I finally closed on this and made some profit, but this is a great example of a bull trap trade driven by either lack of research or by being late to the party -- take your pick.  Let's throw up the charts first.

 

This stock has been steadily declining in price since November 2019.  The only reason I entered into it was because of the large range of price on 10/19 and the surge in volume on 10/30.  But I didn't have this in mind until after the big move that day and, even though I was smartly looking for a dip, the action on this was really spent by the next day.

When I entered the trade on 11/5, I was already noticing the very low volume (https://profit.ly/user/oldninja93/blog/tips-long-cngt---open) and instead of recognizing that signal to stay away, I moved my limit order up.  I got picked up then, sure, but I was picked up into a trap.

Although I almost took the loss, I had a small enough amount invested to ride it out for the next wave and, sure enough, today was that day.  It was so tempting to pick a higher limit to sell when I saw the upsurge.  But the volume was just crawling along I couldn't wait any longer and moved my sell orders down to skedaddle, minutes before the ironic uptick to $0.0189, the HOD.  Was there any way for me to pick that top, really?  No.  There was no news, no real reason for this to swing up.  All we can look at is the narrowing wedge on the daily chart since 10/19, with occasional peaks.

Unfortunately, today probably saw a lot more bag holders like I had been as the stock closed slightly lower than when I entered almost a month ago.  Either they will wait it out for another month or more, or they'll cut and run on Monday if the pattern on the daily continues.

What's the lesson here?  Volume rules, don't be late to the party, follow the signals from the price action, and I'm sure you can come up with a few more.  Feel free to add them in the comments.