POT…back on the wagon?

This trade is playing out more or less as an extended daytrade. Now I have daytraded this stock, with about as much success as I have in this trade. Partly the reason for trading this issue as a swing trade was to see if it made anymore sense than the daytrades…the short answer is not really.

The stock is volatile, with periods of drifting lower volatility, only to reverse on little or no warning and move very fast.

The only way to daytrade/swing trade this stock is with a pretty wide stop, or numerous entry/re-entry and lots of commissions.

$210 sort of looks a bit like $160 did way back when. Therefore I am [hoping] that if $210 is broken there might be another dash upwards. That would reward me nicely, but we’ll have to wait and see.

In summary, I have no idea where this goes, technical analysis has no idea, and the fundamentals at this price are horrible, but, I’m hanging in there.

 

Unfortunately…

I’m still in this trade.
I had a SELL order at $210 for one third of the position, that missed triggering by $0.01

The volatility certainly picked up today, with a substantial move lower. Was I a happy chappy? No, not particularly, but I’ll stick with the trade regardless.

 

Dow Jones…Friday 16 May

Well everything looks sort of bullish.

 

POT…closing comments

Well, still slowly jogging up the price chart.
Also, the KAGI chart has triggered a BUY signal.

I have added a “THREE LINE BREAK” chart. I have found nothing to explain the rationale behind this currently, I’ll break out some books later to see if I can find a reference/interpretation. Of course if anyone already knows…feel free to enlighten me.

Otherwise, I’m still in the trade, I felt pretty positive with the weak market today, and strength being displayed in the issue.

 

POT…closing comments

Well all three varients. Notice that the KAGI still has not confirmed the move, while the RENKO is approaching a double top’ish in white boxes.

As I’ve sat in this trade for some time over a week now, I’m hanging in there. I was sorely tempted to take my profits and just close out the trade as it has been so frustrating, and I may regret trying to be greedy…

 

Come on POT…

Come on POT you little beauty!

 

POT…closing comments

Well…up/down/up/down, nothing much except churn at the moment. Hasn’t gone low enough to stop out the trade, hasn’t gone high enough to take money off the table.

Boring.

I suspect, right at the point of maximum boredom, it will do something magnificent and highly interesting. Until that time comes, don’t hold your breath.

 

POT…closing comments

I have grown quite fond of these Renko charts.

Anyway, POT closed marginally above $200 which is seemingly quite bullish in the short-term. We’ll just have to see how it develops over the next few days.

 

POT…closing comments

Now according to this Kagi chart, no buy signal has yet been issued. Certainly from the choppy action on Friday, my heart rate can attest to that, I was about $0.50 from pulling the plug on the LONG trade.

However, by my fingernails, I’m still in it.

 

POT…closing comments

POT bounced hard off of my support level, probably $2.00 higher than expected, let it retest, and then reversed. I am now looking for $210+ which was the last high.

Should POT break through, it could well run quite hard before pulling back some.