jonesieatl, it does sometimes apply, I know nlightn often says two days up one day down, but it is really hard to define a penny stock, sometimes they just bolt out of the gate and keep on running, other times it's the typical dead cat bounce... what we are all looking for are the run-away's and they have been few and far between this summer.
playing the short term momentum swings on a stock takes a lot of practice and probably a lot more luck.
A good charting service and an understanding of DMI and williams% as well as other factors gives you an edge
Personally I have a lot more 'luck' with story stocks, if you can find them early and sit on them until the story unfolds then there is a good profit margin available.... obviously share structure, financial stability and good management are the keys. Watching the story rather than your buy in price is the hard part. Sitting and waiting is also a tough stand especially because we are all geared to finding the next runner and do not want to be left out of the picture tied up in a non performer
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