is ... YES - Another Profitable Day!
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Continued higher support for the low price each day is very positive sign but this market will have to get above $0.02 and show firm support there in order to be able to move higher and continue on as a bull market.
I've been reading about the Diamond Top Formation. Since it's a rare kind of chart pattern that I don't see very often I'm not as familiar with it as I'd like to be so, last night and this morning, I've found time to do some research. It seems, according to most of the people who have written about it that "when a diamond forms at a top, the following down move is usually significant". So, it's possible that my prediction of a price drop to $0.0016 was not far enough. Don't panic! I said possible. So, I'm going to go out on a limb here and say that IF - IF, now mind you, the market does not find support at the 200 day SMA, then I believe it would be probably that the price could fall into the triple zero (that;s 0.000) figures for at least a brief period of time until it is again able to rise and support at 0.001 to build a bass for a new rally back to test the $0.005 price level.
PINK Sheet stocks are known for wide price swings and none of these stocks are immune to them because of a lack of solid fundamental information about the stocks. Simply building a tractor, setting up sales locations and hiring sales people and arranging for shipping and receiving points are all activities that fall into the OVERHEAD category and which will cost the company rather then contribute immediately to increasing the bottom line. So, until a company produces its first quarterly report showing a positive earnings per share number, it will continue to be subject to wide price swings. Those are just the facts about the vast majority of PINK Sheet stocks.
IF you are going to trade in the PINK, you need to get into the habit of taking profits when they present themselves. IF you believe in a stock like TYTN for the long term and want to accumulate it, then the smart thing to do, is to sell at least half of your shares every time the market shows signs of turning around. There have certainly been a lot of those kind of signs in this market recently. So, don't be surprised if the price drops to the triple zero prices and also be ready to add to your position at the 200 Day SMA if it does not drop that low. As Will Rogers once said when he was asked for his views on the stock market ... "I think you should take all your money and invest it in some good stock. When it goes up, sell it. If it doesn't go up, don't buy it!"
My personal preference would be to buy a couple of million shares of TYTN at $0.0008 rather than be forced to pay $0.0016 for it. You know what I mean?
If you were able to hack into the NASDAQ computer, you would probably also see a lot of buy orders waiting at $0.0016 and $0.0015 too. They never show you the whole range of orders only the current near proximity orders. So, talking about how many orders are waiting at a certain price level does not really tell you very much. If you were able to see the bigger picture, it might. But, when you learn to read the charts through technical analysis, there are a whole lot of clues that large block traders look for in there efforts to buy at the optimal price. It helps you to understand how they think and what they are actually doing. It's often very easy to make an educated guess at where the largest number of buy order will most likely be waiting. They also understand the significance of buyer and seller emotions and the influence the moon plays on the tides and a traders blood pressure!
If you look at the weekly chart, the stock is building a strong base of support here at $0.0001. At these prices, $100 = 1,000,000 shares, this is a real crap shooters market. That recent spike up in the price to $0.0006 was just a slight bounce. There are more probably places on the weekly chart for the price to jump to for resistance such as the $0.0010 to $0.0012 area and the $0.005 area. So, a $100 investment and nice up surge to just $0.001 could turn $100 into $1,000 and a surge up to $0.005 turns $100 into $5,000. The down side risk here is practically nil. So, the small investor can get a real toe hold here with a small amount of money that will not change his standard of living and have a low risk high probability trade that could turn is meager trading account into some very nice risk capital from which he can then wisely trade and build a small fortune. It's a great opportunity stock with low risk so, why not? It's better than buying a lottery ticket.
Chart continues to show support! Anything is possible so, we can always see a spike down to $0.0001 but, the 200 Day SMA is rising and the price continues to show firm support there so, from a purely technical perspective, since the price is already extremely low, the probability of a rise in price here seems much likely than the probability of a drop in price.
