I fucked around with a penny stock a few years ago and spent quite a bit of time watching it. After some weeks I determined that there was a definite pattern to its movements, probably because it was being manipulated, which estimate turned out to be correct.
I found that it was regularly dropping from the preceeding day's high at around 9-9:30 am, CST and then peaking again at around 2-3 pm, CST on the same day. This lead me to buy a substantial amount of the stock and begin playing. I was buying in the morning and selling in the afernoon and was lucky because there were always buyers. I reinvested my profit in the stock and kept playing the game, making certain to never hold any of the stock overnight.
When I read that the company was considering a reverse split, I got out and stayed out and good job that I did because I did not want to hold the stock, I only wanted to play it.
I actually made a ton of money with this but then turned around and lost it all in a fucking real estate deal that went South on me.
