You can backtest it yourself. The stock usually closes around the intraday pivot point support or historical support line. If you do not know what these are, I really do not understand why you are in a stock that is down 10% every day, other than off momentum when PR is released. Also, if there is debate whether to be long or short, this likely means short-term directionality is unconfirmed or volatility is high. Either way, only seasoned traders fare well. The majority either get burned, or at least are honest that they are merely gambling - which is perfectly fine, and bravo if you are lucky.
I wish you guys well believe it or not. But people promising 1,000% returns on a fraudulent holding company need to temper it a bit. A lot of newbies read these threads. The idea behind trading is to scalp 5%-20%. And the higher the percentage, the higher the likelihood of a similar percentage loss. Low risk actually affords higher yield over time, as that yield amasses with certainty - not pie-in-the-sky expectations re. a stock being blatantly manipulated as shares are issued.
All this said, lotto plays can certainly be played in either direction off momentum, if you have the stomach for it. But, again, you want to ride the sweet spot of existing trends upon clear technical confirmation, and not catch knives. And the real action occurs pre-market, when they push the stock off support right up to (or over) the 50 SMA on the 30min chart, which usually coincides with the daily pivot point.
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