Entry conditions:
(i) lower share price for
PDN along with swing of DMI indicator towards bearishness and RSI downwards, and
(ii) close below the 50 day moving average (currently $5.91), and
(iii) observing market reaction around the share price of $5.72 (open of 28th March).
Stop loss for the trade would be:
(i) above the high of the recent swing high once the trade is activated (currently $6.35 from the high of 2nd May).
(i) lower share price for
PDN along with swing of DMI indicator towards bearishness and RSI downwards, and (ii) close below the 50 day moving average (currently $5.91), and
(iii) observing market reaction around the share price of $5.72 (open of 28th March).
Stop loss for the trade would be:
(i) above the high of the recent swing high once the trade is activated (currently $6.35 from the high of 2nd May).
Note
UPDATE (week ending 09-May): No action thus far - entry conditions not met yet - watch and observe...Note
UPDATE (week ending 16-May): No action thus far yet again - entry conditions not met yet - watch and observe...Trade active
UPDATE (week ending 23-May): Trade activated on 19th May when the share price when 50 day MA was breached and DMI/RSI indicators turned bearish on the daily chart. The share price closed between the 10 and 30 day MA's at the end of the trading week.Trade closed: stop reached
UPDATE (week ending 30-May): A reversal over the past week saw the share price for PDN bounce back and activate the prescribed stop (above recent swing high of 8th May), which was probably set a little too close in retrospect. Regardless, when reviewing the DMI and RSI indicators on the daily chart, the sentiment appears to have changed and the risk posed by that amount of share price difference of the trade setup was more favourable compared to the potential loss that could've occurred if the swing high of 13th May was ever taken out. Suggestion to reset and move on to the next trade for anyone still remaining in the trade.
Detailed commentary/updates about trades (stocks, crypto & bonds) available:
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t.me/ASXTradersUnited
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youtube.com/channel/UCiJZV2iT6PJx1ydVaS0JzTw (scan results timestamped in comments)
t.me/ASXTradersUnited
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Detailed commentary/updates about trades (stocks, crypto & bonds) available:
youtube.com/channel/UCiJZV2iT6PJx1ydVaS0JzTw (scan results timestamped in comments)
t.me/ASXTradersUnited
Like/join/subscribe for the latest!
...
youtube.com/channel/UCiJZV2iT6PJx1ydVaS0JzTw (scan results timestamped in comments)
t.me/ASXTradersUnited
Like/join/subscribe for the latest!
...
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.