WJCI oversold stock with hourly chart turning positive

[TheChartGuru]

Another oversold stock with hourly chart turning positive. In 5000 shares at $1.39. Currently $1.39

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[bahroor]

hmmm, usually I can see what you're seeing Frank but this one just doesn't look ready to me yet. I see room for it to drop to at least 1.30 maybe even a few cents lower.
However, I don't have the experience or TA skills you have so I'm probably wrong.. anyway, I hope it shoots up high for you. GL!

[Thierry Martin]

527

[metalheadrr3]

I'm going to watch it tomorrow ... stayed steady at 1.40. If it opens up with some volume I might jump in.

[deerhunter]

ton of volume on that one, if I didnt have my money invested elsewhere, I might look into that.

[bahroor]

I'm going into tomorrow with 80% cash, and I'm not leaving my computer!
Watching this one among a few others..

GL all!

[metalheadrr3]

That would be me every weekday if I didn't have work or school. I can't wait to be done with both. Once I get my own place I'm going to set up a trading room.

[TheChartGuru]

hmmm, usually I can see what you're seeing Frank but this one just doesn't look ready to me yet. I see room for it to drop to at least 1.30 maybe even a few cents lower.
However, I don't have the experience or TA skills you have so I'm probably wrong.. anyway, I hope it shoots up high for you. GL!


Bahroor, I usually wait for a reversal signal before buying a "falling knife". However, support is at $1.30 and it held really well around $1.39 most of the day yesterday. The hourly chart began to look positive with all my indicators curling up. I bought half of my positon at $1.39 and the other half I will buy if it crosses the Pivot at $1.50 or, if and when, it bounces from the S1 at $1.25. It has had lots of volume the last 4 days so most of the Bears are gone. Hopefully, the Bulls will step in today or Monday.

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[TheChartGuru]

Crossed the pivot at $1.40. In another 5000 shares $1.43, currently at $1.43

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[bahroor]

and holding well above 1.40, well done Frank.

[hellostocks]

in at 1.43. whats your exit point TCG?

[bahroor]

I still can't pull the trigger on this one either.... whats wrong with me?!?!

[ub3rn00ber]

My limit filled, im it at 1.40

[discrat]

bahroor,
Your patience will pay off for you. There is absolutely NO reversal signal that has been exhibited by this falling knife. No Hammer, no Doji, or no bullish engulfing pattern. And no constructive bottom basing with sideways movement either.

Part of being a sucessful stock trader is learning to bide your time and letting the play come to you. And not being antsy and rushing in for a trade trying to anticipate a reversal signal.
IMHO the key is to react to the reversal, and not try to predict when it will occur.
This thing looks like it might still have some downside movement below $1.30..
MACD has not begin its curl back upwards which makes me wary of any reversal in the near future.

I will wait til the middle of next week to see if we have began a constructive base at the bottom and then act appropriately.

[Damon]

In @ $1.40 for sh!ts and giggles.

[TheChartGuru]

bahroor,
Your patience will pay off for you. There is absolutely NO reversal signal that has been exhibited by this falling knife. No Hammer, no Doji, or no bullish engulfing pattern. And no constructive bottom basing with sideways movement either.

Part of being a sucessful stock trader is learning to bide your time and letting the play come to you. And not being antsy and rushing in for a trade trying to anticipate a reversal signal.
IMHO the key is to react to the reversal, and not try to predict when it will occur.
This thing looks like it might still have some downside movement below $1.30..
MACD has not begin its curl back upwards which makes me wary of any reversal in the near future.

I will wait til the middle of next week to see if we have began a constructive base at the bottom and then act appropriately.


I agree, that WJCI has not formed a solid reversal signal and I have written many times about sipping on your ice tea and wait for the stock to come to you. I got in early because I feel that it has a good support at $1.40. The RSI(10) curled up and the stock closed waaaaaaaay below the LBB. I expect a bounce soon. Maybe Monday. If it does go to $1.30, I will load the boat!
http://stockcharts.com/h-sc/ui?s=WJCI&p=D&b=5&g=0&id=p85704252563

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[Jordan]

Continues to hold above 1.40

[hellostocks]

1.46

[TheChartGuru]

This could be the possible run to $1.70 that I have been waiting for.

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[Thierry Martin]

539

[Damon]

Back down to $1.42.

[Panthalis]

Hey Frank, what do you reckon with todays pullback? Is this a bad sign? It was up yesterday and I should have gotten out but haven't.

I figure it will be another pullback tomorrow...

[TheChartGuru]

Hey Frank, what do you reckon with todays pullback? Is this a bad sign? It was up yesterday and I should have gotten out but haven't.

I figure it will be another pullback tomorrow...

WJCI formed a Bearish Engulfing candle. I wouldn't call it a bad sign, just a bearish sign. It is possible that there was profit taking today. The positive sign is that it did close on its support of $1.41, forming a small bottom shadow. I have a mental stop at $1.34. I'm still holding it

http://stockcharts.com/h-sc/ui?s=WJCI&p=D&b=5&g=0&id=p46399373268

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[Damon]

Nice little late-day pop. Currently $1.48.

[Jordan]

Trying to get through 1.50, after that 1.60.

[Thierry Martin]

559

[Damon]

Currently $1.61. Nice call Frank.

[ub3rn00ber]

I sold at 1.57 for an 11% gain not bad.

[Damon]

BTW - Frank, you're my hero. http://www.cramersmadmoney.com/images/icons/icon7.gifhttp://www.cramersmadmoney.com/images/icons/icon14.gif

[TheChartGuru]

BTW - Frank, you're my hero. http://www.cramersmadmoney.com/images/icons/icon7.gifhttp://www.cramersmadmoney.com/images/icons/icon14.gif



I rather you give the Lord all the Honor, all the Praise and all the Glory.

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[John Law]

I rather you give the Lord all the Honor, all the Praise and all the Glory.

The Guru has spoken

A stock trader who keeps it in perspective....nice.

[rfi]

I rather you give the Lord all the Honor, all the Praise and all the Glory.

The Guru has spoken

I couldn't put it any better! Nicely said!