The last significant volume day was back on June 15th when we saw that Gap Down move in the price. Since then the market has shown FIRM Resistance at $0.0030 has the price has since tapered off and is beginning to head lower now. What we need to see on the chart is a place where this stock begins to show the kind of firm support that we saw in the firm resistance recently at $0.0030 and then a high volume day when the market moves off of that support heading higher. It would be nice if that scenario was accompanied by a buy signal. No idea when that might happen now but, always suspect is the Full Moon on the 15th. The New Moon on the 1st, is not likely to bring anything but lower prices now. If the market appears to be finding support on or around the 15th however, that could prove to be a good place to buy. Again, the moon cycle is only a place to look for support or resistance because historically the full and new moons have marked major turning points in both stock and commodity prices.
Nice Ascending Triangle on the OPXT chart right now that is forecasting a price move up to at least $2.96 or there about. I suspect that someone knows some bullish news that has not yet hit the streets relative to this stock. Following that brief move up would most likely be a consolidation period and perhaps a follow through rally could follow that. If you're a trader, it might be worth taking a position here to see what does follow now.
I'm wondering WHY the huge volume spike on Friday on a day when the price was not significantly up or down? This morning looks fairly positive for a move up. Somebody knows something about this stock that has not hit the street yet. Any rumors out there?
IF they move to another exchange which would be a good thing they will almost have to reduce the number of shares with a reverse split because many of the exchanges have rules about the stock price falling below $1.00 for instance. So, a reverse split instantly brings the PPS up to a respectable level and then they would need to keep it there with adequate earnings.
Is that the way you would view the necessary preliminary events in preparation for an up-listing?
Many of you have asked me to comment on a chart so that you could see exactly what I'm seeing. I do not comment on my own charts because when I do, as you will see, they get very busy and difficult to read. It also takes a lot of time to comment on one and the markets change, so the comments need to change when they do. since I can look at any chart and see these things without drawing them, I don't bother to do it normally.
I have been talking about the following:
Exhaustion Gap, Divergent Sell Signal, Diamond Top formation, Key Reversal Day, Bear Channel, Break Away Gap down, High volume at top of market, High volume on Gap down day, Weak Stochastics, Trend changing to down, and various support levels like the 200 day MA. So, here they are ...
http://investorshub.advfn.com/uimage/uploads/2011/6/25/zjuxaTYTN_Chart.png
Well, I'm not sure what you mean by up-listing and if by 51-49 you mean the company would keep 51% of the shares, they almost never do. A controlling interest is usually achieved with as little as 11% of the shares. So, unless the company is selling shares at this low price, which I doubt, then, I have no idea what's going on because it makes no sense to me. If you look across the board at other Pink Sheet stocks the absolute lowest price ever seen on a chart is 0.0001. In fact, I cannot even place an order below that amount online through my broker. So, go figure on this one!
I would have to say that there is support and the bid is $0.0001 because the stock is trading. What I can't figure is why anyone would want to sell so many millions of shares at $0.0001 Seems like a bad idea to me. So, what happens when collectively we buy this guy out at $0.0001? He has to place a bid lower if he wants to profit from the trade, right? So, who in there right mind is going to sell those shares back at less than $0.0001? The only thing I can figure is this guy needs a huge tax loss because he must have bought those shares at a much higher price. So, what happens when there are no more Asks at $0.0001 or below? Right, the market has to move higher, right? You can try placing a bid lower but, who's going to sell that low? I'd rather paper my office wall with the shares. At this price, it's cheaper than wall paper, you know?
That's a good strategy when you believe in the longevity of the stock. I may decide to hold this one for the long term as well but, I typically trade a stock rather than invest in it. That is I try to buy at the best possible price and sell at the best price and catch every major price swing. When a stock is trending higher, I will buy more when a down swing bottoms out than I had on the previous up swing. I lose patience with a stock that moves sideways for a long period of time. Many stocks will stay in a trading range for months or sometimes a few years before they begin to trend higher. Since I depend on my profits from investing to pay the bills, I need to show a profit on most every trade. So when I am watching a stock like TYTN that appears to be a little too high to buy today but, over time I feel it will go even higher, I would rather wait for a better price in TYTN and trade a different stock this week which is now oversold and due for a rise in price in the next few days. So I bought and sold ADHC in the last two weeks and URG for instance is a good buy right now. But, I'll continue to watch TYTN and wait patiently for what I believe is the best time to buy it. In the mean time, there are always other opportunities.
