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Trade Trends with Bollonger Bands and Twiggs Money Flow

PGM weekly chart

Chart Forum » Stocks - ASX: short term (strictly TA) » PGM weekly chart

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ragchewer
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Saturday, November 04, 2017 - 08:17 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)




PGM testing old resistance with some solid under pinning volume,compared to its peers its slightly under valued.

Above short term trading targets also on the chart,swiggly lines not normally my style but i have adopted Weinsteins preferred weekly ma's as a trend identifier.

Rags


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tryhay
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Hi ragchewer

Yes PGM has been consolidating over the last couple of years (forming some kind of flag?). Maybe the impulsive move from 2014 will repeat now, but I note price action is at resistance so it may well pull back to fill some gaps before popping again.

Those gaps are shown in the chart below in the rectangular block/s on the left & right of the chart...

Daily chart: shows the recent consolidation (since June 2016); and the circle in the middle shows where I had referred to PGM (in another thread) in January 2017 just before that impulsive move, here <https://forum.incrediblecharts.com/userscripts/forums/show.plx?tpc=8&post=183346>.


pgm

Do you own it?







Happy trading DYOR


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ragchewer
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Hi Tryhay,
many thanks for your input and links to other threads i enjoyed the reading,the volume is quite larger on this move so i'm of the opinion the accumulation might be in a final phase so watching with interest.
Yes i own PGM i've been in it for many years but recently loaded up the base line support with several buys both long and short term packages.

There's plenty of FA with peer comparisons i've tried reading it but it puts me to sleep,the "men in black" cant hide from the chart though and clearly the volume build up is evidence of their activity.
Like wise i agree resistance becomes support with a retest of the breakout which provides two more buying points,1 the new support line 2 the minor high set with the move,

i doubt mrs Rags will let me buy more so i'll just have to watch those two points or find some courage and sell a few traders looking for my little boat to tack around,

Rags


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ragchewer
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Sunday, November 12, 2017 - 11:45 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)




Running with the Bull now(weekly chart),advancing on reduced volume,(demand v's supply) the least path of resistance is with the trend (go with the flow)

Reversal pivotal points (base resistance) broken but not tested.

Main sail set (wave 1 in process)i'm hoping the "men in black" are keeping the spinnaker in reserve for the 3rd wave.Elliot wave can be so confusing but there's usually 3 tips to a move.

Any thoughts more than welcome
Rags


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tryhay
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Thursday, November 16, 2017 - 05:37 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



PGM is behaving like Golf (the price action spoils a good walk)!

If this pull back is done (@38.2% retrace) then there is a lot more in the tank soonish - but PA is quite a distance from support & them gaps must be calling (both of these would be the lower risk entry on this swing ).

Daily chart: with detail price action in the black rectangle on the lower left of the graphic.

pgm


Happy trading DYOR


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peterloh
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PGM is in Weinstein's Stage 2, good selection ragchewer. It does look like PGM could go on from here. It would be good put all PGM under one thread for the short term.




-------------------------------------------------
Disclaimer: Please note that comments made in this column is mainly for the interpretation of charts in technical analysis or comments and insights of both macro or micro issues and not intended to be taken as investment advice or a recommendation or solicitation to buy, sell or hold to any security or to adopt any investment strategy.Any share discuss is for general interest and should not be relied on to make an investment decision.It is likely that I may own the shares that we discussed as a trade or as an investment. All investments involve risks including possible loss of principal. Please consult your stock broker or financial adviser in regard to your personal situation.

The views expressed here contain information derived from public available sources that has not been independently verified.No representation or warranty is made as to the accuracy, completeness or reliability of the information.Any forward looking information in this representation has been prepared on the basis of a number of assumptions which may prove to be incorrect. It is not a complete analysis of every material fact regarding any region market, investment or strategy. Market and economic conditions do change, comments, opinions and analysis are only current as on the day it is written and may change without notice. It should not be relied upon as a recommendation or forecast by the writer.

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spdfgh
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PGM has a nice giddy-up gallop to it...




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spdfgh
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PGM has a nice giddy-up gallop to it...




