ETRM : IMO the Bollinger Bands on the Daily are closing, but nowhere near being pinched. Overall when they pinch (very close to each other) to me that means a strong move in one direction or the other. Then it's up to us to decide which direction that is. The lower Bollie is $2.11. So one could wait until that area to buy, but in this case - the hammer is there (at the moment). It's only 1.5 hours into trading, so the hammer might disappear as the day goes on.
In ETRM's case, I'm trying not to overthink it here. I am looking to buy 5,000 shares total at the moment. So, I took a starter of 2,000 shares. Unless there's some type of dilution coming, I don't see a lot of downside risk. There's good support at $2.05.
I bought in a little earlier than I would normally do, but the chart is showing a hammer on the daily and it's a hammer at the end of a trending move down.
The RSI hasn't hit my lower sloped line, but its a starter, so I can average down and it very close.
Plus its on everyone's bio trading list. So it gets a lot of eyes and I think people will jump in if it hits the $2.05 area, etc. Worth the risk to me.
I check indicators in this order: RSI, Stoch (full) then MACD, then eyeball the price and its support levels.
I'm a little early on this, that's ok. There's the catalyst date in place (early June).
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