The Saga Continues- with added Trickery

Okay, i’m still in this play (still haven’t learned my lesson about frequency LOL).  Mostly downward movement today from my entry point.  But the trickery!!  Imagine a HUGE run Wednesday when i got in, then about a 50% pullback, forming a huge white candle with a long upper shadow.  Today we end up with a short black candle next to the upper third  of Wednesday’s candle body and what could be the start of a deadly 3-inside-down pattern.  Or, considering the huge length of Wednesday’s upper shadow, it could be a continuation pattern.  Confirmation will be needed.

The trickery here is that Wednesday was strong buying pressure, but then in spite of this the mm’s started out fresh this morning with a walkdown and a couple of hard dips to hunt stoplosses.  The stoploss hunting was effective, triggering what looked to me like a dozen automated stops and these would then be followed by 4 or 5 manual exits.  I base this estimate on times elapsed.  What i didn’t see was the exit of a lot of the elephants who climbed in on wednesday.  So maybe today’s blood sacrifice from all the little people they crushed will satisfy the mm’s.  At this point, a $1.20 close, the elephants who entered at $1.30-1.32 wednesday just aren’t likely to go away- in fact, the further price dips now the more recalcitrant they’ll get- they’ll just start averaging down and waiting for a future run.  Bull elephants in the mm’s china shop.  Orange’s Rule: never trap an elephant.  always give them a graceful exit.  And the mm’s have got at least 10 or 15 true elephants in there.  I mean people with $15-20,000 on the line and the pps is sitting on 90-day support.  anyhow, look at the chart and tell me what you think.  personally, i’ve decided to quant it tonight and see what i get.