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Posted On: 03/03/2017 12:23:59 PM
Post# of 75043
You're right, it's a real mish mash to try and apply any logical reasoning to. I'm sure that's why brokers avoid pennies like the plague! lol I also agree with your expectation, because I shared it.
Like you, I thought it would at least break through the resistance at .16 before correcting, but anyone, especially a MM intent on trying to pull the rug out from under that expectation, could easily do it as soon as the volume relaxes just a little. They'll even throw low bids and then help hit em to trip up the ask slapping. Hard to get around that.
If I wanted to accentuate the sell off response, I know that's what I'd do. Stop the climb ahead of any likely expectation to trigger immediate selling from those who were just in it for some quick profit. Weak hands will follow. It's a real feeding frenzy! lol
Like you, I thought it would at least break through the resistance at .16 before correcting, but anyone, especially a MM intent on trying to pull the rug out from under that expectation, could easily do it as soon as the volume relaxes just a little. They'll even throw low bids and then help hit em to trip up the ask slapping. Hard to get around that.
If I wanted to accentuate the sell off response, I know that's what I'd do. Stop the climb ahead of any likely expectation to trigger immediate selling from those who were just in it for some quick profit. Weak hands will follow. It's a real feeding frenzy! lol
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