As I said before, I use 6 month charts, like the ones above to get an overview of a certain penny stocks' price movement. When I see that it would make a good short I then open up a 5 -min chart of the selected stock to see where I want to enter my short. Here's what I did with the 2 penny stocks above.
First here's the 5 min chart of HZO.
You can see from above that the 2.55 support line was key and when it fnally bursts that it was a free fall. An easy 25%+ percent before lunch! Sure you could have shorted it at the very tip top, but it's safer to wait until key support is broken, like it was on 2.55.
Go to the next page to see how I would've shorted OGXI...