My strategy....
Trainsite, first I have to decide A) If I believe in the stock, and B) How much I am willing to pay for it.
If I'm away in the morning and want in, I would set my limit a bit above the last close, esp. if it closed on an uptick. If last ask was .042, and if I set a limit at .047, it will fill at anything below .047. Just because I set it at .047 does not mean that is what I will pay.
If I don't really believe in a stock, maybe I would set my limit lower -- because getting a good bargain makes up for a certain amount of doubt, IMO.
If I really believed in the stock and it looks like it will fly during the next session, I may even choose a market order and get it in early (day before).
If you're interested in TLNO, DZYN is quite correct when he tells you it reaches bargain levels periodically throughout the day. This one goes up and down as much as 15% intra-day. If Monday is a "normal" day, you'll catch it at some point.
GLTY
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