$6.2mm @ $100K for me is cool. Not bad for $832.44.
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I would sell about 20 percent at 100 then another 20 percent at 175 then see where the market takes it from there.
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:-)
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Anybody researching TRCH ? They are being taken over by another company and when the assets of Torchlight are liquidated , 25% will be paid to shareholders . Estimates are $3 to $5 for every share you own. For a $6 stock that's significant.

Seems like I saw it mentioned here recently but can't find the post.
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There's no way in hell it'll get to $100k, $10k or likely even $1k. The government would step in before that happened.
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Did you listen to the video? It's in the government best interest to let it go as high as possible because of capital gains tax
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Yes I watched, and I still dont buy it. The government will not let it go that high, anyone who believes it will is delusional. And I am an AMC investor since January.
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Here's a pattern than can sometimes be a good entry, as long as the risk looks low as far as total loss. It's almost a falling wedge pattern (not sure where this fits) back to a previous breakout pivot. If the stock gaps up and then sells off back to the breakout, on lowish volume, it could be a good entry. If this sold off on high volume, then it's NEVER a good entry.

Prior high of the May/June base was 58.20 before it gapped up. It's falling back slightly below this pivot point as marked by horizontal line on graph. Entry would be buy stop market order 58.20 with stop loss 56.60 (50 day MA) for 2.7% risk. I never risk more than 4% on this type of entry as there is absolutely still possible to see more selling off. The reward here is 58.20 entry with possibly retrace back to $65 for 11% gain. 4:1 risk/reward.


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Wouldn't we want to see a small retracement at the end of that pattern?

Also , I would think to watch what it does in premarket action that should give a clue which way it will move??
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Retracement as in further down for awhile before moving back up?

Premarket is hit or miss to determining movement. The opening of the day can be more useful, however. If this sold off a few more percent to open Monday trading, I wouldn't go near it.
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No, I was thinking the last candle on the chart needs to be green , even if it's small.
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Right, but that's why I'm determining the breakout price ABOVE it's current price. My breakout price for purchase is ABOVE it's current price, so the day I enter the candle will be green as the stock moves higher from it's current price. If it never hits this price, I don't initiate anything.

It's currently trading at 57.83 and my purchase is only if it goes above 58.20. Trading is only about finding a stock with momentum up. So you're correct in that I won't purchase this until it finds that breakout. If we get another long red candle, it's definitely unlikely I'll take this trade anytime soon.
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Yep, got it , Thanks Lew!
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I wouldn't call that a wedge but that's me. What it is though is "filling the gap" which stocks have a strong tendency to do. That being said it is a good entry point.

Also from a purely technical analysis perspective your "pivot point" isn't a true pivot point. Pivot points are calculated for day trading based on the previous day's OHLC.

What you have highlighted is a classic example of resistance becoming support, assuming it holds. Again, you are right about the approach but I think your verbiage is a bit off is all.
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Looks like its blowing up premarket
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