Some advice on this chart please!

[Prainluda]

Im a Rookie, so im looking for some experienced traders thoughts on this:
-The aarow is where I entered the trade (Good or Bad?)

-Based on this chart what can you tell me about what you think could happen next?

I know some people need more indicators and I understand that you can never know what will happen next. But does it look like it's going to go on a nice run?

Also from here what should be my gameplan and some things to look out for going forward?

I won't do this all the time. But im learning and feel like after the red hit the bottom of the Bollinger Band and the green came after that I thought forsure it was the perfect time to get in.

Thanks in advance!!

 

[darkcider]

Im a Rookie, so im looking for some experienced traders thoughts on this:
-The aarow is where I entered the trade (Good or Bad?)

-Based on this chart what can you tell me about what you think could happen next?

I know some people need more indicators and I understand that you can never know what will happen next. But does it look like it's going to go on a nice run?

Also from here what should be my gameplan and some things to look out for going forward?

I won't do this all the time. But im learning and feel like after the red hit the bottom of the Bollinger Band and the green came after that I thought forsure it was the perfect time to get in.

Thanks in advance!!

You definately are a rookie, absolute truth:?: I'll give you a free tip, you don't need to pay me a penny Make your decision, and let the market reward you or punish you, like the naughty little puppy trader that you are:!::clover: Asking questions on a public message board about trading is a big no-no.

Trading lesson No.1) Nobody really knows.

Always bear this in mind when you are feeling down Are you ready for lesson No.2:?: If lesson No.1 has subdued you a little...

Trading lesson No.2) Successful traders realise and totally understand Trading Lesson No. 1..

:smart:These two lessons are psychologically important, for trying to understand what happens next is futile and frustrating:smart: Remember, you are trying to make money! You are not trying to understand every twist and turn in the market...that is a fools endeavour.:smart:

 

[Prainluda]

hahah thanks for the response!

I know to go by what im doing. I guess I was just looking for some encouragement to say "Hey that was a great entry" Or that stock looks like it could run abit!

I felt I made a good entry. However I am a rookie so just wanted some confirmation that's all

Appreciate your response though it's good to learn!

 

[tomorton]

It looks like a marginal trade only, good only for a quick profit and exit as price is likely to collapse quickly as it rises towards the top of the range or downtrend channel, whichever way you look at it. Assuming you have bought and not shorted, you have bought into a ranging market, not an uptrend, based on the full extent of the chart's period. Why buy something that is going sideways? Maybe there are other factors that make you see an imminent upswing?

On the short time frame, price is definitely in a downtrend since the high of 3.3, after which it has made a lower high and two lower lows. Sell soon.

 

[Prainluda]

I don't plan to stay in the stock long term. I would like to have a swing trade style. So I can hold a stock for awhile but not too long. I don't expect it to get to the highs at all. Not selling short either. Right now I think im gearing towards the 2.80 mark.

I guess im playing the bump from the bollinger band and thinking it will go around the 20 SMA. Will have to see what it does in the next week to see if my thinking stays the same.

 

[darkcider]

I don't plan to stay in the stock long term. I would like to have a swing trade style. So I can hold a stock for awhile but not too long. I don't expect it to get to the highs at all. Not selling short either. Right now I think im gearing towards the 2.80 mark.

I guess im playing the bump from the bollinger band and thinking it will go around the 20 SMA. Will have to see what it does in the next week to see if my thinking stays the same.

:innocent: I could only make assumptions based on the volume.:innocent: The last time the market was at 2.50 in January there was interest, this time around there is very little:idea: A guess is as good as anything in this game:clover:

 

[Prainluda]

Thanks for the reply's so far! :cheers:

 

[barjon]

Prainluda

Live with your assumptions, mon brave. For whatever reason you have assumed it would move up from where you entered - it has. You assume 2.80 is "on the cards" - so set a sell order there. If you assume that if price comes back to your entry price it will likely go on to trigger your stoploss - then you might as well move it to break even. Then just sit back and wait

jon

 

[Prainluda]

Would it be smart to raise my stop loss like instead of just sell at 2.80. Maybe follow the price closely with a stop loss. If it hits 2.80 put the stop loss at 2.78? just incase it want's to go higher then follow right behind with the stop loss?

 

[barjon]

Would it be smart to raise my stop loss like instead of just sell at 2.80. Maybe follow the price closely with a stop loss. If it hits 2.80 put the stop loss at 2.78? just incase it want's to go higher then follow right behind with the stop loss?

You can if you want, always assuming your platform lets you set a stop as close as you'd like to the price and that it (the stop) will cater for fluctuations in the bid price as opposed the the mid price (presumably) of your chart - you seem to have a pretty illiquid stock here. Or, if you're going to do it manually, that you have the discipline to close it when you should.

But why be greedy? If you get 2.80 it'll be a nice profit and success generally comes from meeting consistently what you have in mind and not taking a further chance in "hoping" for more. Others will disagree, of course

 

[ratmpower]

As someone already said, the short term trend is decreasing. Sell as soon as you hit the profit target.