Good advice ~ here's another one that a wise, smart investor once said:
Do not buy stocks that are in downtrends. Just DO NOT do it.
Although I'm not and have not been in PGH, I've been burned in other stocks
ignoring this advice.
But wait! ... "the best is yet to come" ... and "just wait for the quarterly report"
(Sell) DISCIPLINE TRUMPS CONVICTION!
I guess you don't look so dumb now with that sell stop at $1.54, do you?
That is why you earn a congrats message for maintaining your discipline.
So once again ~ well done.
Trading DISCIPLINE TRUMPS CONVICTION. How many hundreds of thousands of dollars in losses will it take for you to ever learn this. This is what traders do ... utilize trading discipline.
We do not listen to BS like, "the best is yet to come" or "just wait for the quarterly report". Sell discipline stops in its tracks train wrecks like the cratering in PGH's stock price. Know your exit BEFORE you enter a position.
How many people would have liked to have been stopped out of PGH at:
$5 ... $4 ... $3 ... $2 ... well, hopefully you finally get the idea.
To The_Professional_ Trader ~ Well done ... Did you ID an upside exit price for the trade?
Above $1.60 you had a nice % gain in a few days.
Look for the 5 day EMA crossover with the 20 day EMA - that will signal a short term buy with a stop at the intra-day crossover day low.
You made a good trade. Why is that ... if you lost on the trade? Excellent trade DISCIPLINE. Well done ... and take the small loss and live to fight (trade) another day.
Just when you think a position can not possibly go lower ... it will.
I assume this posting ID is a nom de guerre for 2BC88. It's pretty shocking that after all the lecturing you have done about trading ... that you would be sitting on this magnitude (30%) of a loss. Know your exit BEFORE you enter a position. Four of the most important words in trading are, 'I made a mistake'. You should have been stopped out of this long, long ago.
When a stock like this is in as severe a downtrend as it is, the counter trend up rallies are violent ... but also very short-lived. That is why if you are long ALWAYS have a stop in place. No matter how you feel about any stock position, never let any type of conviction sway your trading discipline.
With the price this is trading at now, it effectively is an undated call option.
So g/l, and I hope this recovers for all the longs. I'll be keeping this on my watch list for a short term trade ... but always with a stop in place if I'm long and the position should adverse.
Have not posted in a long time, but I remember you and 2BC88 (or whatever his posting ID is now),
talking TA with this stock. Man, if you're long this stock it is just unreal pain. I think the investment community has lost confidence in this management and its stupid insistence on paying out a dividend in spite of all the macro factors afflicting the oil market.
I like your idea of a short term long trade - but I wouldn't go near this until I see a crossover of the 5 day EMA with the 20 day EMA - and even then only with a tight stop.
What short term TA are you using to trigger a buy? I remember 2BC prefers a longer dated TA indicator for a buy but don't remember what that was.
Anyway. hang in there and g/l.