$Portage Biotech Inc.(PRTG)$ study time — how do you know what candle to buy on the 5 minute chart?
At market open, PRTG tested the 50 EMA. But, you could see the top wicks — the opening candles were not very convincing. This is confirmed when it broke down and under the 50 EMA. We were in danger zone.
But, look at the candle the arrow points to. After reclaiming the 50 EMA, we held it. We did not get under. This was a very good sign.
Further, when PRTG broke down at open, it still made higher lows. Look at the pink horizontal line and the yellow one. Clear higher lows.
Add that this is a low float/high SI stock and you get more conviction .
The play is to buy on the candle with the arrow and to have a stop loss right under the yellow line. If you buy there ($11.55-12.36), you could have walked away with over 100% — but ofc, we trim along the way.
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