JosePips
Long

PGNX TRADE UPDATE POTENTIAL LONG

NASDAQ:PGNX   PROGENICS PHARMACEUTICALS INC
PGNX POTENTIAL LONG


I had made a post on August 28th for a potential long opportunity on this pair. After letting the market play out for a few days it has given me a better structural trade and better looking potential long opportunity for what I like to trade. This pair had made a strong push from the $7.30 price area to the $9.30 price area back in late July to late August. This strong push had been a point of interest for me due to the fact that momentum is a big tell on what the market may potentially do and where it could potentially go, so I waited to see what the pullback entailed. Always remember trading is about probability, nobody could for sure 100% guarantee what the market is going to do next so it's our duty as traders to only trade setups that have a good probability to go in the favor we have analyzed it too. So here is my next thought for this pair.

1D Chart:
*on this time frame chart it had displayed a very strong and healthy push by the buyers back in late July and early into August
*the momentum of the push had been a strong buyer momentum push showing strong interest
*the pullback on the 1D chart by the sellers had been clearly weaker than the push to the upside (better probability)
*once this pair had pulled back almost 100% you can see it started to form an ascending trend line with interest from the buyer

4H Chart:
*on this time frame chart it shows how once the pullback had occurred the buyers started to take interest again by forming an ascending trend line with stronger momentum on the buyer side
*this displays the fact that the buyer may most definitely be still interested in purchasing this pair (now at 100% discount from peak)
*watch how price reacts at this ascending trend line and look for strong buyer interest again at the trend line

Based on the setup of this trade, I dont usually give stop losses because risk is different for every trader, but if price hits 7.50/7.10 price level I would hold off on looking to go long on this pair. But aside from that as long as its above that price and we see that strong buyer interest again look for this stock to make a nice push to the upside.

Remember ALWAYS have a trading plan when approaching the markets. You never want to come into the market unprepared because it will take your $ every single time! ALWAYS make sure to also implement proper risk management never risking more than 2% of trading capital as well as a good risk/reward ratio to make your trades more statistically probable for profit.

Cheers! Keep an eye out !
IF you found an entry on this pair SL was hit at $7.50. Stop losses and knowing when to exit a trade are crucial for trading success. You ALWAYS want your losers smaller than your winners. On to the next! Cheers!
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still keep an eye on this pair. Remember that the stop losses on this pair, if entry is found is 7.50 and 7.10. You guys have to excuse me sometimes I can get too ahead of myself in my trades. Trading is a non-stop learning experience and I am not afraid to admit that I am less than perfect, I am human and I make mistakes. The key is I make more successes than I do mistakes, that's what keeps you alive in this industry, and learning from your mistakes.

Watch this pair.
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PGNX showing to much seller interest. Entry was never found for this pair.
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