Commander,
I see you're using a 5-minute chart. That would be good if your holding period, minimum to maximum, was only going to be 1 to 10 minutes. The general rule is you want to look at charts that span your time horizon. If you want to day trade, then look at the short charts (in real time). If you are holding for 1-3 days, then look at the 60 minute, the daily and the weekly. If you are looking to hold intermediate term, then look at the daily, weekly and monthly, etc. I don't see how you find "buyers showing up" today, since it was down 3% on less than average volume. It seems to me that sellers were showing up.
In general if you want to see intraday (assuming you are willing to hold this over the course of a few days to get your profits), I don't think anything shorter than 30 minutes gets you anywhere. Here's your chart in 30 minutes:
stockcharts.com[h,a]faclyiay[pb10!b50!b200!f][vc60][iut!Ub14!Lh14,3!Lf]&pref=G
Bad looking chart, and today's action is all underneath the volume line: not good.
Could it bottom here, right now? Yes. What are the odds? Not good.
The 60 minute chart tells the same story.
stockcharts.com[h,a]eaclyiay[pb10!b50!b200!f][vc60][iut!Ub14!Lh14,3!Lf]&pref=G
Remember, it's always a good idea to buy low.
Kb |