If you follow Barchart.com for any length of time, you will find that their timing of when to buy and sell is not very precise. That is to say, their recommendation to buy may prove to be good over time but, they will typically tell you to buy weeks ahead of the a precise market bottom. Following their advice will often cause you to buy and then sit with the stock at a loss for many weeks before the market turns around. Their rating to buy or sell is not based on precise market timing tools. So, buy if you want to here but, I still believe you can get a better price by waiting because we have bear channel in place on the chart and the price still appears to be moving lower now.
You have to realize that the markets always go up and down. The shrewd investor, will look to take profits when they present themselves at a time when the market appears to be temporarily over priced. Then after the market makes a price correction by retracing itself for a time, he will buy back in and accumulate more shares when the market finds support and continues it climb higher.
Many years ago a man named Ralph Nelson Elliot studied stock market movement intensely and his research showed that the markets seem to move in a pattern of 5 waves up and three waves down when the market is trending higher and then in 5 waves down and three waves up when trending lower. He published his theory of stock market movement and it became known as the Elliot Wave Principle. The tricky thing is, how do you know when the market has reached a point where the majority of investors feel that the current price is overbought or oversold (the end of the wave) and are taking profits or buying more. That is why technical analysis was created by not just one but many different investors over many years.
John Murphy compiled a collection of all the most widely used and successful technical indicators and chart patterns that the most successful traders have used over the years in a book titled Technical Analysis of the Financial Markets. John's book has become like a Bible for serious investors who want to optimize there trading ability to increase their profits. A man named Robert Prector continued and perfected the work of Ralph Elliot and is today considered to be the modern day expert on Elliot Wave Theory.
So, if you would like to know more about Technical Analysis, I would recommend that you studied both Robert Prector's http://www.amazon.com/Elliott-Wave-Principle-Market-Behavior/dp/0932750753/ref=sr_1_1?s=books&ie=UTF8&qid=1309004687&sr=1-1 and John Murphy's books. http://www.amazon.com/Technical-Analysis-Financial-Markets-Comprehensive/dp/0735200661/ref=sr_1_1?s=books&ie=UTF8&qid=1309004531&sr=1-1 As you do, look at the DOW Jones Industrial average and the S&P 500 Index today, and you will be able to see many of the chart patters and market waves discussed in those books reflected in today's price movements. Individual stocks behave pretty much the same way as the major indices.
But, even with today's precise computer technology it can be difficult to accurately predict when a price is overbought or oversold. So, I have adopted a strategy where I will take a position in a stock at a place where believe (based upon my studies of technical analysis) that it appears to be an optimum time to purchase that specific stock. Ideally, I like to find a place where the Weekly and Monthly charts are both giving oversold readings. That typically occurs at the completion of major market bottom in the stock. I believe we just saw a major market bottom on the TYTN chart at the end of March 2011. Today, as I've pointed out in my posts, the market is in the process of making a price correction because the majority of traders have for whatever reason determined that the price of TYTN has moved up a little too fast and too high.
So, as I said before, had I taken a position in this stock back in March (I was not watching it then) I would have taken profits on May 26th which turned out to be a Key Reversal day for this stock. At that time, there was a divergent sell signal between the Stochastics indicator and the Price movement of the stock. You can see that same divergence in many of the other indicators as well. When I'm uncertain about the condition of the market and have no clear signals, I will often just sell off half of my position when the market seems to be topping out. I might have done that on May 17th during a day when the price was falling after making new highs and leaving a gap between the high price on Friday and the Low price on Monday. Gaps usually get filled. I also might have bought those shares back when the price fell to that gap. I would have only traded out 1/2 of my shares at that time because, if I had been wrong (having not clear sell signal at the time) and the price continued higher, I would have at least been half right. On the 26th however, with a sell signal in place, I most likely would have sold it all. Selling half however would have still been a good strategy for anyone who believed in the longevity of the price to continue moving higher over time. Then when the market finds support somewhere in the coming weeks or months you could purchase more shares at that time and increase your position. In this way, you are still holding the stock for the long term but, you are capturing profits along they way which you could then chose to reinvest when the time is right.
