PCX: Chart and Guesswork

So today I played a very volatile market that was trading up, down, left and right. I made a few small 10 cent trades on PCX, but decided to load up at 7.19.

In hindsight this proved to be a huge error. What I thought was going to be a bounce off a short-term trend line proved to be something bigger. If we go back all the way to the beginning of the move in April, we can see a trend-line of resistance that touches short-term bottoms and extends all the way to 6.57~ and if we take a Fibonacci retracement of the bottom of the move, to the top of the move in the short term, we hit that same level.

So, I think I might have to take a loss tomorrow (hopefully small) and wait for another re-entry point. We'll see how it plays out.


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