BDCO

[saffeysite1]

Don't have time to put up chart.  This stock is hot with oil back in play.  Has potential to go to $5 or even $6 in the next two months, if oil prices keep at these levels.

[Weightlifter]

If this stock clears $4.92,then it should take off for real,just need one down day to set up.

[David Randolph]

BDCO was on my short list on Monday. I see that today she's pulling back, maybe it will fill the  gap? Support at $3.20.

[saffeysite1]

Made a nice pullback today.  Got in @3.28.

[setravis]

http://stockcharts.com/def/servlet/SC.web?c=bdco


Ready for next leg up!
Looks like oil is the right place to be this summer.

[fill_the_gap]

Trying to sort the best in the arena to hold.

May add BDCO next week.

[setravis]

Heating up in the pre market 

[Melf Elf]

Heating up in the pre market 

It opened at 2.75.  I put a limit order in at 2.86, All or None.  It's tough getting those orders filled in these low-priced stocks.  They move the price away from you.   
BDCO currently is 2.86 BID...2.90 ASK

I like the chart.

[Melf Elf]

[quote}  I put a limit order in at 2.86, All or None.  It's tough getting those orders filled in these low-priced stocks.  They move the price away from you.   
BDCO currently is 2.86 BID...2.90 ASK

I like the chart.

I didn't get filled at my $2.86.      I was trying to set up a nice 1:3 risk/reward, but they wouldn't let me have it at my bid.  It closed up 13.55%.  Good luck to those of you who are long, and nice job!  I like that chart.

[Melf Elf]

I didn't get filled at my $2.86.      I was trying to set up a nice 1:3 risk/reward, but they wouldn't let me have it at my bid.  It closed up 13.55%.  Good luck to those of you who are long, and nice job!  I like that chart.

Okay, let's try this again.  I have a bid in at $2.92 All Or None.  BDCO currently is $2.92 BID ... $2.96 ASK.  I'm probably putting  a floor under today's selloff in the stock, and won't get filled, like yesterday. 

[Melf Elf]

 
Okay, let's try this again.  I have a bid in at $2.92 All Or None.  BDCO currently is $2.92 BID ... $2.96 ASK.  I'm probably putting  a floor under today's selloff in the stock, and won't get filled, like yesterday. 

Hey, they relented, and filled me $2.92!     I'm not sure if that's a good thing or not. 
My stop is a CLOSE or obvious late day tank below Monday's trendline validation at 2.70.  Risk is 7½% loss.

[[email protected]]

any opinions on the next leg ? up or down ?

[nikao]

hmm nice triangle.. but where will it go?

the 20d MA has been resistance the last few days, can we prodict the direction of the break out based on if the 20MA resistance will hold or not?

[Melf Elf]

hmm nice triangle.. but where will it go?

the 20d MA has been resistance the last few days, can we prodict the direction of the break out based on if the 20MA resistance will hold or not?

Hi, Nikao, and welcome to the board!

BDCO definitely needs to take out the 20 MA.  The dotted green down trendline is just above that level.  As far as predicting, that's always difficult.   I go with "expect patterns to resolve in the direction of the trend."  The trend is up.  The 50 DMA is at 2.55.  The 200 DMS is at 1.77 (see Creepus' chart).  Those are in their proper sequence, and the stock closed at 2.86, above both.

Based on that and the overall chart, I view it as "take your best shot,'' and try to set up a good risk/reward trade.  I tried to get it for $2.86....ended up paying $2.92...and could have had all I wanted at $2.86 when the darned thing sold off yesterday to $2.80.     So, my risk is a little more than I originally hoped for.  I stand to lose 7½%.

My stop is below the recent low of $2.70.  That also would take out the up trendline, which has been validated as support.  If that gets taken out, I want out of the stock.  On the upside, if BDCO can take out the dotted green down trendline, it should head back to the top of the Symmetrical Triangle (thick green down trendline), currently near $4.28.  That would be a reward of 46% if I held it that long.  Risk/Reward ratio: 1:6. 

Using that example, if you set up your trades like that, you can lose 7½% on six trades, and win only 1 trade at 46%, and even though your winning percentage is a lousy 14.3% and your losing percentage of trades is a whopping 85.7%, you haven't injured yourself.  You've broken even.

Good luck with all of your trades.  I give you an applause to encourage you with learning TA.

EDIT: Creepus gets applause, too, for his chart.  Welcome to the board!

[nikao]

hmm nice triangle.. but where will it go?

the 20d MA has been resistance the last few days, can we prodict the direction of the break out based on if the 20MA resistance will hold or not?

Hi, Nikao, and welcome to the board!

BDCO definitely needs to take out the 20 MA.  The dotted green down trendline is just above that level.  As far as predicting, that's always difficult.   I go with "expect patterns to resolve in the direction of the trend."  The trend is up.  The 50 DMA is at 2.55.  The 200 DMS is at 1.77 (see Creepus' chart).  Those are in their proper sequence, and the stock closed at 2.86, above both.

Based on that and the overall chart, I view it as "take your best shot,'' and try to set up a good risk/reward trade.  I tried to get it for $2.86....ended up paying $2.92...and could have had all I wanted at $2.86 when the darned thing sold off yesterday to $2.80.     So, my risk is a little more than I originally hoped for.  I stand to lose 7½%.

My stop is below the recent low of $2.70.  That also would take out the up trendline, which has been validated as support.  If that gets taken out, I want out of the stock.  On the upside, if BDCO can take out the dotted green down trendline, it should head back to the top of the Symmetrical Triangle (thick green down trendline), currently near $4.28.  That would be a reward of 46% if I held it that long.  Risk/Reward ratio: 1:6. 

Using that example, if you set up your trades like that, you can lose 7½% on six trades, and win only 1 trade at 46%, and even though your winning percentage is a lousy 14.3% and your losing percentage of trades is a whopping 85.7%, you haven't injured yourself.  You've broken even.

Good luck with all of your trades.  I give you an applause to encourage you with learning TA.

EDIT: Creepus gets applause, too, for his chart.  Welcome to the board!

thanks for the reply and your information on your setup. I was planning to wait for the break of the resistance of the triangle to step in, and have that line also as the stop loss as the resistance has to become support or else it would be a false break out. This way the risk is very low and the reward still nice as I also have 4.28 as target

one more question: Do you watch intraday and step in as the stock breaks the resistance on the intraday chart, or do you wait for a close price to break the resistance?