that was too long. Really? Too long, huh? I'll have to go look that one up!
Are we talking market indicators here or moving averages or what specifically?
The markets (any stock, this stock, a market is a market) are actually driven by people's interpretaton of the news. Technical Analysis does not drive a market, it is a reflectoin of how the majority of the traders feel about the fundamentals of a particular stock at any given time. Long before the news comes out, there are traders who are very serious about there investments who are unwilling to wait for the news. They determine what is going on with a company and what those actions will do to the bottom line and based on that where the price of a stock is likely to trade and even when a significant news article will likely be released an how it will be interpreted. So, if you wait for the news, you are behind the game.
Have you ever heard the phrase "Sell the News"? That happens a lot in large caps and penny stocks. The smart money anticipates way in advance of a press release what is going on and how it will be percieved and takes a position accordingly. As a result the price slowly rises (if it will have a bullish effect on that specific market) often to the point of discounting the actual effect of the news and when that news is finally released, the news watchers jump in and buy up the stock and the smart money waits until the rally is advanced nicely and then takes profits on their position because they know that at these price levels the market is overbought in spite of the news. So the market (or the price of that stock) goes up and back down in the same day. OR over the course of two or three days. You will never read that in the news. But, technical analysis can tell you in advance of the news how that news will be interpreted and which way the market will go as a result of it. Not always. But in most cases, the technical analysis of the price movement of a stock weeks in advance of the news will point the direction the price will go inspite of any news that is released.
Yes, I realize that most of you believe that the penny stocks are different and it's true that some things do not appear to work exactly the same in the pennies but, Larry Williams formula, as I mentioned, works in any market. You can use fro commodity trading, currency trading, stock trading, it works the same on the AMEX or the NYSE or the NASDAQ and YES, it is the same for the OTC:BB and The Pink Sheets. You know why it's the same for all markets and why it works for all markets? BEcause all the markets trade the same way, that's why. They all have a buyers and sellers and open, high, low and closing prices. There is no difference in the results of the calulations in the Pink sheets than on the NYSE.
Boy are you confused about . . .
"The fact that there were three buys for every one sell makes it very clear that the buyers were more aggressive than the sellers."
Do you really believe that? For every share bought there is a share sold. You cannot have three shares bought and only one share sold.
You don't need Larry's formula to tell you that the sellers were more agressive on June 22. Buyers drove the price way up and well above the top of the establish trading range and then the sellers became more agressive and drove thr price right back down and if you go to the NASDAQ and look at the Mountain chart for that day (last 5 days chart), you will see that the sellers became very agressive just before the close on the 22nd. You will also see that the market has been unable to recover from that days agressive selling since.
Really? Well perhaps you might enlighten us with your interpretation of the chart. Don't just say I'm wrong, tell me why you think I'm wrong. What do you see and why? This is a chat board. It's for the purpose of discussion. Add something usefull to the conversation. Why is what I said wrong? Is there no bearish divergence between the stochastics and the high price trned line? Is there no Broadening pattern on the chart? Did the market not attempt to break out of its trading range three times and fail? What exactly did I say that appears to be wrong to you?
You see, there you go ... I NEVER said it WOULD Gap down tomorrow, I said it would not surprise me if it did. Technical analysis not that accurate. It's not a crystal ball. It's just a guide that can help you understand what other traders are doing and where the market appears to be heading. From my perspective, this market appears to be heading down. It would not surprise me if it stalled the rest of the week and then went down. Oh oh! Guess you'll have to mark this post now too, huh?
Dual Bearish Gravestone Doji Candlesticks - http://www.candlestickanalysis.com/bearish-gravestone-doji-candlestick-pattern
Two days in a row – The Kiss of Death - on the OTOW chart in addition to the other indicator readings and chart patterns I’ve already mentioned.
It would not surprise me to see a Gap lower opening tomorrow.
I just call it as I see it on the chart! At least my posts are not hear say.
What's your formula for computing that?
From my perspective, I think it's inevitable but, I've been wrong before. I just don't see how this market can keep moving up here with out a correction. It's failed on three attempts to break out if its trading range. That last attempt which was a strong up serge was shot back down the same day. There is a long bearish divergence now between the high price trend line and the stochastics heading lower. The last big volume spike was mostly won by the bears that day even thought the price closed higher than the previous day. It all looks to be like a cleaver bull trap setup now and the market could even drop lower thatn $0.005 altough I would look for some support there at least for a bounce up. Once this market breaks support here its a new ball game and you need to be patience and wait for firm support to become evident before jumping back in again. You need to make your own buy and sell decisions, I'm only trying to show you what I see on the chart. You can get confirmation that what I'm saying is sound technical analysis by reading John Murphy's book on Technical Analysis, John is considered the authority on TA. I've been uneasy with this market for some time now due to the weak stochastic readongs on rallys but, this is the first time I've recognized it as a Broadening price formation. They are difficult to spot and almost always very dangerous for the bulls.
One other thing I failed to mention is that the market is sitting here at support and the stochastics are not even reading oversold yet and Williams %R just entering the oversold zone so there is certainly room for this market to drop and this mornings rally has fizzled so, I would be very caution here if I had profits to protect.
DKAM - Key Reversal Today! - There is also a long broadening price formation accompanied by weak stochastics that usually signals sharply lower prices. There is a huge bearsih divergence in the high price vs the stochastics. I would be taking profits here. I thinks it could be a good short play for anyone who plays the short side of the market.
I agree. It's a semetrical triangle breakout situation, which could go either way but, based upon recent price and stochastics, I would bet on the upside. Usually a semitrical triangle breakout will amount to greater than 30% this would be a good one to watch!
