I've thought about your idea ever since I got in (3.96) and I am many people have also. I've only been able to sell once and buy it back at a lower price later on the same day. You mentioned about the daily pattern. Do you have or do you know where one can get such intraday charts for the last 30 days? I don't think your mentioning of the daily pattern holds true. As I can see, the patterns are different almost everyday. It depends on on news, how it close the previous day, DOW index, etc. I believe this daily trading is excellent providing if you:
1) are stricly day trade and have nothing to lose if it takes off on you after you sell. I mean taking off on a 30 - 40 cents,
Mystockcharts.com is a good place to start, you can get a free 30 day trial of their software at their web site. As far as the trading range is concerned and the daily patten goes. There is a daily high and daily low that is usually at a 30 to 40 cents difference. You don't have to be right on the money and know exactly when the lows and highs are but if you sell and buy back for 20 cents less, when trading between 4,000-7,000 shares or more for that matter, over several days or weeks you can do alright for yourself. As far as if the stock takes off after I sell. Well, I heard a saying once, "You can always buy at a lower price eventually" and I can't think of a better case than PVN which proves that. Take today for instance, I bought at 2.76 and sold at 2.90 and I am waiting to buy back in at the 2.75 ish range. If the price does not go below 2.80 by 3:30 then I will have to make a decision on whether or not I want to buy higher than the price I originally paid this AM. If I really think the stock will open higher tomorrow AM then I will have to buy today at the higher price. However, since I made a profit of $700 already today then buying in at a higher price and paying $300-$400 more for the shares I want is not that much of a big deal. There are many factors and reasons not to buy, or not to sell, or hold, etc. But the stock market runs on two emotions, fear and hope. You fear that when you sell the stock will go higher and you hope that when you buy the stock will go higher and vice versa if you are holding a short position. If you can control these two emotions then you will be a lot better at investing than most. Good luck to you, and if you are still holding at 3.96, don't worry to much, PVN will go up beyond that figure eventually and probally hit double digits when this thing finally turns around. However, there will be a lot of opportunity to make money on this stock in the meantime.
BYW, I agreed with you on most accounts. YOu should note that if the stock closes strong, chances are it'll open just as strong or gap up a bit until 10 AM ET, then it'll usually fall about 15c. This is not just today, but a very common pattern. So if one were to combine both a combination of daily instincts and swing instincts, you'll do great.
Unfortunately for me, I did not get in on a low price, it'll be jus too risky for me a take a chance like that. I really do not forsee PVN going above $4 by year-end unless some major positive news is released.
You have been reading the same book I have been havent you? It is true about fear and hope. But I prefer confidence trading! As well as wit! Anyone can see the trading range we are in and anyone can play it to the 3.90's or a tad less if they wish. I can see your day trading and you did just that. Just curious how many scalp trades you have made? I prefer swing trades! I like those much better. I don't have to worry and or sweat as much over things. I like to look at the market as a game of crap. Its either you win or lose but overall you just end up rolling the dice!