OTCQX:PALAF - Post by User
Post by
Tooton Nov 03, 2008 9:18am
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Post# 15561965
We are gonna have a good next few days
We are gonna have a good next few dayspossibly into the following week as well then it may turn into a buy the dip strategy or better yet take the test on a higher low. Now that would be the granddaddy dip. One last chance if the bottom is in at the right timing.
If you have any familiarity with charting, you will know that there is no such indicator that will always lead the price in a rally (unless you try and read divergences). The price always moves first and there in the ashes, sits the bottom for all to see, after the fact.
Indicators follow closely but mostly, they always follow, and in that sense, unless you move down into charting minutes for day trades, you can't see the in-trend waves setting up. If you trade in lower time frequencies, it can still be whippy with false signals. I build my case for picking the bottom like setting up for dying the death of a thousand cuts.
Extremely oversold though, for no real reason, other than broad bad market MOMO forcing the drop in share price.
Watching level II is the missing link that can that can catch the turn, but it is not easy to get comfortable with, and for this post, too complicated to get long winded.
Level II is the only tool that can spot the price leading the way.
I cut my teeth on a few thousand shares a good sight lower so I can be bullish.
Anyhow.... Level II has called a relief bottom at the very least at $1.30. We've barely moved since then, so as for catching a bottom, I think others are just at the point using charts that suggest a strategic entry point using daily charts has come in as the price sits under $2.00 and if that rings true we should see at least 2.50 before some kind of dip worth noting.
When the dip sets in, price will move again off a higher low if the bottom has been called correctly
Just thinking out loud, so make your own choices.