TYTN does appear to be a solid company and I believe the price will find support somewhere and eventually move higher than its recent highs. What we have witnessed here in the previous rally appears to be the first wave up according to Elliot Wave Theory. Typically there will be one wave down, then another up (not as high as the previous high) and then a third wave down to a lower low than the first wave down before the market support and starts it's next wave up. But, since I'm not an Elliot Wave expert by any means, I trade the technical indicators and chart patterns that I know well. So, I usually won't know the bottom of this price drop until it slaps me in the face so to speak. Anyway, those two books will help you understand market movement and give you more confidence in knowing when is a good time to take profits. Good Luck to you!
Very NICE OTOW Chart Explanation here. http://www.bullwarriorstocks.com/internet-ecommerce/o2-secure-wireless-inc/otow-penny-stock-chart_-6222011/
This explanation does not cover the bearish divergence I noticed but, all in all I agree with what he is saying. I'm just a little more conservative perhaps when it comes to timing an entry point.
Of course I look at the weekly chart. I can see where TYTN sold for $.02/share back in Nov. 2009 and since that time dwindled all the way back to $0.0005 before finding firm support. So then we have a rally back to $0.005 and the market is correcting now after that move but somehow, you don't think it's possible after the recent rally for the market to correct the same percentage that it corrected following the rise to $0.02. Well, you might be surprised. But, it's certainly not finished correcting just yet in-spite of any moving averages you may use to estimate support levels.
I tried to get people to take profits on their shares when the price was between $0.004 and $0.005.
As far as a chart goes, they all look that same. There is a chart posted everyday right here on the TYTN Board that you can look at anytime. http://investorshub.advfn.com/boards/board.aspx?board_id=11442 (scroll down past the pictures and the Press Releases and you will see the chart)
This chart even has Parabolics on it (which I do not use) but, the Parabolics on the TYTN chart posted on this board were SCREAMING SELL about two to three days after I first suggested that profit taking was a good idea. I gave you a much earlier warning. The Parabolics on your own TYTN Board chart should have given you confirmation that I was correct.
Did ANYONE here even look at that chart and act on that Parabolic signal? I doubt it! So, what good is posting my chart going to do? IT looks exactly like the chart you already have minus the Parabolics because I don't need them. They are a little too slow for me.
Everything I talk about can be seen on the TYTN Board chart. Only the lines on the channel and the diamond and the divergences are missing and with a straight edge, you can add them yourself.
Have you given any consideration to the DYNAMIC support and resistance levels that are now evident on the bear channel as it continues to move slowly downward toward the 200 day moving average? Are you aware that DYNAMIC resistance and support, also known at trend resistance and support, is often stronger than the parallel support/resistance levels you are referring to?
Well, I'm not losing! I do have some positions I'm behind on but, they are not down significantly and over time, I'll get my original invest back out of those trades and end up with several FREE shares to let ride for a while. The technical analysis in not what fails me. Sometime I just don't see anyway to lose no matter what the market does and I just take a small position and build on it over time by cost averaging down in what I consider a no lose situation. Those are special situation trades that I'm willing to risk on because they offer huge rewards but, I don't advertise those, that's my trading strategy that has little to with technical analysis which I use in special situations. I invest in those with PLAY money. That is profits from other trades that I'm willing to PLAY with. In the Pink Sheets, there are always bounces caused by emotional buying based on the news. I can always turn a profit on a loser by waiting for one of those to happen. Sometimes it takes a year but, they always do come. Occasionally, I over look something and take a position that turns out to be wrong but, in those cases I get out almost immediately (occasionally with a small profit) and never get hurt significantly. But, it was not the technical analysis that failed there, it was my interpretation or the fact that I did not consider something. But, I'm buying low so, the downside risk for me in situations like that is very small. As I recall, on that TYTN key reversal day, someone posted that they had bought 6-million shares that day. You will NEVER see me do anything like that EVER! That is what technical analysis helps me to avoid!
