Bottom Fishing

So I bought into MLX @ 18c a couple days back and it's been a real doozy!
It's like the shorts have decided to put on spiky boots and kick the living shite out of it.
Talk about bad timing!
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1 minute chart
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vanzandt said:
Thats like buying $180 stock and having it drop to $130 in a day or so.
But you know that already lol.
$0.18 to $0.13 for some reason just doesn't sound painful.
$180 to $130 does.
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Yup, it is a very high percentage fall, BUT (there's alway a 'but' hehehe) the position size is small. MLX has been a shit performer for a long time, and I think right now the way it's behaving, someone is attempting to kill the fuvkker.
A couple of other observations;
a) it is quite a common thing my calls are out by around 3 days thereabouts.
b) The very high volume indicates a turning point after such a long run down period.
c) I'll give it to weeks end, if it keeps falling I dump the shitter.
d) the intraday price action to me looks like deliberate manipulation to tank the stock so I'm suspecting a bounce.

But I am surprised how the volume has errupted recently.
 
themickey said:
Listed on ASX, EVO is opening in a minute, Evolve Education manages NZ early childhood centres. Large volume increase yesterday, I was watching it build throughout the day. That's the only drawcard seen, there is no news about anything pending other than old news on directors rotating and some given the heave ho.
This sort company does nothing for me as an investor, not interested in holding or accumulating, my preferences lay in mining companies. EVO is losing money as a business.
Taking a quick stab, in and out I assume over a few days if it runs. Should it not run will still bale out.
EVO looking at chart has been listed 5 years and constantly fallen the whole period.
Not taking a large position, just $3k will do it, as mentioned am not in love with this type stock, I have been burnt before on listed Education providers but just taking the trade like I would target practice, keep my eye in and because the price action offers the temptation. My experience is often the most unlikely stocks run so am not ruling out on any future for this trade - I don't like it but I will take it. Note: should price gap up too much on open I will abort.
Bottom fishing ideas in this thread is not a recommendation for anyone.
I will edit in a few minutes my entry price if actioned.
I will post at a later date the exit.
In at $0.1075.
View attachment 209295
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Just exited several minutes ago, average sell price $0.142,
30% profit after fees.
 
End of year roundup:
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My experiment with bottom fishing penny stocks is basically a failure on a short term perspective, was hoping for quicker profit results. (Brokerage fees are already factored in to results above).
The problem is, and something I was not aware of, many pennys run up on reasonably large trades which are then quickly pulled. This appears to be a consistent scenario.
I had created an algo called SA2 and traded pennys using quite small position sizing but the results were dismal, so have discontinued with this.
As well, in a strong market, pennys tend to underperform, so the timing is not good.
I did a backtest recently which indicated large cap stocks are the least volatile and have the best returns.
 
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