Todays Doji closed on Pivot Point's Resistance 2 (R2)
See chart below
Click link if you cant see image
http://i.imgur.com/kvsjlP0.png
Look in the circle.
Arrow 2 points at todays close; a doji.
Arrow 3 points at R2 for 3/10/2016.
The close for today is not what caught my eye. Neither is the doji, as dojis occur quite often and don't always indicate 'magic in the making'. What caught my eye was that todays R2 was set at .003 and todays close, a doji, closed at the same level of .003. That, in my opinion, is important enough not to ignore.
Using candle charts with pivot points isn't something I just made up in order to waste our time. One word that comes to mind when discussing pivot points is 'reversal'. This is what I look for; indications of a possible reversal in trend. You see, when I (notice I said 'I', this is my opinion and not investment advice) look at a chart, I'm not necessarily looking for where we are. I want to figure out where we're going to be in 'X' amount of time.
From what I gather, strictly speaking from a chartists perspective (and doesn't include variables such as PR's etc), I don't see us breaking .0036 tomorrow and ill tell you why. First off, on March 2nd I mentioned in a post that I believed a pullback was imminent and we wouldn't break .0024.
Quote from my post #193
Notice image below:
Click link if you cant see image
http://i.imgur.com/ESBL4uh.png
March 2nd is when I concluded a pullback was imminent and notice what happened for the next four days; pullback. Now, some might be thinking I have a De Lorean time machine and went into the future to ascertain this information, but in reality, all it was is simple chart reading. And although some people didn't like that I posted about a possible pullback, notice where we are now:
Prior to pullback: Close at 0021
After pullback: Close at .003
Notice how pullbacks can be healthy for a stock. By having red days, it allows a chart to reset. It allows sellers who want to sell, to get out; and it allows buyers who want to buy, to scoop up those sold shares. And what is important to remember is that, while I am invested in SCIE, don't think all of my posts are going to be butterflies and rainbows. I'm not here to pump or bash. I'm here to say it how I see it.
In the same manner then, this .003 doji indicates to me (notice I said 'me', this isn't investment advice), that a pullback is going to occur again; and I hope it does because I am long in this company.
What makes this chart difficult to interpret is that this isn't just a simple .003 doji. It closed on R2 today (pivot point). One part of me is thinking we may reach .0036 tomorrow due to an elevated level of excitement; which is great because investor interest is what drives the market. On the other hand, surpassing .0036 on March 11th would need an extraordinary amount of support. Is it possible? Sure it is. Do I want it to happen? No. Closing between .0021 - .0029 would be great as a means to keep this chart from being overbought. That RSI must drop prior to the 10-K (my opinion). Anytime between next week through the 24th of March could be a great time to reach .0036 - .004 in my book. But until then, I'm hoping for a conservative close tomorrow simply because of what happened on March 2nd. We close high, slight pullback, then skyrocket. Repeat this process over and over, and we'll be at a penny in no time.
See chart below
Click link if you cant see image
http://i.imgur.com/kvsjlP0.png
Look in the circle.
Arrow 2 points at todays close; a doji.
Arrow 3 points at R2 for 3/10/2016.
Quote:The values for pivot points change every day. They use previous prices to determine todays levels of support and resistance. We had absolutely no problem surpassing Resistance 1 (R1) and its not even the middle of the trading day yet and we already went above Resistance 2 (R2). Any price ABOVE 'P' shows strength, so in my opinion, at least for today (because these values constantly change), the chart shows very good strength.
The close for today is not what caught my eye. Neither is the doji, as dojis occur quite often and don't always indicate 'magic in the making'. What caught my eye was that todays R2 was set at .003 and todays close, a doji, closed at the same level of .003. That, in my opinion, is important enough not to ignore.
Using candle charts with pivot points isn't something I just made up in order to waste our time. One word that comes to mind when discussing pivot points is 'reversal'. This is what I look for; indications of a possible reversal in trend. You see, when I (notice I said 'I', this is my opinion and not investment advice) look at a chart, I'm not necessarily looking for where we are. I want to figure out where we're going to be in 'X' amount of time.
From what I gather, strictly speaking from a chartists perspective (and doesn't include variables such as PR's etc), I don't see us breaking .0036 tomorrow and ill tell you why. First off, on March 2nd I mentioned in a post that I believed a pullback was imminent and we wouldn't break .0024.
Quote from my post #193
Quote:Great day today. We hit resistance at .0024 and closed just below it. From the chart, we see we closed in the lower portion of the candle rather than near the high price of the day which means more than likely we will begin to experience a healthy pull back for the next several days .
Notice image below:
Click link if you cant see image
http://i.imgur.com/ESBL4uh.png
March 2nd is when I concluded a pullback was imminent and notice what happened for the next four days; pullback. Now, some might be thinking I have a De Lorean time machine and went into the future to ascertain this information, but in reality, all it was is simple chart reading. And although some people didn't like that I posted about a possible pullback, notice where we are now:
Prior to pullback: Close at 0021
After pullback: Close at .003
Notice how pullbacks can be healthy for a stock. By having red days, it allows a chart to reset. It allows sellers who want to sell, to get out; and it allows buyers who want to buy, to scoop up those sold shares. And what is important to remember is that, while I am invested in SCIE, don't think all of my posts are going to be butterflies and rainbows. I'm not here to pump or bash. I'm here to say it how I see it.