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tryhay
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As discussed above <https://forum.incrediblecharts.com/userscripts/forums/show.plx?tpc=8&post=184293> this pull back looks to be to be corrective & may well exercise gap fill.

Daily chart: if this MACD curl does not play out then buy in is some way lower.

p


Happy trading DYOR


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spdfgh
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To me it looks like a 'short term trade' SELL as the longer stochastic is unresolved and the short one is >80.




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ragchewer
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Here's a pattern i used to play with in the past but found 3 wave corrections slipping into 5 wave corrections and went back to drawing straight lines,

That said my observation of the PGM chart does have similarity to the Gartley (3 wave corrective)

Rags


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ragchewer
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Here's the similarity ,buyer beware this could slip into a 5 wave corrective or even rally up to create and inverted head n shoulder pattern completing the right hand side.Recent price action hasnt closed over and above the A line which doesnt give me any warm fuzz's at the moment.

After years of beating my head against the wall on these patterns i came to the conclusion the trend is sideways,secondary,corrective and yet to test the current short term low.

note to self ,
(why are you still holding this ,stop loving stories do you really enjoy pulling cables through houses at your age ?)

Rags


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tryhay
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Hi ragchewer,

Yes harmonic patterns can make a lot of sense when trying to interpret errant price action.

FWIW this pattern seems to satisfy most of the Gartley harmonic pattern requirements: Looks like the first three legs are complete, PGM has successfully bounced off gap support and it is within the Pattern Completion Zone.

Daily chart clearly shows the pattern.

pd

Weekly chart: Still matches Stan's stage 2 criteria IMO - accumulation has been occurring since June. Seems reasonable to assume the next swing high will break out...

pw

Looks like it is worth the first tranche given the 3 world class resources projects with cobalt, Scandium, Palladium & gold

Edit: did not see your subsequent post R (takes time to do a cogent post) - I don't recommend topping up down here but this is a good place to buy in IMO

(Message edited by tryhay on December 17, 2017)


Happy trading DYOR


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ragchewer
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Sunday, December 17, 2017 - 08:38 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



thanks Tryhay

thats some nice software there dropping the Gartley,agreed on the next two comments also re Weinstein and FA,

kind regards
Rags


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spdfgh
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Sunday, December 17, 2017 - 08:48 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Yes if it breaks the upper trend line it will be outside that, at which point it will probabilistically trend to next support level or resistance level... That is if the laws of Gartley harmonic pattern requirements are met (get your slide rule out) and are supported by Fibonacci and Stan, but you really wont know until after the pattern has formed and tested the new level and moved on... then one can conclude a profoundly formulated technical analysis event has occurred and take hats off to Stan, Fibbo, and Gartley, wipe the brow and call it beer o'clock!

Personally I maintain a short term trade sell, simply to stay in cash and wait for the crowd to move in or out and to determine if it's worth chucking more money at, at which point you have the cash ready to buy the breakout, helping the stock and volume to gain and also helping the basic indicators (MACD and Stochastic RSI) to post crossings, thusly convincing the crowd in the determination the stock is actually rising.

You are right it does takes time to do a cogent post.


(Message edited by sPdFgH on December 17, 2017)


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spdfgh
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Saturday, December 23, 2017 - 12:13 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



"thats some nice software there dropping the Gartley,agreed on the next two comments also re Weinstein and FA"

My guess is the Gartley software is TradingView, that exact chart was posted on HotCopper,
Have been setting up TradingView for watching BTCUSD 1 minute price action, the trading is something else! I'm unable to find the Gartley overlay for the charts though.
BTW TradingView has all the top cryptos live price action, not sure of the lag though, also do ASX coverage.


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tryhay
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Saturday, December 23, 2017 - 08:34 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Hi spdfgh,

We are not supposed to promote or advertise other software, websites, books or training courses.

Having said that, if you hover over the left hand margin menu on the ( TV application) you'll find a dropdown "XABCD Pattern" & using the 'CYPHER Pattern' option you are able to drop the harmonic pattern directly onto the active chart (a bit frustrating until you get the hang of it: has traditional windows based feel - even if a bit clunkie).

I wonder where that HC its got the chart from?? You missed the twitter posting as well!

