Can yall help me break down this chart movement?

[Bad_Badness]

It is a 1 minute chart. Don't read too much into it. You can only do so much in a minute trading or a minute chart.

It is just a chart of more sellers than buyers, until the selling pressure eases. It looks clear, maybe cause and effect, and maybe because it looks clear cut, perhaps repeatable. But it is more of "see Jesus in a grilled cheese sandwich" type situation. 1 minute charts are often better for entry-exit than setups.

Also, one needs context to even start to make any assumptions, let alone develop a premise, and then a conclusion-hypothesis, and then even come up with some actionable information, and then yet even more to make a tradable plan.

Don't try to jump from a small, single stock chart, without context, on a phone screen, to a tradable-actionable plan. It is too much of a leap to be reliable trading. It is more roulette.

Trying to be helpful, here is what I would look at to JUST BEGIN to filter out a single stock chart as useable.
1) a 5-minute chart going back 2 weeks. Ignore the 1 minute for now.
2) A chart of the volume with a MA.
3) a Daily chart going back 1-2 years, with Volume and Volume MA.

I would want to see the following to make this even worth examining:
1) Daily ave volume above 250K. Price above 6.00. Otherwise too easy to push around.
2) A move that is accompanied by a volume at least 1.5X above the 5 min 20 EMA VOLUME bars
3) On the daily see several similar patterns, which show on the 5 minute.

Hope that helps.

PS: I don't do much of the "find a single stock, find a pattern, filter the pattern, find a tradable setup, place an entry, manage an open position. Trading anymore. A fair amount of time and work, for sort of a "one off" situation.

 

[MacBookProHo]

if anyone here is making millions, they are also keeping their skills a deep dark secret

The truly wise and successful don't make public calls, but rather speak vaguely, collectively, about the greater picture of the process of trading.
Anyone who talks, technically, specifically, how to bake muffins....isn't a master baker, but a very average, dull, uneventful one.

 

[MacBookProHo]

If someone is making millions, I don't think they will be on ET.

They will be busy doing something else. LOL

That's a common myth that all successful/rich people.....are Constantly playing golf, on a yacht, or on a vacation somewhere, or are eating lobster and champagne. and they all wear Rolexes, and have beautiful teeth and dashing eyes and glowing skin and clothes. That's the TV and movie, and 90's image of success.

I'm sure ET has housed its fair share of millionaire traders who look and speak plainly. But they are very, very, rare amidst a sea of weirdos, and cattle and sheep and zombie traders galore.

 

[TheDawn]

That's a common myth that all successful/rich people.....have beautiful teeth and dashing eyes and glowing skin and clothes. That's the TV and movie, and 90's image of success.

That's still "look and speak plainly". Ever since when you have to have yellow teeth and crooked eyes and saggy skin to speak plainly? LOL And ever since when having "beautiful teeth and dashing eyes and glowing skin" is not considered to "look plainly"? If a person who has all that still looks plain, he/she still looks plain to me.

I'm sure ET has housed its fair share of millionaire traders who look and speak plainly. But they are very, very, rare amidst a sea of weirdos, and cattle and sheep and zombie traders galore.

I dunno. I doubt it. ET might have former (possibly current) institutional traders the way that some of them talk so they might have made millions or are making millions for the institutions they worked or are working for but individually, we dunno.

 

[JackMorgan]

Et has many institutionalized traders . Yes, you nailed it

 

[M.W.]

Utter nonsense. Situations like this are incredibly rare. The move was perfectly tradable which almost never is the case, ignoring availability or the lack thereof of share borrows. Take another look and point to a few stocks in the past weeks or so that were not penny stocks and lost so much within a single trading session, not via a huge gap down but very tradable momentum and with such magnitude.

It is a 1 minute chart. Don't read too much into it. You can only do so much in a minute trading or a minute chart.

It is just a chart of more sellers than buyers, until the selling pressure eases. It looks clear, maybe cause and effect, and maybe because it looks clear cut, perhaps repeatable. But it is more of "see Jesus in a grilled cheese sandwich" type situation. 1 minute charts are often better for entry-exit than setups.

Also, one needs context to even start to make any assumptions, let alone develop a premise, and then a conclusion-hypothesis, and then even come up with some actionable information, and then yet even more to make a tradable plan.

Don't try to jump from a small, single stock chart, without context, on a phone screen, to a tradable-actionable plan. It is too much of a leap to be reliable trading. It is more roulette.

Trying to be helpful, here is what I would look at to JUST BEGIN to filter out a single stock chart as useable.
1) a 5-minute chart going back 2 weeks. Ignore the 1 minute for now.
2) A chart of the volume with a MA.
3) a Daily chart going back 1-2 years, with Volume and Volume MA.

I would want to see the following to make this even worth examining:
1) Daily ave volume above 250K. Price above 6.00. Otherwise too easy to push around.
2) A move that is accompanied by a volume at least 1.5X above the 5 min 20 EMA VOLUME bars
3) On the daily see several similar patterns, which show on the 5 minute.

Hope that helps.

PS: I don't do much of the "find a single stock, find a pattern, filter the pattern, find a tradable setup, place an entry, manage an open position. Trading anymore. A fair amount of time and work, for sort of a "one off" situation.

 

[murray t turtle]

If all that stuff worked , you'd be a billionaire in a week.

Am You ?

%%
LOL, no but my goals never included a billion net[Not that i would post it if i did hit it]
AS far as commenting on a tech co that dropped in one day from $42 to $5, i leave that one to you.
Someone want another concrete illustration down tech sector ?? ORCL down again\ still down below 200 day moving average. The dirty little secret is Millionaire Mind[dr Stanley book] has a lot of ways to make a million \few or none by daytrading. Don Bright daytrading Co had one/ so it could be done.
You think that guy that did make a million net by selling 'pet rocks'' would admit it?? i dont know, depends on his personality.....