In the same manner then, this .003 doji indicates to me (notice I said 'me', this isn't investment advice), that a pullback is going to occur again; and I hope it does because I am long in this company.
What makes this chart difficult to interpret is that this isn't just a simple .003 doji. It closed on R2 today (pivot point). One part of me is thinking we may reach .0036 tomorrow due to an elevated level of excitement; which is great because investor interest is what drives the market. On the other hand, surpassing .0036 on March 11th would need an extraordinary amount of support. Is it possible? Sure it is. Do I want it to happen? No. Closing between .0021 - .0029 would be great as a means to keep this chart from being overbought. That RSI must drop prior to the 10-K (my opinion). Anytime between next week through the 24th of March could be a great time to reach .0036 - .004 in my book. But until then, I'm hoping for a conservative close tomorrow simply because of what happened on March 2nd. We close high, slight pullback, then skyrocket. Repeat this process over and over, and we'll be at a penny in no time.
1
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ALL OF MY STATEMENTS, including but not limited to, POSTS, MESSAGES, PRIVATE MESSAGES, and RESPONSES are OPINION and NOT fact and are for entertainment purposes only. Do your own research and make your own decisions based on your own conclusions.
ALL OF MY STATEMENTS, including but not limited to, POSTS, MESSAGES, PRIVATE MESSAGES, and RESPONSES are NOT advice, and are NOT designed to substitute the expertise and judgment of a professional. It is your responsibility to seek investment advice during all stages of your investments. It is your responsibility to evaluate the accuracy, completeness and usefulness of the information in the above post.
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My posts are NOT investment advice. I am not paid to post.
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It is NOT my responsibility to inform you of my own personal investment decisions.
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The writer of the above post accepts no liability for any damage or loss, however caused, in connection with the use of or reliance on any information, material, products, or services contained on or accessed through any such linked websites.
There is a VERY HIGH degree of RISK involved in trading and investing. Only invest what you can afford to lose.
http://investorshangout.com/Joeys-Investment-Board-91611/
Invite Only
There is a VERY HIGH degree of RISK involved in trading and investing. Only invest what you can afford to lose.
Disclaimer:
As used herein, the terms "You" and "Your" shall mean you, individually, the reader, and each other party on whose behalf you may use the contained information at any time.
All references to "My", "I", and “The writer of the above post” shall refer to the creator of the username Joey68.
Do NOT invest unless you are prepared to sustain a total loss of the money you have invested plus any commission or other transaction charges.
There is a very high degree of risk involved in trading and investing. Past results are not indicative of future returns. I assume no responsibility for your trading and investment results. You should NOT rely on the information in the above post to make any decision or take any action.
ALL OF MY STATEMENTS, including but not limited to, POSTS, MESSAGES, PRIVATE MESSAGES, and RESPONSES are OPINION and NOT fact and are for entertainment purposes only. Do your own research and make your own decisions based on your own conclusions.
ALL OF MY STATEMENTS, including but not limited to, POSTS, MESSAGES, PRIVATE MESSAGES, and RESPONSES are NOT advice, and are NOT designed to substitute the expertise and judgment of a professional. It is your responsibility to seek investment advice during all stages of your investments. It is your responsibility to evaluate the accuracy, completeness and usefulness of the information in the above post.
I am NOT a professional.
I do NOT work for you.
My posts are NOT investment advice. I am not paid to post.
There is no correlation between the number of posts I write per day and your assumed success of a company.
It is NOT my responsibility to inform you of my own personal investment decisions.
It is NOT my responsibility to inform you when it is time for you to buy, hold, and/or sell a position.
I have no control over, and am not responsible for the actions of others who copy, store, edit, change, prepare any derivative work of or alter in any way any of the content provided in my posts.
Errors and Omissions expected. The writer of the above post accepts no liability or responsibility for any errors or omissions contained in the above post or contained within this Disclaimer.
The writer of the above post shall NOT accept any liability for the accuracy or completeness of the information contained in the above post, for any reliance placed by any person on the information contained in the above post, or for any damage or loss, however caused, in connection with the use or reliance on any information contained in the above post.
The above post may contain links to websites owned and operated by third parties. These links are provided for informational purposes only and are NOT endorsed by the writer of the above post. The writer of the above post has no control over the contents of any linked website and bears no responsibility for the accuracy, legality, or content of the external site or for that of subsequent links.
YOU ACCESS ALL LINKS ENTIRELY AT YOUR OWN RISK.
The writer of the above post makes no warranties or representations, express or implied about such linked websites, the third parties they are owned and operated by, or the information contained on these websites.
The writer of the above post accepts no liability for any damage or loss, however caused, in connection with the use of or reliance on any information, material, products, or services contained on or accessed through any such linked websites.
There is a VERY HIGH degree of RISK involved in trading and investing. Only invest what you can afford to lose.
