My first over here after couple of years.
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I had played out the rise to early 20s couple of years back. It was very fruitful. Then things turned sour. Very sour. It reached 2.4c. I was not playing once it dropped below 10.
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So what was happening? MTM had lost credibility. Full stop. For many it was a p & d stock. And lot of numbers would provide credence to that. Time after time. Announcement after announcement. So it all looked dodgy, if I can use the word, for a long time.
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But something changed. Flash Joule Heating was there for sometime. Honestly, I didn't buy it, when I first hear about it. I thought its another hype. For a long time. Price was rising/falling etc. But MTM had a history - so from outside, it looked like another of those plays.
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So what has changed, or what has changed for me? MTM raised around 8m in October at 6.5. My first thought that something may be different. But my past perception took over, and I ignored it. But the big one end of December. Another 7.5m, this time, to much more credible investors. It looked like it may not be a "fluff" after all. I still wasn't convinced. But saw an opening. I traded a few times. Quick ones - short term 2, 3 days type of thing. Still wasn't convinced. But was trading, and made some good coins.
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So why am I writing now? This week I looked at much more closely. Announcement. Numbers. I am not very great with fundamentals. I don't know well how to quantify. Based on current scenario, should MTM market cap be 100m, 200m or 550m or some may thing even 10m. I don't have a good way of knowing. I rely on market to give me some clues. The big clue is the price action. I liked that. I have been trading MTM for over a month in this phase. This week I thought - I will play bigger and longer - hence my post. I started buying this week, for a new play. My old plays gains have been realised. For this phase, I have picked a fair few. My average for this phase based on my buys this week is around 26. so not very far from we traded this week, or even where we closed.
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Am I confident that something good will come here? No. I am hopeful, but not confident. Based on my reading of price action, trading patterns, odds are good, but still lot of unknowns. As well as MTM history, not easy to forget. Because I am not great on determining market caps (I am sure most are not, but many claim to be experts), so I rely on price action. So what does the price action say? It says, I want to go to 40s and 50s etc, just based on price action. I thought I will not ignore it. I will give it a go if it really means it. If things go wrong, or change, or does not look as bright as before, I will exit, even if with some loss, hopefully small loss. But if things look good, I will keep on adding. Somehow MTM is giving me good vibes. A very strong play, re-enforced this week. Something not to be ignore. No guarantee, but odds not bad. Lets hope it also gives good $ to everyone. All the best.
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