Over the last couple of weeks I've sold TIDE.OB and AMEP.OB. I'm still left with SKPI.OB and AVLN.OB in the oil micro cap space, both showing nice gains (35 and 20%, respectively) on the 3 Stocks on Fire Portfolio.
It came to my mind I should buy something on this space for the 3 Pennies on Fire Portfolio, and CWPC.OB passed my exploration and filter. This stock is truly trending higher as you can see on the all history chart below.
Over the short term, the stock made a big push and then retraced to the 61.8% retracement level, and now is pushing higher again with volume above average.
There has been some significant news but I won't go deep into them in detail, I believe TA works very well, so I'll stick to it.
Here's the simple trading plan: buy CWPC.OB at the open and the safety net is a close below the 61.8% retracement which stands at about $0.76. The reward is that the uptrend continues to a new all time high above $1.35 (which would trigger a technical target of $1.94).
(This recommendation was made by David Randolph from 3 Stocks on Fire. 3 Stocks on Fire is a Community of stock traders and investors. Our 2814 members change trading ideas and strategies on our message boards everyday. We welcome you as a new member of the 3 Stocks on Fire Community, please take 10 seconds to register (http://www.3stocksonfire.org/trading/index.php?action=register) and receive our free newsletter)
I would be careful about skpi.This stock has all the earmarks of a scam.
Nevada corp,not friendly to shareholders
Has changed names 3x in a short period of time
The gas companies that work with shells should have a red flag pop up in your mind
An Alberta connection,most scams are connected thru Nevada with California lawyers,
an Alberta connection and off shore buyers.
The stock immediately goes on the German stock exchange
It has naked shorting.
This stock qualifies in every aspect
You are also at a price that is extremely dangerous.jmo
NyGuy
Hi there,
I think NyGuy is correct here. There are no financials reported anywhere on this company. This is not a good investment, no matter what the chart says.
TM
Quote from: maciagt on August 17, 2005, 02:52:37 PM
Hi there,
I think NyGuy is correct here. There are no financials reported anywhere on this company. This is not a good investment, no matter what the chart says.
Sure there are financials if you mean CWPC http://tinyurl.com/dyarn
And sometimes trades are rmade only on charts as a techical trade where financials are not used. Depends on style and holding period.
cwpc chart update, I will hold this one:
CWPC.OB is an easy play:
1) The stock has a very important support at $0.75, it was a long term resistance level and now it's also the 61.8% Fibonacci retracement level. A bull doesn't want to see this stock close below that level and continue holding.
2) If we just had a pullback, a correction, and the bull trend is still in place, we'll eventually go higher and make a new all time high. The technical target of that hypothetical breakout would be $1.35-$0.75=$0.60+$1.35=$1.95, and that's where I'll take profits.
Risk = 20% Reward = 112%
(thanks for your posts on SKPI.OB, I'll build a safety net on the stock at the next update, don't want to lose all of my 35% open profit)
Considering yesterday's candlestick it is possible some correction takes place on CWPC.OB over the short term. I could have sold yesterday by the close and then try to buy back it later at a lower price. But I believe one ends up losing more than winning, over the long run, with that attitude.
Trading in penny stocks involves high risk and high rewards. One needs to stand the risk to collect the reward. So I'm not worried if I have to sell this or any other stock at a loss, as long as I'm following a sound trading plan.
My trading plan to follow is very simple on CWPC.OB and I won't change it. It is written on the prior analysis.
My comment was pointed toward SKPI
NyGuy
Yes, I'm aware of it NyGuy, thanks for your thoughts on SKPI.OB, there's a thread about that stock on the 3 Stocks on Fire Board.
Regarding CWPC.OB, looking at the short term chart it looks like a correction is coming, but considering the all history chart it's easy to recognize the trend is very bullish and probably higher prices are coming.
But it doesn't matter, since I have a simple trading plan to follow:
1) Sell with a profit at $1.94
2) Sell with a loss if the stock is set to close below $0.75
Nothing has changed from the prior session on CWPC.OB, just trade the plan:
Quote from: David Randolph on August 22, 2005, 06:43:27 AM
But it doesn't matter, since I have a simple trading plan to follow:
1) Sell with a profit at $1.94
2) Sell with a loss if the stock is set to close below $0.75
Up 17% today so far. ;D
The company issued a FORM SB-2 to issue 22,595,750 new shares yesterday after the close, that's why we got an 8.4% fall after hours.
I guess a big part of this was already expected, since it comes from conversion of notes payable and warrants.
Anyway, prior to this the number of shares outstanding was 61.84M, so it will rise to 61.84M+22.60M = 84.44M. The market cap, which was 66.17M at yesterday's close of $1.07, to be the same after this operation the price needed to be $0.84.
So I expect some fall for today's session in CWPC.OB. But this doesn't make me change my trading plan, which is:
Quote1) Sell with a profit at $1.94
2) Sell with a loss if the stock is set to close below $0.75
CWPC.OB was a positive surprise yesterday, given the news. I'll keep the stock and continue to follow the plan.
Mr. Randolph
I'm making money with you here and with VPHM. Since you never heard of EF Hutton you probably never heard the expression the bee's knees. But you are! Ever there's anything I can do for you, let me know.
