Green seems to be coming in with some blocks. Will it break the descending trendline and the 5 minute range's high?
So far, it seems to behave according to plan. 0.618 of the 5 minute opeing range is 1.90. Time and sales was slow when it was testing that support - but will it hold?
The fibonacci didn't hold and price broke the uptrend line charted from 1.80 and connected to the 1.87 retracement. Currently the channel is down. There was and increase in volume when the 5 minute candle made a lower low to 1.83 but failed to travel towards the lower channel line. Would this be the FTT? Would price continue down to the 1.618 retracement of 1.66 where there is a congestion? Foused too much on the chart and forgot to look for a refreshing bid.
No, stocks below $10 but above $1. I'm observing which of the strategies works best for these plays. When I read the different threads some have bickering putting someone else's strategy down and claiming theirs is better. Why not work together and profit from those not wanting to educate themselves?
I missed LOCM. Saw it made a daily higher high but my focus was on ENCY. I got distracted with the info on my platform too. It was giving me different numbers. The premarket high of ENCY was 2.05 on the chart but my box was showing a high of 2.02 The open shows 1.87 on the 5 minute candle yet the box says the open was at 1.80.
What are penny stocks? There is no set, accepted definition of penny stock. Some people define it as stock priced under one dollar, some under five dollars. Some people include only those securities traded in the âpink sheetsâ, some include the entire OTC market. The Securities Division considers a stock to be aâpenny stockâ if it trades at or under $5.00 per share and trades in either the âpink sheetsâ or on NASDAQ.
Actually, I did use to trade stocks under $1. For my current criteria though, I would like to trade Nasdaq that are above $1 and below $10.
Few thoughts that were running in my mind today: Why would daytraders and scalpers choose a more expensive stock (over $10) when it is easier to get in and out with a cheaper stock (providing it has liquidity and range)? What if traders of different styles combined (daily chart dip buyers, intraday bottom fishers, new buyers coming in, shorts covering,etc.) see what they're looking for in a stock that is below $10 buy at the same time? Would it be illegal if all the members of Elite Trader or another group (combined funds would most likely be comparable or greater than a particular institution/market maker/ax holding the stock captive) buy one particular stock and force the shorts to cover - creating a short squeeze?