@ Pac NW,...yes, its a restless time to just watch a stock price go sideways...especially knowing that it Has to make a big move in some direction.
and it becomes trickier to watch when its happening at the sensitive 1 dollar line.
It helps to have established a good position ahead of time. That would have meant buying a month ago when it was 50 and 60 cents, and even buying when it came back down to 85 cents. and then one can sit comfortably now, and just wait it out. If price falls back to 87-80 area, its a bargain of sorts. If it falls lower, a better bargain to buy. That's why I sold 2/3 of my trading shares that I had bought at 1 dollar, because I see the 1 dollar zone as possibly going lower. it doesnt look like a great bargain,at 1 dollar as long as 80 cents is in play in a pullback or plunge. and as you can see, the price action is stuck in this Limbo around 1 dollar.
Its a skill to have patience . its a real skill that has to be developed.
Yes, I definitely use candlesticks as one of the tools.
the wicks you mentioned are more important at the wave Bottoms and wave completion tops.
In a middle zone here at 1 dollar, it just shows that price bounced up to 1.09 and failed to break thru that resistance, and came back down to 1 dollar.
When watching price action like this , gets to be kind of fun, then you know youre developing the skills.
When you think about the price action that has played out so far, from the collapse down to the insane 30 cent bottom.... starting there. what comes to mind for starters. 1) that 30 cent bottom is insane. I don't want to see 30 cents as the real bottom. I am willing to call it 45 cents. and use that as my technical measurement point. and as I do the TA from 45 cents...the charting will either look meaningful or it wont. If it doesn't look right ,I'll start over ,until it comes together as a good vision.
The first rally popped back to 87 cents area. and developed a left shoulder from 87 to 67 cent area, roughly.
I'm not looking at a chart as I write this, I'm describing from memory. That's also a skill to develop. it comes with time and practice.
From the pullback , then sideways around 75 cents...then plunged down to 45 cents.
from there it rallied to 1.45...but along the way it hesitated around 1.15 and I thought it would stop there and pullback again. but price continued on to get overbought at 1.45.
From there it collapsed again down to 85 cents. I was and still am anticipating a lower pullback, but this hasn't happened yet.
I also anticipate a good looking rally surge to target 1.45 and 1.65 area. and that hasn't happened yet.
what we can say has happened so far is...
The 1 dollar line has NOT been any great support,or resistance. 1.09 is resistance. above that is resistance at 1.15/1.20/1.23 etc etc up to 1.45 and all the way to the target tops.
and on the low side, 1 dollar is starting to show support, 95 below that, then 85/80 and lower steps along the way to the 64 Gap.
Tricky whipsaws can happen at ANY of these support/resistance points. so its best to just do nothing but watch. and everything that happens, gives us more info to understand. more clues.
Some traders thought that as soon as price comes back to 1 dollar it will take off like a rocket. That didn't happen. I thought that 85 cents would pop to 1.05 and fail there and begin a pullback to 80. That hasn't happened yet either. I also thought and still do, that we could see a whipsaw fake out at the next stair steps...1.15/1.20 area. so I'm waiting still to see that happen. and when it gets to 1.15, ...It might NOT happen that way. its all a tricky puzzle to watch.
its as tricky as watching Bo Jangles dance up and down the stairs like he did.
Its probably enough understanding now just to see his much, and sit back and wait for the real targets to get hit. That's when it becomes time to make a decision. For me that would be to buy at 85 or lower and to sell at 1.45 and higher, not too much at 1.45, but carefully watching the top to see when it looks tired. That could be 1.65 or 1.80 or 2 dollars or 1.44.
After the first year of my studying TA, I wouldn't have been able to describe it all like this. After 3 years it got easier.
Now, I can write and write so much that my dinner is burning in the oven. I gotta Goooo!!!?!?