TECHNICALLY SPEAKING - SPFM shows all the earmarks of having a solid market bottom in place right here, right now. There has been solid support for this market at $0.0001 (I mean come on, how low can it go?). The volume has picked up significantly since November of 2010 and even though the price has remained in a bargain basement trading range since then, the recent spike up to $0.0006 has caused the weekly stochastics to flair and I now see the makings of a divergent buy signal on the weekly chart. So for me, I consider this stock one of those NO BRAINER Pink Sheet trade situations where the down side risk is practically nil and the upside potential is huge and the timing appears to be right for this stock to make a huge rebound off of any significant news of increased sales. So, anyone who has been accumulating this one should soon have an opportunity to sell off part of their position and be able to get back their original investment plus a profit and still have lots of shares left over that will constitute a FREE trade for the duration of the ride up however long that might be. IT's the perfect low to no risk huge opportunity trade. All that is required to pull it off is guts and patience.
If you are going to label your post as factual, you might take to time to get your facts straight. I was not even watching TYTN when it was selling for $0.0004 and I have said that at least twice before. My very first post on this board was back on that key reversal day when I tried warn everyone that it was a good day to take profits. So, it was not technical analysis that caused me to miss the move. I wasn't there for it. Since that key reversal day, the market is down more than 35% (close to 50% from the high of $0.005) and I've been saying this market would go lower and it has. Not bad timing, wouldn't you agree?
You know, one could argue that anyone who was there and did buy TYTN at $0.0004 and still has those shares today, also missed that move. Especially if the stock drops now to around $0.0016 which I still believe is likely to happen. In that case they will have watched while the price of their shares eroded by more than 65% and did nothing to protect those profits. So you see, when you are not using sound technical analysis and are instead allowing yourself to become awestruck by the news and then blinded in between the publication of it, you can simply miss the move by being a part of it and not acting when the time was right to bail out with a profit.
Three weeks ago, instead of buying TYTN, I bought another stock at $0.0015 and sold it yesterday at $0.0045. So, when I'm watching a stock, my timing can be pretty good as it was when I suggested that you might sell during that key reversal day about 4 weeks ago now. So, while it's not perfect, technical analysis can be a very good timing tool if you take the time to learn how to use it.
I agree! Very nice close today, and looking at the chart, I expect the week to close tomorrow at higher prices still. Should get a good rally here next week as well.
Given today's price action, the small ascending triangle (a bullish pattern) that I mentioned yesterday, is no longer in the picture. So, we still have the following bearish signals on the chart:
Exhaustion Gap.
Bearish Divergent Sell Signal.
Key Reversal Day.
Diamond Top Formation.
Bearish Channel trending down.
As much as I would like to invest in this stock, it still does not appear that it is a good time to be buying right now. So, I'm exercising patience. From my perspective, I believe that we will most likely see price levels around $0.0016 now before the price rallies to fill the Gap at $0.0030 to $0.0033. That is not a bad thing for anyone who intends to buy more shares. However, bottom picking is risky business and I would not attempt to say that $0.0016 will be the bottom of this price correction. That still remains to be seen. When the bottom comes, it will most likely be obvious. Could the market support higher than $0.0016? Anything is possible but, I don't see that as very probably right now. I would expect the price to fall again tomorrow and test support at $0.0020.
You know I don't really have a problem with your long term assessment for TYTN. Where we primarily differ is in the timing of when you buy or sell this stock. I have learned over the years that timing is extremely important. I have seen many people lose money trading prime blue chip investments because their timing was bad. I do not believe that this is the best time to be buying TYTN. I never said it was not a good stock to have in your portfolio. I just think given the current state of the market, that it would be prudent to exercise patience now.