Prfsr Hal
Quote from: Prfsr Halhalack@ea on August 25, 2005, 07:09:59 PM
Mr. Randolph
I'm making money with you here and with VPHM. Since you never heard of EF Hutton you probably never heard the expression the bee's knees. But you are! Ever there's anything I can do for you, let me know.
Prfsr Hal
Lol, never heard of it :D Thanks for your kindness Prfsr Hal.
Wow, great day on CWPC.OB. We've had some news during the session yesterday:
CanWest Petroleum Corporation: Significant Acquisition, Athabasca Oil Sands-Alberta, Canada (http://www.marketwatch.com/tools/quotes/newsarticle.asp?siteid=mktw&sid=1879891&guid=%7BD0983C64%2D66CB%2D4BAF%2DBE11%2D889D702CCAF3%7D&symb=)
If we get a close above $1.35 today or over the coming week we get a powerful technical setup with a technical target of $1.95. That's where I'll be looking to take profits ... but first we need that close above $1.35, we'll see.
QuoteIf we get a close above $1.35 today or over the coming week we get a powerful technical setup with a technical target of $1.95. That's where I'll be looking to take profits ... but first we need that close above $1.35, we'll see.
And we got it, a close above $1.35. The technical target of this breakout is $1.95, and I'll be looking to take profits on this position around that level. I wouldn't like to see CWPC.OB close again below $1.35, that would signal a false breakout has occurred.
I don't know, the volume being lower on this advance phase than on the previous one is a signal that this rise lacks some buying power ... we shall see, maybe another white marubozu on Monday with volume higher than 3.5 million shares dissipates my doubts. The updated trading plan is as follows:
1) Take profits at the technical target of the breakout: $1.95
2) Take profits if the stock closes again below $1.35 (that would mean we've had a false breakout, and that's bearish behavior)
Awesome chart on CWPC.OB :o
Well, you know my plan:
QuoteThe updated trading plan is as follows:
1) Take profits at the technical target of the breakout: $1.95
2) Take profits if the stock closes again below $1.35 (that would mean we've had a false breakout, and that's bearish behavior)
It looked like it was about to close at 1.35 today, so maybe I took your word too literally. I sold at 1.38. Hoping I didn't act prematurely. Do you think the ride continues? Shall I undo what I done and get back in?
prfsr Hal
Quote from: Prfsr Hal on August 30, 2005, 09:49:44 PM
It looked like it was about to close at 1.35 today, so maybe I took your word too literally. I sold at 1.38. Hoping I didn't act prematurely. Do you think the ride continues? Shall I undo what I done and get back in?
prfsr Hal
If you've sold, you've sold, I hope you've made a nice profit ;) I already had some headaches for not following my plans until the end, so I will wait for CWPC.OB to decisively close below $1.35 to sell (or else, at the $1.95 technical target).
I would wait for the next penny pick, maybe tommorrow ... I wish you good trades prfsr Hal :)
I've came now to see if I had to sell something by the close and saw the sell off CWPC.OB had and the subsequent recovery. As I see it now, the stock came down to touch the ascending trendline on the chart above and now it is ready to make an attempt at new highs.
This is why I don't usually trust intraday technical signals, only signals on close have any meaning.
I'll keep on holding CWPC.OB, hoping to sell it at the technical target of $1.95.
Hi David
Seen where their's been some insider buying of TIDE @ .94.Do you think maybe it might be going back up.It was Director,Carl Hessel,80,000 shares .
wrangler 8)
I had this plan on CWPC.OB:
Quote1) Take profits at the technical target of the breakout: $1.95
2) Take profits if the stock closes again below $1.35 (that would mean we've had a false breakout, and that's bearish behavior)
So I've sold the stock on Friday at $1.30. I don't know if I did well, since we still have an ascending trendline in place, but it's done according to what was previously planned.
Let me put this on the closed trades section, I'm sorry I took so long to do it.
I would leave it alone Goldmaster, the trend is bearish now.
I've gotten back into this at 1.50 and again at 1.90.
I'm replying to myself here, but this baby is cooking!
maybe time to look at the pup again,
1. broke downward short term channel to the upside.
2. nice hammer yesterday and confirmation today
3. stochastic ticks up from oversold.
4. rise above EMA9 = 1.83
5. upper BB = 3.21 , +70% from current price at 1.88
what do u all think? anyone know if i can download annotated chart from stockcharts.com for free?
thanks all and good luck
moving 8)
bid 2.06 ask 2.07
sell target: 3
dilution coming
http://biz.yahoo.com/bw/051026/265395.html?.v=1
sold at $2, gained 21% , may enter again once dust settles.
good luck all! :)
This one is taking a nice move up today.
Moving back through the 50-dma
Volume: 3,043,237
Avg Volume (3m): 2,164,780
Has made a Breakout from this Ascending Triangle (continuation) Pattern
at the end of December.Having a nice follow through.
Support @ $2.55...2.40...2.17
Resistance @ $3.13
Volume: 2,101,151
Avg Vol (3m): 1,759,020
Technicals
MACD is Bullish
Percentage Gainer
Last Price Quote is:
19.77%above 13-day EMA
88.58%above 50-day EMA
Changed Ticker Symbol.......
CWPC.OB is no longer valid. It has changed to "BQI"
Now she trades on the AMEX !
I will leave you Friday's closing chart while I'm in this thread.......