PMT Follow Up

PMT was a long trade idea on Aug. 5th. I followed up with this post on August 16. I still like the idea of this trade.

 The triangle has formed nicely, volume is right for the pattern and if you didn't already try the trade, it's in a great spot right now.

 ADX has shown the downtrend to be over and is in position to start a new uptrend. The Trend Channel has a stop on the close around $16-DON'T USE A WHOLE NUMBER! Maybe give it a little more room initially, we can always add and tighten the stop. In my opinion, this makes PMT a high probability/Low risk trade.

 Look at the leading daily positive divergence!

And the 5 min hart looks like PMT is prepping for a run higher. There should be at least a move up to the $18-$18.50 area as a first stop.

While we are on the subject of real estate, we might as well cover SRS, one of my favorite long time long trades. Here was the stop that should have taken you out of SRS near the top for a 50+% gain.  And... Here s the LONG Trade idea at $13.77 on 7/27

 SRS daily positive divergence-this has been a long time favorite, we entered the trade at $13.77 and got out above $20.

 Here are some of the signals telling us to get out-the 30 min 3C chart

 Here's the more current action on the 15 min chart.

 The 5 min chart

And today's negative divergence on the 1 min chart. I feel SRS will pullback, but is yet to meet even a 1/3 of it's long term potential.