The Popular Culture scuttlebutt is that BTC is frothie & if in fact it does break then I wouldn't be surprised to see NDX etc break as well....
Edit: In a sell the TAX news event.

(Message edited by tryhay on December 23, 2017)


Happy trading DYOR


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spdfgh
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Saturday, December 23, 2017 - 09:59 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



"I wonder where that HC its got the chart from?? You missed the twitter posting as well!"
Hey tryhay you certainly get around! missed the Twitter post because... well, only twits use Twitter... not even sure what it is.
I came to the conclusion that Gartley is a successful chart pattern only because so many people use it, and for that reason alone I will pick up the basics.
Thanks for the TV tips, its very nice software, did you realise you can overlay indicators on another similar one, TV is a lot like IRESS ViewPoint in a way same basic UI.

By 'frothie' you mean bubble I presume? Colin could add the Cypto Bubble to that chart of popping bubbles he posted out last week, I think we are nearly there, BTCUSD dropped 25% from highs apparently. I wonder what the fallout will be; all markets? I wouldn't mind getting in BTC at a much cheaper price, probably trade in and out 10 times a day and make same $$ to what I sometimes make on the ASX over 6 months.

(Message edited by sPdFgH on December 23, 2017)


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tryhay
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Saturday, December 23, 2017 - 10:38 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



They say it takes one to know one spdfgh - Twitter is useful IMO because of it's breadth and depth.

Scott Carney (author of "Harmonic Trading") admits that harmonic patterns are <80% successful (otherwise we would all be millionaires!)

Stock-charts allows overlay of a limited number of indicators as well - I'm basic IRESS user, don't use ViewPoint.

The Daily bitcoin index for anyone interested:

bd

FWIW Am travelling over Christmas so only intermittent internet access


Happy trading DYOR


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ragchewer
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Daily chart looks like we could be about to set sail there appears to be an increase in the wind,

The Gartley theory i studied (David Vassallo)suggested the buy indicator was a close above the overlap of line A of the A,B,C correction,which we now have with an intermediate higher low last week and increasing volume.The last recent pivotal point 17.5 is now being tested suggesting the tide is turning.

It appears the punters are happy the MD has resigned from the helm and now see the opportunity for some fresh energy to lead PGM and increase the market capital.

Interesting days ahead,,will the bulls stampede or sit waiting to see who the "men in black" have chosen to lead the company.

Rags


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ragchewer
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still with this one,
weekly gartely possibly ? now with overlap and weekly isolation low,,,selling may have dried up,,,need that expected announcement of who the new managing director will be and the market cap may start to climb.

Rags


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spdfgh
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Thinking PGM might move soon, or go bust again...
Chart indicator looks like they are turning to the upside.
Whats your thoughts?




Just another potato.

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shadetreetrader
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Tuesday, March 20, 2018 - 11:22 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Assuming most indicators have an accuracy of 50% in the long term, I would look at the potential Risk/Reward.

A buy at the current price of 0.125 with a s/l of 0.11 and a target of 0.18 (area of most recent volume) gives a R/R of 1:3.7

A wider s/l at 0.105 still gives a R/R of 1:2.75

Not holding (thinly traded)


(Message edited by shadetreetrader on March 20, 2018)


Pay no attention to the financial press, their opinions and theories change like the wind. Pay no attention to self-proclaimed financial gurus who only reveal their buys and sells in hindsight.
Do not take my posts as stock recommendations or advice, do your own research.

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shadetreetrader
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It's 11.15 am & there have only been 5 trades with a total value of $7473

It's hard to trade a stock like that, unless you're a shark not a minnow.


Pay no attention to the financial press, their opinions and theories change like the wind. Pay no attention to self-proclaimed financial gurus who only reveal their buys and sells in hindsight.
Do not take my posts as stock recommendations or advice, do your own research.

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spdfgh
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Is there any reason why the R/R formula can't be written as an indicator?

Re the low volume, yes, as I said previously PGM volume is thinly day traded.
The heads up post I made a few back was for the long term indicator lines converging albeit below MACD zero on the daily chart. The 15 minute chart (left panel) shows the 50,100,30 lines also converging but needs to bouncing off the signal line and trend upwards indicating buying, so I watch volume to see what happens.

