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Why I Missed A Perfect Technical Breakdown In Rockwell Medical Technologies, Inc. (RMTI) As My Students Made Thousands

Posted by Timothy Sykes on Sat 22nd of Nov, 2008 04:06:02 PM
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I’m soooo pissed off right now!

Not that I missed a lot of easy $….but that I missed.

In my morning watchlist to TIMalert subscribers, I wrote:

RMTI is really the only low priced stock up a lot, be very very careful trying to short this sucker as it was strong in a bigtime down market…let early shorts get squeezed….I reserved 2000 shares for possible short

So I had the shares reserved and was glad to it rebound off its quick drop at the market open…watching the stock around $4.50, PennyStocking DVD students were writing:

RMTI down so far today and flat. May end up being a nice afternoon fade.
-YG

and Douglas, who just last week I gave a private coaching session (contact me if you’re interested) emailed:

Tim,
Would you say support for RMTI is around the 4.30 area?

…and then as the stock began to break down, I got:

failed breakout on RMTI good sign for afternoon fade!
-YG

RMTI just broke the support I was talking about.
-gman

I wanted to short this thing soooooooo bad, but it didn’t wait until the afternoon and in the morning I was a this damn trade show, trying to get to my laptop charger that I’d forgotten (I was using my dad’s crappy little Acer, not ideal for trading since I have to then send out text messages and emails galore)…and by the time I was properly setup, the stock was at $3.80, aka not worth the risk anymore (especially on a Friday afternoon as late shorted learned the hard way).

Anyway, look at the chart, the fall was damn near perfect, failed right at resistance…and I missed it!

rmti Why I Missed A Perfect Technical Breakdown In Rockwell Medical Technologies, Inc. (RMTI) As My Students Made Thousands

Needless to say, here are how some other TIMalert subscribers fared, they didn’t need me (thank god, welcome to the future if you learn the strategies in my instructional DVDs):

Shorted 1,200 RMTI @ 4.18, covered @ 3.74 for a quick $500
-etyrell

$777 from 3k short on RMTI.
-Davey

Sometimes you’re gonna miss a perfect trade and it’s gonna sting like a bee, but there’ll be others…

Those of you who didn’t play this or didn’t see it coming, I don’t understand you, this isn’t rocket science, you should be ashamed of yourselves.

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  • mobby
    The spread was wide, as some whiners complained.
  • "Would you say support for RMTI is around the 4.30 area?"

    I hope Douglas reads this and can comment: why did 4.30 seem like support? based on price in dollars or ADR(5) as some like to use?
  • alsandair
    Actually wanted in once I saw the double top near 4.70. No shares available. Thanks schwab.
  • YngvaiMalmsteve
    I shorted at $4.20, was up $500 when it hit $3.60ish but was planning on holding through the weekend and then it closed at $4.20 again. However, on the chart it's a red floater sitting WAY outside the upper bollinger band....RMTI hasn't had a red floater outside the UBB all year. I've found that red floaters after big run-ups nearly always come back down....high probability of it being back in the 3's on Monday.
  • Kmdom3
    alsandair:

    i used to have schwab. if you're serious about pennystocking, i'd go with thinkorswim. doesn't take too long to sign up. I remember every time i tried to reserve shares with schwab, they said I would have to reserve at least $50,000 worth in shares.

    i preferred the schwab trading platform, but when it comes to reserving shares, TOS can't be beat.
  • younggunz
    Yeah I was too busy pwning my co-workers on wii dodgeball at our department party. :(

    I came back with it testing $4 and watched it tank to 3.80 in front of my eyes before i could do anything.
  • altiar
    Use IB (Interactive Brokers). Easy to short if available, no need to go through annoying chat TOS window to talk to some idiot to reserve shares. Cheap commissions too. But customer service is not as good for retail customers, as they earn a lot more from institutional and professional customers.
  • Douglas
    Allen,

    One of the things I learned with Tim in a one on one coaching session is that to look at multiple time frames and use round numbers. I use to use maybe a daily or weekly chart. Tim encourages to look at them all 1min, 15min, 30min, 60min, daily, weekly, and monthly for even 3,5 or 10 years to find the true area of support. I used a Weekly 5 year for the week of 09/28/07 the low was 4.33 with nothing to support under that level. On a 5 min intraday there were multiple bounces in the 4.30 area. If you really wanna learn great things sit down with the teacher, you want be disappointed.
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TIM Trades

View All
Date Stock Buy Sell Net
Nov 19 AENY $2.80 $3.02 $1148
Nov 18 NLST $4.16 $4.40 $947
Nov 18 IMGG $1.42 $1.64 $2094
Nov 17 NLST $5.04 $5.59 $2195
Nov 13 VRMLQ $21.50 $22.97 $2901
Nov 11 EONC $2.61 $2.80 $687
Nov 10 EONC $2.74 $3.36 $9784
Nov 6 QXM $4.31 $4.80 $1936
Nov 4 COT $8.66 $8.88 $642
Nov 4 QXM $4.61 $4.89 $822
Oct 30 DDRX $25.70 $26.53 $812
Oct 29 CTDC $4.00 $4.42 $781
Oct 26 AWSL $3.24 $4.10 $2516
Oct 23 RODM $5.27 $5.23 $301
Oct 22 AMLM $2.69 $2.97 $820
Oct 22 USEG $6.12 $6.09 $85
Oct 20 CBOU $8.93 $9.06 $243
Oct 16 VRMLQ $16.79 $18.65 $2773
Oct 13 YONG $11.05 $11.66 $1202
Oct 13 NPHC $0.59 $0.71 $583
Oct 12 IMGG $0.60 $0.70 $682
Oct 9 ZAGG $5.50 $6.10 $2380
Oct 7 GVBP $0.03 $0.27 $702
Oct 1 NPHC $0.70 $0.85 $1482

Total: $98,094 (681%)