Whelp, the Point and Figure count in the base trading range gave a target of 6.65 and it appeared to top out at 6.70. That's pretty good luck. It probably needs to build cause now....for either more upside or a retracement back down. JohnMshort, watch how it retests and make your decision. If it is lacking demand (volume) on the way back up for a retest, I'd probably sell in here. It may not make it up to retest 6.70 or some rouge demand could come in. It's a game of chicken now. You should be monitoring the 5-min chart by now. (Each bar 5 minutes...not sure how new you are)
I agree with T0rm3nted. You should consider pulling your original cost out. That should be fewer shares then you thought when it was at 4. Then keep an eye on current support levels every day for a change in trend and just let the rest ride until the trend changes.
Pulling your initial investment out and letting your profits ride into a potential loss....yeah......think about that momentarily......you still lose money from where you are now should it head down....and you become a bagholder, maybe to as low as $2....the man in the blue sweater. Make a decision...it will feel great! Okay, it's going for the test of 6.70....can it make it?....does it have demand?....is it pushing with volume compared to the previous time it was in this price area? Decisions, decisions. If it can't make it over 6.70 it'll head back down to find demand at 5.81. You can buy it back there if there is no supply coming in; volume dries up. If it crashes thru 5.81, you feel great again!
I don't think ANYBODY said that you should continue holding the rest with no end in sight. Set a NEW STOP (trailing stop) somewhere, and pull the rest out if it hits it. For example, pull out half now at $6.32. Say if it drops to $6 I'll get rid of the rest, but it it keeps going up cool. Maybe it hits $7.25 and I then decide if it drops to $7 I'll sell the rest. It's a good way to lock in profits as well as limit what you can lose from your high point. Allows you to make extra money as opposed to just pulling it all out right away. There can be middle grounds you know. It's not always black or white, 100% or 0%.
15-minute bars below. It can't find enough demand to test 6.70....bad bad bad. Now it appears to be going down to find demand. No one is going to seriously buy it until it tests near the low of 5.81. If supply (selling) starts coming in a big way that looks like it will exceed the volume of that down-bar near the beginning of the range with the big red volume, watch out.....5.81 won't hold. Then you don't have any historic volume of significance until the low of that buying bar at about $3.40.
But the trend is still up. Remember, trend trumps everything else and the trend is intact so long as supply ( selling on heavy volume) doesn't appear in force. Edit: You can probably tell, I enjoy trash talking with these guys. But it especially annoys Jerry cuz I perceive he's a let's-all-just-get-along kind of guy. But yeah, what these guys are saying is not without merit. Scaling in and out is definitely legit.
Appears like it's going to burn off the oversold condition (build more cause) in this consolidation and no big supply showing up yet....still bullish. But another overnight risk situation....sheesh, the pressure huh? What to do. Nobody can tell you what to do because we all get it wrong at least half the time (or lie half the time). Does appear to be closing strong though (no sellers showing up).
I got it for the long haul i am new and are thankful for all you guys advice i am completely new to trading stocks so watching my stocks and i was watching the 5min like you said is a learning experience hopefully one day i will be as good at understanding trading as you guys it is great making money i am addicted already.
Too bad you were stricken with beginner's luck....now you're addicted. Cy started a thread about what it means to be addicted to trading; maybe someone can find that or bump it for you. Edit: Here is Cy's thread that probably most here can seriously relate: https://stockaholics.net/threads/you-know-you-are-a-stockaholic-when.1933/
it started out over 7.00 then started dropping back i sold at 6.63 its back to flirting with 7.00 i will see if i made the right move either way i bought at 1.62 not a bad profit.
i hope i made the right move its got to start dropp its at 4.60 and falling man i pulled at the right time it was testing 7.00 and i felt it would fall and went with my gut.
Like I said, they fall FASTER than they go up, so that's why you regularly take profits. Good job getting out at the right time, and congrats!
I am mobile today but saw where it tested the high with less demand and then supply entered. Glad to hear you got out with a huge gain! Know this though, you are now psychologically vulnerable to taking big risks and losing. Remain cautious. Congrats, your the hero of the week, hands down.
thanks and thank you guys for your advise i work a nighttime 12 hr shift but stayed up because i wanted to see how this stock would do this morning it feels great to pull out with profit now i am wondering when to buy back in hahahaha have a great day and thanks again.
Does any one here do swing trading under Hit & Run Trading II rules? I am experimenting with this trading here is what I am doing. 1) Run a screener called Non - ADX 1,2,3,4 Bullish with settings min $2 max $300, Trending up, Stock grade A or B or C 2) Create a list of any stocks found that have a volume of 1.2 times average or greater. 3) Check Technicals on Investing.com - drop any not showing buy on the hourly or daily. 4) Check on Zacks drop any not buy or strong buy. 5) Check earnings date drop if coming up soon. 6) Check recent news drop on bad news. 5) Check charts and slim results down to max 11 ( as monitoring stocks on my iPhone) 6) Add stocks to "Run book" with buy price, buy price is top price of the day + 10 cents, set alerts 7) If alert hits check stock chart, check market index and direction plan entry point, execute buy 8) Set temporary stop loss of minimum price of day before 9) At end of day clear down run book and plan on-going stop loss, Bolingerband/ Keltner channel etc. Today the system picked SODA and SNI, NSIT was up but not by enough to trigger and the other 8 were all down. I am still going to invest and look for market trends but I felt I needed a dispassionate wealth engine, what do you guys think?
Have you back tested this system? If not, track it for the next few weeks and see what your winning % and ROI are so you can find out how reliable it is.
