This is another trade that I really like to do, even though this stock is not under a penny, I use this strategy most for small caps and penny stocks where volume plays an incisive role and provides great and clear signals.
Once again, our tool of choice is the Spectro M2
And we are using only two features with this robust trading plan.
1 - Volume Analyzer
The setting used is the Sine Wave Method(Spectro M2 offers 4), and it is the green/orange/red background we can see under the price action. It tells you the direction and strength of the move based on the volume.
2 - Adaptative Fibonacci
It's an extremely powerful tool that Spectro M2 offers, that provides you instantly all the levels you should be watching for your entry/exit points.
3 - Buy Zone
This one I made with a simple visual average of the lowest low in this channel and the lowest closes, it doesn't have to be super precise, as long as you know the lowest low for your stop-loss any buy-limit order in this area is fine.
It's a long trade but it didn't happen yet so wait for the conditions to confirm otherwise you're not following the strategy.
Consider breaking your buy-limit order all across the buy-zone to get a good avg entry price.
Once again, our tool of choice is the Spectro M2
And we are using only two features with this robust trading plan.
1 - Volume Analyzer
The setting used is the Sine Wave Method(Spectro M2 offers 4), and it is the green/orange/red background we can see under the price action. It tells you the direction and strength of the move based on the volume.
2 - Adaptative Fibonacci
It's an extremely powerful tool that Spectro M2 offers, that provides you instantly all the levels you should be watching for your entry/exit points.
3 - Buy Zone
This one I made with a simple visual average of the lowest low in this channel and the lowest closes, it doesn't have to be super precise, as long as you know the lowest low for your stop-loss any buy-limit order in this area is fine.
It's a long trade but it didn't happen yet so wait for the conditions to confirm otherwise you're not following the strategy.
Consider breaking your buy-limit order all across the buy-zone to get a good avg entry price.
