Posted On: 02/09/2014 3:59:30 PM
Post# of 2559
PGNX Daily Chart ~ Chart is Resetting Quickly Now
My last exit from PGNX in the 6.63 to 6.70s was a bit early, but the subsequent selloff made it look like a great move now. Those that sold in the 7.00 the day the stock ran outside the upper bollie make an even greater move, lol. Our entries in the 3.50s to 4.30s made for great returns of approx 100% in a relatively short timeframe. Nice trading guys! As I've mentioned often, when a stock is dropping, one needs to look for potential support levels and allow the stock to put in a bottom. I'm not sure if that's occurred yet with PGNX but the basing in the 4.20s, which was also the low of mid December, is beginning to look like the worst might have been seen. The FullSto and MACDs gave negative crossovers a few days before the sharp decline. The FullSto and MACDs are in very oversold territory and beginning to set up for a reversal. I'll probably 'cheat' and enter as early as tomorrow with a portion of the position that I would like to have, but scaling in is another trading strategy that works well. GLTA
My last exit from PGNX in the 6.63 to 6.70s was a bit early, but the subsequent selloff made it look like a great move now. Those that sold in the 7.00 the day the stock ran outside the upper bollie make an even greater move, lol. Our entries in the 3.50s to 4.30s made for great returns of approx 100% in a relatively short timeframe. Nice trading guys! As I've mentioned often, when a stock is dropping, one needs to look for potential support levels and allow the stock to put in a bottom. I'm not sure if that's occurred yet with PGNX but the basing in the 4.20s, which was also the low of mid December, is beginning to look like the worst might have been seen. The FullSto and MACDs gave negative crossovers a few days before the sharp decline. The FullSto and MACDs are in very oversold territory and beginning to set up for a reversal. I'll probably 'cheat' and enter as early as tomorrow with a portion of the position that I would like to have, but scaling in is another trading strategy that works well. GLTA
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