First up it is good to mess up when your learning. Second we are all still learning. Using an hourly chart can be good and bad depending on what your investment strategies are.I prefer long term charts as I like to stay long so daily and weekly charts are all I use. That said using the faster period charts can help you hone skills like trying to pick bottoms and tops. Very few can pick those consistently trust me. Action around the bottom of the pullback that you have underlined shows a reversal and then a test of the low which gives a good entry and a fairly safe stop loss zone just below to mitigate risk if indeed the pullback continued. The Fibonacci pullback did not even reach 38.2% at $2.63 and with the new closing high at $3.03 this pullback may be over. Generally pullbacks get to at least 38.2% and usually 50%. The CR pullback went to 61.8% but that was a special circumstance. All other pullbacks have been 50% or less such is the strength of the trend.
Identifying a company that is a buy and hold is very difficult and takes a lot of research and faith in management plus a good dose of luck. However the chart can really give you a leg up to what other investors are thinking. I have stressed this before but finding indicators that work for you is vitally important. I do not like to look at too many as it over complicates matters, paralysis from analysis. You can pretty much tell what all the other indicators will show by the Volume and Money Flow, my too favorites. Check some hot stocks like Dotz Nano and Tesla. Their money flow has been off the chart months and months ago just like WBT. It is not a secret formula and you cannot hide it. That just helps you confirm what you should already have found out from your research. The hourly will not help with that though, you need to get a picture of what has been going on for months and sometimes years. It is fun actually to spot a long term bullish divergence were money flow starts rising as the SP continues to fall, sometimes for months. Eventually the weight of money flow leads to a trend change which you can spot and jump on well before anyone else. If you have been tracking a company long term like many of us did with WBT it would be poor form not to substantially increase positions at that time.
Some companies are dying and some are are growing or even better disrupting. Your charting can tell you which is which. The chart is of the ASX Ltd and as an aggrieved ISX holder I take pleasure in presenting the chart of a dying company, well a very sick one anyway. Check the long term money flow virtually from the day they suspended ISX, down but it has taken more than 12 months for price to start reflecting that.I said about 5 months ago short ASX and long NSX will be a very profitable trade, still holding true. I truly mean this, good luck with your charting, you will not regret it.
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