MDMN - Medinah Minerals Inc.

I'll annotate this chart later today.

I have been in this stock for over 8 years, finally they are working with majors (HOCHSCHILD, SUMITOMO) in a J/V. They drilled some holes back in 2000 but not deep enough. The geologists estimated around 922,000 of gold back then, don't remeber how much copper amd Moly. You can get all the DD on their website.

http://www.medinah-minerals.com/

Couldn't stay above the 50 day, but may have some more momo. Like the volume on this one and the accumulation over the last week. Happy New Year

some movement here with good volume, watch it

moving nicely

Bounced off 200 MA. 0.02 now 5.26% up I think it's good entry point for a short swing.

This stock has broken the MA(200) (.19) and is using it as the support for right now.

But I see that NITE is the highest bidder at .019 and the lowest seller at .02. What does this mean?

Does it mean that NITE wants to keep the price above support, and will buy all the shares necessary to keep the price there? Or does he want to slowly bring it down to .019, and then break that support and bring it down further? Can anyone tell by looking at the L2s what is more likely to happen here?

I am thinking about taking a position, but I get scared when I see the same MM with the highest bid and lowest ask. What does that usually mean?

NITE handles retail traders so it very well could mean that some joe schmoe was trying to buy at .019 and another joe schmoe was trying to sell at .02 and both were using a broker that routed through NITE. I know scottrade routes mostly through NITE so it could have been 2 Scottrade traders. Don't get all caught up in the MM manipulation talk. Concentrate on the charts and spotting accumulation and distribution. Volume, price action, resistance, support, trendlines, etc. Those are the things to concentrate on.

BTW, MDMN has some potential here. I'm watching it.

Picked up some at .026 on the new 52 week high breakout.

I got in at .019, and figured that it would not break the resistance at .024 for the third time, so I sold at .024 Friday.

I figured it would bounce off the resistance at .024 again, and head back in the trading channel between .019 and .024.

Looks like I was wrong...but like Gary Witt said...let em go...forget about how much you COULD have made and look for the next play...a train leaves the station every 15 minutes.

Simon...can you tell me what the keys were for this play? I mean, what would have told me on Friday that I should have held it until Monday? How could I have made this a better play for myself?

If anything, I would like to use this to learn more...

There was really no way to know for sure that it was going to break resistance today. If you are going for consistent gains, selling at resistance is the smart way to go. So you did the conservative thing and took your profits. One thing to consider would have been getting back in on a strong break of resistance. Personally buying on a break of resistance is my preferred style of trading (for going long).

Knowing when to sell is one of the hardest parts of trading.

Can I assume that .024 is now the new support? Would it be wise to buy again if it approaches .024?

I would say the .025 range would be support but if it did dip there today, that would be a bad sign that it gave up all of it's gains (in my opinion). Everyone trades differently but I like these types of setups that presented itself today.

-Broke obvious resistance at .025, I got in at .026
-If it fails to make a move and comes back below that resistance range, I get stopped out for a small loss.
-Depending on the overall chart setup and market conditions I play it accordingly.

I decided to take all my profits today at .034. It very well may run higher but it doesn't matter much to me. I felt like taking my money and running so I did. Sometimes I look for re-entry but I don't think I will be with this one.

This stock could very easily have more gains in it based on the charts, but the chances of a pullback or consolidation are high too. At this point, I prefer to just take the sure thing.

volume really picking up today .025 may be at some resistance here....