3SOF

GNBT positive MACD crossing the zero line on the daily chart.
Positive MACD on the 5 minute chart but 1 minute stochastics overbought right now.
at least 2.5% above the open with a possitive net price.
Broke above the 15 minute opening range.
Will volume be higher than yesterday's.
So far, time and sales is showing lots of green with some blocks showing up.

GNBT 1 minute stochastics now on oversold condition.
!5 minute opening range
High = 1.92 (support)
Low = 1.80 (support)

I'm planning to put in real money in GNBT today.
Potential wolfe wave  on the 1 minute chart.

I have a long postion at 3.13 which I entered as a daytrade but ended up being an investor in GNBT when I did not respect my 3.03 exit. (That was a few years back already)
If this tanks towards the lower trendline that I have drawn with a momentum low volume - most likely I'll get in as a daytrade - hopefullly this time I'll stick to it.
If it doesn't go down and go up instead - I'm looking forward for GNBT to go past $3 for my long position. May hold it close to the analyst's target.

Most of the time, hindsight is better.

The third push for the low looks like 1.97 (where the move towards the end was accompanied by Big volume outside the lower Bollinger band on the 1 minute chart.)
The higher high would have been the signal and the bid would have been at the previous high of 1.98.
Stop loss on 1,000 shares would have been at 1.88.
Oh well.
I guess I missed my entry.
I'll just have to wait for another set up.

For my longer term position.
Current daily volume is almost exceeding yesterday's volume  with a daily higher high (and we still have few hours to go.)

Most recent price action.
5 minute candle just closed above the 15 minute opening range.

With recent huge gains, RSI 2 has peaked over 90.

Short-term, price may not indicate BUY until RSI 2 falls back below 30.

Hi Livelife,

Nice to see you're using RSI(2) also.
So far, volume is decereasing as price is decreasing even wit the options expiration.

Ares

With large recent increase in price with volume, people wanting to lock in profits is anticipated.  As RSI 14 and RSI 2 charts indicate, price anticipated for further drop.

10 MA continuing up.

Watching for entry point as RSI 2 is below 30.

Using the high as 2.14 and the low as 1.26, this is what I got for the Fibonacci retracements.

0.382 = 1.80
0.500 = 1.70 With RSI(2) below 30.
0.618 = 1.59

I added a comment on the side of the chart.
I'm not sure if that is a true FTT.
Looking forward for comments from 3SOF members that are familiar with the Jack Hershey Method. (The most recent method I'm trying to learn).
http://www.3stocksonfire.org/trading/index.php?topic=8896.msg101019#msg101019

Ares,

If you look at the RSI 2 chart, RSI just hit below 30.  Daily volume is still healthy and above the 3 month average volume of recent weeks.

I believe GNBT will drop short-term but regain as RSI 2 bottoms.   

It looks like 1.70 may be support now.
Looking forward for the RSI(2) to bottom at this level while a shorter daily candle is produced.
I'm looking for a daily higher high to confirm this support.
Hope it doesn't gap up for those that are still looking to enter GNBT.

RSI 2 signalling BUY with increase in volume.

Hi Livelife,

Nice Techinical follow up on GNBT.
Have sellers dried up already?
Would yesterday's action be the first rising volume?
We also have a reversal candle with it.
So far, there's no activity in the pre market in GNBT.
Generally, this would not be in my radar as a day trader.

Ares