PAY was down sharply today but this pattern still looks ok, regardless of the recent sharp pullback. PAY has pulled back to the former R2/resistance level, which is now support. any longer term traders still in the trade targeting one or more of the higher targets might consider a stop on a solid break below this level. for tracking purposes, this trade will be considered stopped out and completed on a solid break of that support.
PAY is just a hair below T1 so consider taking some or all profits (depending on your trading plan) and raising stops. my limit order to sell all shares was just filled as i'm still preferring to take quick profits and the long side and give a little more room to my stops on the short side. remember, by taking profits just before resistance (or covering above support on shorts), you decrease the risk of the stock reversing just shy of that level and missing your planned exit. i will say that PAY looks to have a good shot of hitting [...]
the PAY active long trade has now cleared R2 (2nd resistance level), on a nice gap with good volume to boot, which helps open the door the T1 being hit soon. previous & updated 60 min charts below. see previous posts for daily & weekly charts.
here's the weekly chart of PAY. although this directly contradicts the bullish set-up below, there are a couple of points to remember: 1) this is a potentially bearish pattern formation on the weekly time frame with emphasis on the word potentially. until/unless that pattern is triggered, PAY could just be consolidating in a trading range before breaking out to new highs. with that being said, the fact that PAY did put in a double top while both the MACD and RSI put in lower highs (i.e.- negative divergence), plus that very impulsive selling following the recent failure to break out to [...]
PAY looks like an objective long entry if it can break above R1 (1st resistance level) on this 60 minute chart. this was a stock i have shorted for some nice trades over the last couple of years but has now fallen to a decent support level on the daily chart while very oversold and with positive divergences on the intraday time frames (and a possible recent bullish falling wedge breakout on the 60 minute chart to boot). depending on one's trading style and risk tolerance, i think an objective stop for a swing trader would be on a solid break [...]