Crazy sell off today. Took a position at 3.40. Considered adding more near the 2.70 lows of the day but couldn't make sense of the price action. Will watch over the next 2 days!
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Got out today after hours 3.95
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Lied! Only 1/4 of my shares sold!! Not to happy that only partial order was filled. Guess I'll be holding going into major catalyst tomorrow, which I do not like.
Took a slightly closer look, if that red doji star holds today, and there is a green confirmation candle tomorrow. Then the large sell off that happened yesterday with a spike in volume, could signal a capitulation in price, meaning it has bottomed out and will reverse. But wait for that green candle tomorrow and for this doji star to hold today
BBTrader30
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I would wait to buy or short after support holds or there is clear indication of a breakout or breakdown. Trying to time the market with no red/green setup or curve of the pattern to the upside, is a big a risk. You need confirmation that 3.40 would hold, it didn't. There is a good chance, it'd break under the 3.4 support, which it did. It also looks like a double top is about to form, prepare for downside in price action.
keegan5858
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@BBTrader30, I totally agree with tht strategy. I bought thinking 3.40 would be pretty strong support, but I agree with you I should have waited to see confirmation of support! I like the stock and it's one I've followed for sometime, so I looked at it as somewhat of a value play. BBTrader thanks for the input and I think I need to be more patient on my setups!!