Above is the one day chart. i.e. the candles are one day in length. There is a weak up trend from the 14th of May. Peaked on the 11th or 12th of June then made a big dip. Peaked again on the 27th of July then declined sharply. Dip, or plunge? Won't know until it hits bottom. Maybe just a dip, in which case right now would be buy time. Except the reward for being right is poorly defined and rather underwhelming. The June dip went from $5.25 down to $4.11 and I will let you do the math. The current dip, if yesterday's low was the bottom, $6.15 to $4.85. Compare. Then compute the average day's gain between the two tops and the two bottoms. Calculate the mean, too. The long trend is not worth trading. The best day trades will usually also be on stocks that are trending up over several days. Not always, but usually. So no love from the daily chart. Above is the hourly chart. If it was gonna backfill after the plunge in the premarket of the 29th it would have done so after the opening bell on the same day. Instead it remains fairly flat through last night and this morning. So I still don't feel the love. And the 5 minute chart, the one most often used by day traders. Meh. Coulda made a dime a share coming out of the dip for a 2% gain, but you wouldn't have known that for sure at the time. Remember, no strong inter-day trend, no premarket action. And finally a one minute chart. Meh. Charts are a bit cluttered but I couldn't take the time to clean them up for you. I have bollinger bands at EMA9, 2 std dev. The top of the red is VWMA3 and the top of the bright green is VWMA6. The VWMA crossover I sometimes use but I go more by where the two VWMA are approaching each other instead of waiting for the actual crossover. The bollinger I find very useful, too. Especially for setting stops. Once I want to lock in profit, I usually set my stop at the bottom bollinger line and let it run. If I am impatient to be out of a position and it is moving up strongly, or I don't want to give up more than a little bitty bit of my profit, I will set it to the middle line and walk it up as it goes. Just in way of explaining what you are seeing besides the candles themselves. I see absolutely no technical reason to have bought that stock. Did you have some news? I don't buy the news, either. By the time I trade the news, it isn't news anymore and everybody else already got their piece of the pie. I only trade the technicals. I usually don't even know what the company sells or does. It's all about the volume and price action. Good luck with it.
Wow, thank you so.much for the break down. Totally makes sence. I got from Cramers show last night thought maybe there would be a Cramer bounce that I read about. Keep in mind I just started doing this live 2 days ago so learning as I go. O made some money off of teol today thanks to a mother very nice guy Jesse James on here he advised. So glad to be part of a forum like this with so many smarter guys than myself.
There's no such thing as a "Cramer" bounce. Don't listen to anyone but yourself when choosing a direction in stocks. Use your chart analysis and a bit of intuition, fundamental, and other minutia of a company, heh.
What are you using for a scanner? Just going by hot stock tips? Just out of an "overabundance" of caution, I suggest paper trading for another couple of months while you read a couple of good books on the style of trading you are interested in. Absorb. Be a sponge, not a rock or a rubber ball. Be the sponge. soak up knowledge and strategy. Later maybe you will be able to soak up profit. You need to know how to pick stocks for the type of trading you want to do, and you need one or two simple strategies with a proven track record. You need a set of trading rules governing your risk, position size, and max amount to put in play. The stock tips can pay off but only if you do a bit of price/volume analysis and find the pattern or the trend that you are looking for. More than half the tips you get will be udder garbage. A few will be real gems especially if they are ALREADY good stocks to pick, AND a kaboomdiddlyzillion newbs all pile on and you LEAD the thundering herd instead of following it. Me, I seldom look at stock lists. I always do my due dilligents even when someone I trust gives me a tip. I will gladly share a buy tip with anybody who asks but I don't have time to post them. Share because the more buyers buy what I have already bought, the more it will go up and the easier I can get out of it and take my profit with me. And that is the main reason for most of the tips you run across online. Somebody wants you to buy the stock. You and 10k others like you. Why? So you can get rich? No. So the tipster can get rich. And if he charges money for those tips he is milking the cow at both ends. Just to throw in the obligatory mixed metaphor. First figure out what kind of trading you want to do. Principally, whether you want to scalp, or do 3 or more bar day trading, or overnight swings or longer swing trades. Then pick a book or two off amazon for your style of trading, that has decent reviews. They are mostly all the same. Don't buy the crap that they try to sell you. You do not need to be in a paid chat room or take a course or lessons. You already bought the book. That's enough money in that guy's pocket already. If he was a REALLY great trader he wouldn't have time to write books, let alone teach a course. He would trade, sock away a few million, and retire. And he would give two schitz for whether YOU, a complete stranger, make money in the market or not. After figuring out what you want to trade and sponging knowledge from your book(s) and maybe some youtubes, set up your trading station and your account. Obviously you have already set up an account. If you broker does not offer paper trading accounts, even to money account holders, you got the wrong broker. Practice your trading. Whatever amount you have in your live account, set your paper account similarly. If your live trading is constrained by the PDT rule, let your paper account be, too. For now. Make it as realistic as posssible. It still won't be the same due to liquidity issues and short availability and stuff like that, but tune it up as best you can to give you a reasonable facsimile of real world trading. Make all your bonehead mistakes with your paper account. There will be many. Each one you make on paper, would have cost you money in live trading. There are keyboard fumbles, misreading the charts, all sorts of things. Plus just plain stupid moves. I would even go so far as to say keep going until you at least quadruple your paper account before going live again. Going live starts the learning process all over again because you have to deal with real world issues. That's okay. Get ready to lose money. No matter how good you are at paper trading, you will lose money when you go live. Call it tuition. Lessons. Yeah, you could have taken a course. But that course would not have taught you as much or caused you so much pain when you do stoopid stuff or just plain guess wrong. And also, some of that money you lose trading will be mine, if I am winning. I like that. Brings up another good point. You are bringing money to the table. The bigger, badder, hardcorer, hungrier, experienceder traders will take it from you. Most wont even thank you but I do so now, on their behalf and for the small portion that I hope to take from you. EVENTUALLY the lessons will start to sink in, Mr. Sponge. Soak up the experience and let it ferment into skill and wisdom. If you are among the 10% or so of new traders who actually become profitable, then some day YOU might be one of the circling sharks in the fish tank and not the fat juicy cod with "please eat me" sticky notes stuck on your tail. Or maybe not. And for pete sake, make sure that every nickel you trade with is expendable and replaceable or simply not required for any other purpose. Thank you for bringing your money to the table. No, we won't let you off easy. You have to guard your roll yourself with good money management rules that you NEVER BREAK.
Lol thanks Growley Monster. Great advice. I'm having so much fun all ready. I have watched a fee YouTube videos but for me I think I learn better from just doing it even of it costs me a big roll. I'm willing to pay my dues but hopefully the big sharks on here will help their fat cod buddy with a tip here or there. Love your analogy and if ever you have a tip on a stock man I'd be so greatful. Im all ready very grateful for the time you out into that post. Thanks good luck to you too.