O2 Secure Wireless, Inc. (OTOW) was founded in 2003. So, we are talking about the very same company. I completely understand how a change in a CEO can make a difference and turn a company around. But, what you, and apparently many others here, do not seem to understand, is that when a new CEO is appointed to a company, the previous history of the price of that company's stock is NOT simply erased off the books. That is to say that when Henry Ford died, they did not restart the Ford Motor Company. They did not erase the history of the price of the stock in Ford Motor. So when I tell you that this stock is in a down trend, that is the truth whether you care to try and understand it or not. In other words, under the previous CEO, the price of OTOW did rise to $0.10/share and so far under the NEW CEO, the current price of the stock is selling for about $0.012/share. Therefore the trend of the price of OTOW is currently down. I honestly don't think that you understand how the stock market works and I'm certain that you do not understand how Technical Analysis works. So, you believe that the new CEO will turn this company around. That could happen. Yes, the short-term stock trend is now up. But, on the weekly chart, as I pointed out, the over all trend of OTOW is currently down. For those who do not understand the significance of the weekly chart, I might suggest that you take the time to learn something about it. Long term uptrends or downtrends in a stock are always better identified by studying the weekly chart and respective weekly chart patterns and technical indicators. Some of you folks are really scary in that you don't seem to have a basic understanding of investing and yet you are putting money into Pink sheet stocks (one of the riskiest kind of investments) based solely upon news articles and you argue others who post here who do seem to possess real sound investment strategies. So, what can I say? I provide you with my opinion. You argue with me that because the company has a new CEO, that my opinion is wrong. Well, only time will tell what opinions are correct. But, when I tell you about a published history of a stock price which you have likely not even considered before that is kept at the exchange where that stock is traded an you tell me that the published record is wrong because the company now has a new CEO, that is really pretty scary, you know what I mean?
I'm confused. I said the weekly chart I was looking at came from NASDAQ. Exactly how did you interpret that?
That discussion was relative to the WEEKLY Chart. Not the daily chart. Care to reassess your comment? Go back three years on the WEEKLY chart. What do you see there?
I tend to agree! She talks but, she does not really say anything that you can sink your teeth into. There is no substance to what she says, it's all general gobbledygook. When I looked at the company's web site, I say noting that interested me in the way of products or services and with the huge number of outstanding shares, I'm sorry but, I have to label this one a Definite DOG. IT appears to be yet another PUMP & DUMP story and there are way too many of them in the Pinks right now. There are many really good buys out there and that is where I intend to focus my attention.
I did! I made a lot of money yesterday but, not trading this stock. As I said, right now, there are much better opportunities to trade. But, I'll keep watching this one in case it should develop into an attractive setup where the price will be able to move significantly higher in a short period of time. Right now it's a little too lethargic for me.
If the chart is incorrect, then tell it to the NASDAQ - That's where I got it from!
They never did give a number on the increase in authorized shares did they?
Are you looking at the right chart? In March of 2010 the price topped out at $0.10. Today, it's closed at $0.012 and you are calling that what? An uptrend? Sorry that math does not compute. Since September of 2010 it's been in an uptrend but, the moving averages on the weekly chart are still down so, on the weekly chart, it's still in a down trend. And currently on both the daily and weekly chart, it's moving sideways. Are you honestly telling me you do not see that?
I will be if it gets to $0,0016 providing it shows support there. I never buy into a falling market and this one looks really sluggish right now.
If you look at the weekly chart, we actually have a weak buy signal in the stochastics and you will notice that the volume as picked up since the end of April. The volume does not typically increase in a falling market unless it is approaching a market bottom. The last two weeks look real positive and the stochastics recently turned up on the weekly so, I think there is a very good chance that we can rise above $0.002 now and support there for a run at the recent resistance seen around $.0045.
