Knowing how and when to enter BUY orders practically and economically without pushing the price UP by getting filled solely on one's own volume is a tricky business on stocks like MGLD. Resolve to place no market orders ever on buying this stock!
Conversely, knowing how and when to SELL into sufficient accelerating price and volume so as to not drive DOWN the price is another minefield. Again, no market orders!
When the price and volume make it easy to BUY at the BID sufficient quantities that others are dumping, THAT is when you BUY. You SELL into strength at the ASK when a stock spikes such as CNCG/MGLD have done periodically on great demand.
Please note that I also use GTC's weeks out to buy or sell block quantities of MGLD at the price I'm willing to settle for. These GTC's are in addition to the buy or sell bargains I look for on specific days.
As a rule I have roughly about half my MGLD holdings on GTC's on the sell side and the other half I keep free to let go at various prices. Over the years I've even adjusted my GTC's when I could see the price would be moving up, thus making more profit selling into greater strength later that day or week.
Today's action gave neither scenario a chance to succeed. Not enough volume or momentum to sustain the upside. No follow-through support to keep MGLD from falling back. In my book and according to my style of playing, this was not a bankable MGLD trading day.
Be patient on both ends of the spectrum as to when to place MGLD trades. Let the public come to YOU and YOUR price instead of YOU chasing THEM either up or down.
