Here’s what we did on Progeny ($PGNY) today. (November 08, 2021)
PGNY
Today I put on Progyny ( NASDAQ: PGNY ), we got this stock at 64.90 today. They reported earnings last Friday, massive volume. This is institutional buying, you’ve got these skyscrapers here, green skyscrapers. And so today we get a continuation of this move.
My thesis for trading this is because I thought that it was breaking out, it’s close to breaking out above 65.00. It would have been nice to have gotten in earlier but the risk, I thought, was higher because earnings were going to be released, now they have been released so we’ve got blue sky and the price is going up. But I decided that this stock was probably going to go through 65.00 and keep going and so we bought here.
My thesis was, again, the stock was breaking out. The low of the day was 61.93, so my decision was that I will put the stop just a little bit below 61.93. That way my reason for trading, which is, the stock is breaking out, my reason for trading would be negated if the stock breaks down if the breakout completely reverses.
Now, we could even keep a tighter stop and keep it below 64.00 but I like to give this stock some room, it’s been pretty volatile here. But overall I think this trade is going to work. This is the latest addition to our Active Trade List.
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