tech0200, charts are a tool.
The reason that I got my butt beat was not because of charts. In fact, I was well up on the position because charts got me in at a great entry point. I got killed when the media started reporting bad turnout on Black Friday and the market panicked. That's why news is a wild card. On just charts alone, I could make a living trading stocks. But given that news and market sentiment actually exist, you need strong money management as well. That's where I failed. I got a little too aggressive and paid the price.
I have stated quite a few times that I felt this stock is heavily manipulated. It seemed that every time we moved up in the past, it was only to set up a financing. To me, this move seems different. The intraday chart patterns are really interesting. More times than not, this stock has open, run up strong, slid slowly down throughout the day, and then got painted up at the last second. It's the slow downward slide and paint up that is really drawing my attention. I have no doubt that day traders and momentum traders have been active in this stock (in small doses). They are great for pushing a stock. But, they are also great for bringing a stock run a screeching halt. These "itchy trigger finger" traders quickly abandon their positions and are quick to take profit. These slow slides are like fingernails on the chalkboard to these types of traders, and they will often bail. The fact that someone is "encouraging" them to bail, only to close the stock strong bodes really well for the stock. Those traders are shy about getting back in, and are capable of pushing the stock for a good while. As long as we don't get too top heavy with short term traders, we should continue a nice gradual rise with occasional non-indigestion inducing pullbacks.
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