every now & then the trading gods smile down upon you. i have yet to see the news but PCX was recently halted today and is trading down over 60% since opening. i was lucky enough to have a short position that i took when i made the last post on it the other day (exceeding my final target and hitting my upper-most resistance level). just one more reason to use a hit & run trading style: get in, take profits early and get out. i'm sure the news will be out soon but one more reason why i advise against [...]
updated 15 minute chart with slightly revised targets (the previous sub-target at 1.57 has now been moved to 1.61 and changed to T2).
like all the other recent longs, PCX was good for a very lucrative quick trade but has pulled back close to entry on the sell-off today. those still long might consider a stop not too far below this horizontal line (where i will consider the trade stopped out for tracking purposes) while aggressive traders could even take a shot at another long side entry here around the 1.35-1.36 level with a stop just a few cents below (1.32 area).
i just bought back the PCX long that i sold just before the open yesterday, although a smaller position size this time. keep in mind that i am expecting a pullback of the broad market from at or near current levels (we closed right about where i made that statement yesterday) and i also have a decent amount of short hedges against my remaining longs, actually bringing me net short. be careful with chasing long-side breakouts here as the market is pretty extended in the short-term. i'll try to put up a few short ideas today but i still like GDX [...]
just an fyi- PCX is currently trading at 1.59 in the pre-market session offering a chance to exit at the sub-target (resistance) level that i posted yesterday. personally, i just took profits but more so to decrease my market exposure and sticking with my current M.O. of hit-n-run trading (booking quick profits). as for now, at least T2 still looks good on this trade if the market continues to rise. i will continue to update PCX and may remove some of the upper targets (officially close the trade) or add targets, all depending on how both PCX and the market play [...]