This is in a downward channel with a period of two to three months. We appear to be coming down from a local maximum, with approximately two to four weeks until another bottom. When the price gets to the bottom trend line, it's time to buy. Then watch for a retest of the upper trend line. Sell, or wait for a break out at your leisure. Happy trading! For fun, educational purposes only, of course.
Alternative scenario: we make a double bottom around $1.70, above the lower trend line, before rebounding.
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Now is the time to start watching for an entry, and possibly even scaling into a small position.
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I have not yet begun scaling in. With the market dumping that's ongoing, I would not be surprised to see this one get much closer to $1 before turning around.
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Feeling that $1 incoming this week, though we may be moving into resistance. COVID-19 has accelerated and amplified the anticipated drop.
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Bounced hard off $1 (actually $0.99). If you had bought at $1, you could have sold a day later for +15%. This one may breach $1 again if the plunge continues. Get ready to scale in...some day.
Trade closed: target reached
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Two months to the day after I started this idea, and we're back at a local max. If you want to keep trading the channel, and assuming it doesn't break out from here, look for another bottom in about four weeks, give or take a week.
Trade closed: target reached
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Ideal buy was $1. Channel is invalidated, but breached around $2.07. If I had played this as smartly as I could have, I'd have doubled my money.
If you were brave enough to buy at $1, you'd be up 30+%. Not sure the bottom is in, but we're running into resistance. Crossing my fingers for another touch on $1 or maybe lower before pulling the trigger at this point.
DoctorWhat
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Now is the time to start watching for an entry, and possibly even scaling into a small position.
DoctorWhat
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The tiniest of bullish divergences forming up in the last few days as we cross this initial resistance/support line.
DoctorWhat
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Looking at the first couple of weeks of March for an entry between the blue lines, coinciding with a bottom in the RSI. Buy zone #1: $1.65 to $1.20. Buy zone #2: $1.20 to $1. Hopefully, a breakout-retest of the yellow trend line, and we're off to the races. Twenty to thirty percent in one to two months sound good to anyone else? How about a retest of $5 (approx. 200%) in 12 to 18 months?
If you were brave enough to buy at $1, you'd be up 30+%. Not sure the bottom is in, but we're running into resistance. Crossing my fingers for another touch on $1 or maybe lower before pulling the trigger at this point.