Not Nice???? Really? Not Nice? It would be NOT NICE if I observed that Broadening Top formation (that's what it's called) http://www.investopedia.com/articles/trading/07/broadening_pattern.asp#axzz1QUzpjU1U - and said nothing about it! By telling you about it, you can consider it and decide for yourself it you believe it could be a factor here! I believe it is. If you carefully consider the recent volume spike and price activity, you should be able to determine for yourself whether it's accumulation or distribution that is going on.
Yup, long weekend coming up but, it's only Tuesday. I just hope you don't get back from that weekend on Monday to see a Gap lower opening and a run down to $0.006. The one thing you have going is the pitiful low volume rally attempt going on right now. What is critical is today's close. If it closes above $0.01, then perhaps you'll may have a day to two to make a decision but, it this rally crashes this afternoon and there is a close below $0.01, look out Tomorrow!
Critical day today! Technically speaking, a close below $0.01 here today could easily trigger a drop to $.0.006 or even lower if support at the 200 day SMA does not hold, then a drop to at least $0.005 (previous support on weekly chart) is very possible now. This may not happen of course but, a weak close today could mean we have some short plays in the works. Markets do not like to go sideways for very long and this one has had a long run at it. The divergence of the weak stochastics and rising high price spikes still bothers me. The chart is now showing a kind of reverse wedge formation where the high prices and low prices have been moving away from each other for a month now. I forget the technical name of this price pattern, I'll have to look it up for you but, it is a pattern that warns of lower prices. Today's close, in my opinion is key.
Looks like $3.00 to me I bought more yesterday but, there is still no news. Nice Gap up rally going. I'm thinking we need to watch for a reversal somewhere to fill the gap but, I'd like to see a rally all the way to $3.00 first.
Well then, you might want to watch TYTN. The timing stinks right now, but, the company does appear to have some substance to it. The make tractors. I suspect that there will be a really good entry point later on down the road but, right now it's stuck in bear channel coming off a Diamond Top formation. So research it and watch it but, patience is the key on TYTN if you want to buy in at a good price.
You have to understand that ORRV is a special situation play. Right now the price is in or very close to 000 prices so, you can buy a lot of shares for pocket change. We know that they have discovered 8 shipwrecks and know enough about those ships to have reasonable assumption that they will find valuable cargo on all 8 ships. They're in the process of making preparations for a salvage operation for a shipwreck site in international waters where there is a cluster of 5 shipwrecks. When they get back out to the site with a salvage crew and begin bringing up cargo to the decks, that is when this one will get really interesting. Right now, at bargain basement prices, you could chose (or not) to take a small position in anticipation of the emotional buying to come when the news goes public of whatever they find down there for certain. It's a play that you will likely sit on for months with a few small bounces along the way. The current chart, in my opinion, is not telling us much so, I'm personally in accumulation mode on this one where I load up and dump half on price spikes until my initial invest is recovered with a small profit and I'm in a no lose situation and I trade the shares I have left by continuing to dump half and load back up on price reactions. To my way of thinking it's a no lose situation because they are bound to find something down the road that will bring new traders who will emotional jump in on the news. Best case scenario is, they find multibillions of dollars worth of gold or silver which they do suspect is there and the price for a while will develop an up trend that could last 5-years because this is the start of a well research five year project to bring up cargo from multiple shipwrecks. There are many more ships which they know are out there but, they have not found yet. They continue to look for the other shipwrecks. But, I don't really expect much to happen here very quickly. Right now it's a time to get in before the herd. The herd will show up with the news later in the year.
Technically Speaking, following the descending triangle that send prices tumbling lower, we now have double bottom on the charts accompanied by a divergent buy signal and the promise of higher prices to come. In my opinion, it looks like a good time to buy this one right now!
What exactly are you seeing on the chart? I don't see very much on mine other than support for the price at $0.0008. I've never been a huge fan of the Accumulation/Distribution Index because most people who publish it do not calculate it correctly so, it never seems to reflect much. Many of the indicators on your chart are indices that I never look at. I would say it's too early to tell much. From my perspective the market could just be showing a bounce here and will still drop a little lower before it's done. I would expect to a larger volume spike if it was a true market bottom.
That's true! However, after a major top, the market is not likely to turn around until the Stochastics also drops back into the oversold area below 20 and that has not happened yet. As I'm sure you are aware, once the market reaches an oversold condition on both the Stochastics and Williams %R, it is capable of staying Oversold for several months until the market is ready to move back up again.
Today's price action supported on two critical support levels. Both are dynamic support levels. The bottom line on the bearish channel and the 200 day SMA. It would be possible now for the market to bounce back to the top side of the channel to test resistance there and also the previous area of support around $0.0025 which should now become resistance. From there I would expect the market to again test the 200 day SMA support. Below the 200 day SMA I see support levels at $0.0015, 0.0012, 0.0010, 0.0008, 0.0006, 0.0005 and of course lower but, in my opinion, if this market remains in an up trend from previous lows (which I expect), it will not see $0.0005 or lower and probably not $0.0006 either. So, if there is a close below the 200 day SMA, then I would expect to see support at $0.0010 or $0.0008 to hold and form a base and eventually rally back from there hopefully to new high prices perhaps at the $0.01 level.
The interesting thing here is that at $0.0017 and $0.0018 the Stochastics are not even in the Oversold zone yet. So, it's quite probable now that the price could drop past the 200 Day SMA before it finds support.
Well, at the moment $0.0016 looks very probably now! There seemed to be no support at $0.002. Thought there might be some. For me it's a wait and see game now. But, then it has been all along.
Agreed. The prospects seem good for a continuation of the bull market and a close above $0.02 will be a good indication that that is what's happening.
Well, whatever it is, the nice rally today is an indication that Fridays volume was likely due to a lot of traders buying on Friday even though the price was down.