PCLN Update

The trade proposed on May 3rd for PCLN is in the green for about 4% at this point, but remember what the trigger to the trade really was, the break below the breakout area, causing a decent sized bull trap. We're getting close to that area...

 Here's the breakout point at the lower red trendline.

The Trend Channel which has held the entire move since Q3 2010 will break at $510 and a major psychological break will occur at $500.

 This is the same channel as above if you want to use a long term trending stop, it's around $542 which would still put the trade at a little better then break even.

 A slightly tighter stop, but one that will move down faster can be found here. For all intents and purposes, it also is around $542, but as I mentioned, it will move down much faster locking in profits.

If you just want to play the swing, here's the 60 min TC with a current stop at $527