Day Trading Post #5

So, the market is closed on Monday, February 16th, but I am currently holding a position overnight. I have 100 shares of PMI at a price of $1.57. We'll see how this one plays out, but I am confident it will move upwards soon. The stochastics look bullish to me, and there is a little bit of resistnace around the $1.80 mark, but if we can break that, I am looking to take profits around the $2.00.

Also, I have been checking out some new sources as I am still learning more and more about trading. Anyway, I listened to this interview and it's now got me thinking that I should possibly change up my trading and check out the 30 minute and 1o minute chart instead of the 3, 5,15, and 60 minute charts. Anyway, if your interested in the interview, check it out: http://www.traderinterviews.com/programs/TI_2009-02-10_VincentBagnato-Trend-Trading-ETF.asx

Here is a screenshot of PMI's daily chart, with some of my notations:

-I like that we closed above the 20 period moving average. I may add to the position if we pull back under the 20 EMA if things remain to look bullish to me.

-Stop price is $1.30-$1.28... Looks like good support at this level to me, so if it breaks this, I plan to get out of this position.

- $1.95-2.00 looks like an area of resistance, so I will take profits in this price range.

-Stochastics look bullish... looking to see if they break the -40 mark. If so, I am curious to see if the stock will really rally



Overall, I feel that this is a good trade thus far, but we will see. Any feedback is greatly appreciated!