In my past RILY analysis videos, the basis of our theory of a potential breakout and short squeeze was bulls being in control and holding the teal taper. Since then, we've broken through and shown 0 control by the bulls - and bears are now well in control using the strong selling magenta channel.
This company shot themselves in the foot with sketchy dealings and will now be in full-on recovery mode.
I sold at 16 dollars and the squeeze is today. This is bad
TraderDaddyOG
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@xxxxxxx-xxxxxxx, I hear you. I did the same unfortunately. Not upset about it tho (as frustrating as it is) because as traders, if price goes against our theory, we get out. More often than not, that will benefit you in the long run. The problem with this company is both its' fundamentals and TA were pointing to huge uncertainty and were not correlating for an upside move (unless to the downside).
ryansheph45
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NOO! you guys sold, i bought at the end of november and averaged in at $16, what i find interesting is that RILY moved because of earnings day. BUT they kicked earnings down the road by 2 months. So for anyone anticipating that earnings is the reason for the reversal, is incorrect. TBH i dont think it wouldve mattered what the earnings were, it was still wouldve done the same move. May i suggest using a Volume Profile (VRVP). Youll be able to see where the volume node ends.
TraderDaddyOG
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@ryansheph45, Thank you for that. This is what I teach and like any strategy in trading it isn't 100% accurate 100% of the time but it does save me from losing a lot of money in many cases and also makes me a lot of money in many cases. I do what I do the way I do it and people who watch my videos are always strongly urged to do their own research and due diligence prior to taking or exiting any positions. I am not a financial advisor nor do I signal any trades to be taken. But perhaps since you knew it would recover the way it has you would like to create videos teaching your strategy so that people can learn from it. Thanks again.