If you want high volume check out BLK, KRC or AVL...

PGM chart with 15 minute MACD 50,100,30.



(Message edited by sPdFgH on March 21, 2018)


Just another potato.

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shadetreetrader
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Quote "Re the low volume, yes, as I said previously PGM volume is thinly day traded."

Where did you say that, I must have missed it.


Pay no attention to the financial press, their opinions and theories change like the wind. Pay no attention to self-proclaimed financial gurus who only reveal their buys and sells in hindsight.
Do not take my posts as stock recommendations or advice, do your own research.

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spdfgh
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Above there somewhere... Don't worry about that,
I want to know if the R/R formula can be converted to indicator? What was the s/l part is that a variable outside the OHLC data? what determines the s/l variable?


Just another potato.

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spdfgh
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Man PGM is a tough stock. not sure if it's accumulation or distribution or PGM has leveled off with support or is in the process of failing support...
The chart has not held up, and mid week is looking slightly sad.
Close 27/03/18 0.11c, down for the week.

Long term MACD 100,50,30 is open, when I thought the main was converging on signal. This has not happened at this stage. Possibly an announcement re drilling might kick it off?

Glad I'm not holding from higher levels, and won't be a holder until 50/200 MA has resolved and MACD looks healthier.
Knowing my luck it is probably the perfect entry point...!

2Hr chart:



(Message edited by sPdFgH on March 27, 2018)


Just another potato.

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ragchewer
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i think as long as the helm is vacant this under valued minow will drift about till the new MD is appointed and some direction is given,

Frustrated to no end on PGM with regards to it's peers AUZ CLQ and their market cap.

Rags


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spdfgh
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I think there is only one indicator to watch for PGM, that being the MACD/Histogram on 50,100,30 (D).
I have drawn a line at the most recent high on the histogram, these recent histogram highs once broken are commonly the point to which price will recover.
And if that is the case here with PGM then the expectation would be the historical high range of the upper trend line.

Although the MACD Main 100 is currently diverging from Signal line, price close is respecting lower trend line.

So accumulation lows would be half reasonable.

Now if I had the spare cash, that would be my strategy...
If there are any reasons why this would not be effective please post.




(Message edited by spdfgh on March 30, 2018)


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spdfgh
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Glad I don't have the spare cash to accumulate!...
If I dare make a target for the lowest low it would be 0.066c WITH LOWER TREND LINE POTENTIAL FOR SUB 0.035C

So like they say on the BIG rides 'Hold on to your hat ladies and gentlemen' this next one's a doozy!...

Not the sort of talk you want to hear in a stock technical analysis forum where some may have bought on the highest level with good intentions is it!

But as it is there is nothing in way of price support that I can see now that Elon is about to pull the plug on Cobalt in e-batteries.

This will affect all of us holding these types of mining stocks. It's what Coles calls a 'down down'...




Just another potato.

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spdfgh
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Username: spdfgh

Post Number: 382
Registered: 06-2004

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Friday, June 22, 2018 - 08:16 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



So what was all the excitement about this arvo (Friday) orders jumping around all over the place skipping lines then dropping out? Lines being taken out to new highs...
Somebody got pro-active all of a sudden for now seeable reason, no announcement nothing, and here it is a 30.08% gain on a stock that has for the last dozen weeks been negative, daily.

I though about placing a bid in at around 0.083 expecting the pump to dump, but chickened out.

Something's going on in the moneybags world because I'm sure the % greens across the board was a record for Friday, which is usually a red day for the uncertainty of the weekend off.








Just another potato.

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spdfgh
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Username: spdfgh

Post Number: 442
Registered: 06-2004

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Friday, October 19, 2018 - 10:44 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Glad I checkened out Re above post! It appears a pu,p and dump was the intention!!

PGM continues to suck the proverbial world of stock negativity, and has silenced all previous posters into not posting anymore.

Unfortunately I took a position in PGM this week only now looking at another stop loss $ loss as this turd continues to slide down the slippery slope, and then another new low no doubt...
Buy and hold? forget it. good luck with it holders.
Here's hoping EquityStory can offer better...




Just another potato.

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