This one is a DOG! Unless you are short here which is the only SMART play, you are waisting your time watching this one. There are so many other good buys right now. Woof, Woof to WTFS!
Amazing! That has got to be frustrating. I now see three false bullish breakouts of the current trading range. Today’s rally came on very good volume too but, at the end of the day, the bulls are right back where they started from inside the trading range. I suppose you could actually draw a bullish channel on the charts now but, we also have a bearish divergence between the Slow Stochastics that goes back about a month now. I got to be honest here. I have not seen anything like this ever before. So, my rule in situations like this one is “when in doubt, stay out”. At this juncture, all the indicators appear to be in conflict with one another. The ADX/DMI shows an emerging uptrend, the moving averages show an existing uptrend, and Williams’s %R shows a sideways market that is neither overbought nor oversold. The Stochastics are bearish. The sideways channel remains in tact. We could be looking at a saucer formation in the making. That seems most likely to me at the present time. But, the Stochastics still bother me. All in all, I see many more exciting opportunities out there where the signals are clear cut so, for now, I’m still on the sidelines here. I would vote for a quiet day tomorrow and an indeterminate candle pattern. The truth is anything could happen. I’m beginning to doubt that the market will fall now but if it does the down side appears to be limited anyway. On the weekly chart this stock is still in a down trend and the chart also appears to be indeterminate as to where this stock can go.
With the low price of the last six days getting a little higher each day, we now have an ascending triangle on the chart which is generally considered a bullish price pattern. It’s a small triangle however so the price forecast for a move following a breakout (if it comes), is only up to around $0.0040. Before it gets there, there is plenty of resistance in the gap and also at $0.0035. The resistance at $0.0030 has held for six days now and the volume has been weak compared to the gap down day 6-days ago. So, the bears still appear to be alive and well. I still believe that there has to be a lot of sell orders in that gap. If the price breaks out of the bearish channel (just above $0.0030 now) and meets strong resistance at $0.0033 that could sort of turn the ascending triangle into a rising wedge (assuming that the low for each day continues to rise sharply). That would still be bearish in spite of the breakout but, with a greater degree of danger involved for the bulls because prices tend to fall fast and far out of a wedge formation. But, I’m beginning to see conflicting signals now so, it’s going to be harder to call this one. I think, I’m going to wait and see what happens in the next two days. I still have to give the edge to the bears here. But, the bulls are amazing to have managed to build an ascending triangle in the face of all that resistance. I continue to expect the market to try to support at the 200 day average currently at $0.0016+.
Bullish News: There is a Bull Flag forming on the TYTN weekly chart but, it does not appear to be completed yet. Also on the Weekly chart is support at $0.0016 so once again, that looks like a place that this price is heading.
Hmmm ... well maybe 17 years (in some cases) is not long enough to learn about charting. This market has been in a trading range for three moths now. There was about a 1-1/2 month long bullish divergence on the Stochastics but, immediately following that on the day the market tried to break out of the trading range and was shot down, there now appears an even stronger sell signal. Since that sell signal, as I've said before, the market has gone sideways. That is NOT a bullish sign. So, I expect it to most likely collapse here at least for a while and if you can't see that possibility, then your not being objective in your charting. You're simply looking for reasons that will support your belief that the market is going to continue on up. The reality is, it can go either way and the only signal of any significance right now, on the daily chart, is a divergent sell signal and some pretty weak looking candles.
Well, I suppose that is where we differ. I believe you should take profits when the market turns around and then buy back more when it finds support and goes back up again. You apparently believe in buying and sitting on it until whenever. I used to do that, and it was never a good idea once I did the math. So, if you believe in it long term and it does not bother you to see the price drop by 50% or more from its recent high price then, if your happy, that's fine. That would bug the dickens out of me however, knowing that I knew I should sell and did not act on it and also knowing I could always buy it back if I was wrong. But, if I was right, I would be banking that 50% that I would have lost until the market rose back up to that price once more. That is why I won't buy now. I know the price is going lower and I'll be able to buy more when it finally finds support.