Ange08:I have been watching SSN for sometime...I took an entry...

Ange08:

I have been watching SSN for sometime...

I took an entry position at 3.1 and I have to admit when the SP moved back under resistance I thought it was an upthrust..especially considering the time of day.....I believe a lot of traders would have done the same thing. However many of them take large positions and would have panicked when the move didn't follow through....These guys are easy to shake out....


There really is no way to know what is really going on until the session has played out....I trade professionally and I have learnt the hard way to start off small with a position you can dump if the trade goes against you....But there are several reasons why I believe today's price action was not a pump and dump. This is why I decided to not only stay in the trade but also to increase my position after the close..

1. No announcement..P&D's almost always are accompanied by an announcement...

2. P&D's have large spreads, excessive volume and rarely close at the high...think anp and today's beauty ALT

3. Why cap the ask if you are dumping a stock? Wouldn't you let it run and milk it for all it's worth?

4. Not much of a pump and dump with .005c spread...peanuts

5. The price not only closed above resistance it gapped up over it in the after market auction on high intraday volume.......Amateurs rarely buy after the close and professional traders won't commit hard earned cash to an overnight position on no news unless they are confident.....

6. Today's bar was the first bar that closed above 3c since the big move on Feb 10...The SP may not get past the next level of resistance but .at the very least 3c will now be support....

7. Today's breach of 3c was the 4th attempt. This is extremely bullish and almost always preceeds the classic cup and handle breakout....

8. If you look at the chart ..the SP has been gradually increasing on gradually increasing volume. This is a sign of underlying strength and that professionals are quietly positioning themselves...


But the proof is in the pudding so to speak! Let's see what happens tomorrow..

GL all holders!