5.1% profit in ONXX in 7 trading Days

Normally I don't like pharmaceutical companies, with all the rumor and hype cycles about their latest FDA approval sagas. But this chart looked interesting, with a huge selloff after a big rally,  support around $42, and a new uptrend developing.

The chart showed long term rise, and after May's meltdown of the market in general (don't tell me I didn't warn you as far back as March...) I thought ONXX might be an interesting reversal play.

Turns out 5.1% in 7 trading days was a worthwhile trade. It didn't quite reach my 1% per trading day profit goal, but as there were three green daily candles in a row, and it blasted up to through the upper bollinger band, a pull back is overdue already. If this trade had exited a day earlier, so would have put the money straight into Pandora again, and made another 16% profit by Friday after their earnings announcement.

ONXX could go higher, as you can see from the continuation of the rally after I exited (blue dotted line is my trade). However,  I think we are going to see a summer of volatility, so I'd prefer to take profits that match my trading plan, rather than gamble on further gains when the market has no clue idea how it is going to respond to Europe's on-again off-again summer of self destruction.