Monday, May 9, 2011

PSLV

On Friday we used a tight stop on PSLV, I mentioned if conditions warrant we'd expand that stop later in the day, at 3:10 I did adjust the stop wider and it held the trade that wider stop allowed us another 6.5% gain thus far this a.m.

 The 10 min 3C chart looks good still, although I doubt today's price action has impacted it yet. There seems to have been about 2 days of accumulation.

 The 1 min chart "looks" like we have good confirmation, but....

 When zoomed out a bit, you can see 3C is not as high as it should be.

 I would probably continue to use that 30 min Trend Channel stop, you can see the area of the stop as price would take a little time to pullback to the stop while the stop moves higher locking in gains.

Here you can see PSLV is at a "resistance zone" If you choose a tighter stop to lock in profits, then I'd look for a break below the trendline as the signal. This would be a tighter stop then the trend channel.

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