Play for tomorrow
The scans posted last night turned out to have four nice winners with about 15-30% gain. However, I didn't get much time to play them because of HMIT. No more scans tonight, I know what stock to play tomorrow - it is the same stock played today, same strategy - a repeat.
18 comments:
OTC stocks are one helluva gamble...there was a time when I traded lots of OTC/pinkies in much the same way you are, I did TA each night for the next day trades and for a while had it going on.
In the end I realized that OTC stocks are heavily manipulated and illiquid for the most part. MM also use orders to trade around, and always fill each other first before retail trades. My advice to anyone trading is only use 5% of a trading account for OTC, they are just too risky for desired execution if a pump is not on.
and yes HMIT is a classic OTC pump and chump, you just hit it right in the middle of such move
Of course, something you certainly didn't know or have learnt. Now you look at HMIT again. Re-read what I said about HMIT yesterday, this play is not over.
FWIW, HMIT has just made almost another intraday doubler. Low 0.67, now $1.10.
You need to know the game plan and in the loop. Every momo stock is a pump and dump, no matter if it is NASDAQ or OTC/pink.
What does HMIT trade on. I don't see any Level II. Is this NYSE? What interval for trend charting do you like for stocks like this that have such large gaps in trades. Going 5-10-15 min without a trade? 30 min charts? 60 min?
nevermind, I just did a check on pink sheets... Duh. But any tip on charting them would be great PT Oracle :)
For stocks like HMIT, I never bothered to look at the charts, look at the level 2 and the players, easy to figure out when it would go up or go down. For HMIT, look UBSS/ETRD, esp ETRD, Wild Bill is using ETRD.
FWIW, even though my friend has an account with Etrade, I cannot buy this stock, it is not allowed, this guy has special access to ETRD...
Stocky, fibonacci #s are universal, it works even for our solar system or the planets. I would always look at the fibonacci #s for critical stops and supports.
The pink area is 0.618 fibonacci retracements/extensions.
This chart was around 12 PM.
http://charts.dacharts.com/2007-05-24/smallka45.png
The current chart:
http://charts.dacharts.com/2007-05-24/smallka46.png
Two day's chart:
http://charts.dacharts.com/2007-05-24/smallka49.png
its a typical pink sheet scam, recently finished a 50-1 reverse split, volume spikes while new share are diluted into the float....seen it a million times with OTC/pink sheets.
Eventually all penny stock traders wash out, b/c OTC/pink sheets are all scams and its just a matter of not whether, but when you get burned on these plays
but have fun anyhow, it beats vegas IMO
Here is an example of 0.615 fib extension on QID, it was formed when QID was at 48.50, long before the price was reached to $49, I think it is pretty cool.
http://charts.dacharts.com/2007-05-24/smallka50.png
How did you end up doin' today PT?
Made $ on pennies during the day, should be happy with it, then I lost $$ on CTRN and VRGY in after hour on earnings play.
Went long CTRN at $40 after earnings, didn't sell at 40.49, sold at $39 on the way down, big ouch.
Went short on VRGY at $26.8, covered at $27.25, another ouch! Both plays in the AH wiped all the gains for the day and made me negative $500 finish, damn.
Starting tomorrow, I will stop trading these big board stocks, especially in extended hours.
-$500 better than me. I was whipsawed so much I could have made a dining room table if I had some wood! -$800 :(
Err.. -$700 give or take. Take take take
How did you do, stocky? For me, it is much easier to make $$$$ on the pennies than the big board crook market, at least I've been trading these pennies for almost 10 years, know how to win the games. I've not had much luck in playing stocks in after hours.
Sorry to hear that stocky. You'll get better tomorrow. Maybe you should give pennies a try tomorrow :-)
I've never lost more than $500 on a penny stock because I only put $1K or $2K into it, I don't chase, I know when to enter and exit. For big board stocks, it is so quick to lose $500 or $1K, I even cannot use stops in AH, have to deal with big bid ask spread. Talking about pump/dump and scams, there are no less of these on the big boards. How I lost all my 401K at Worldcom? Thanks crook Bernie Ebbers and his gang.
There were many bids on CTRN at $40 and $40.25, then all of the sudden, the bids were disappeared with few shares sold on bids, bid went down to $39 and then $38, talking abut manipulation and pump/dump, no exception on big boards.
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