Tuesday, May 31, 2011

AIB Long Follow Up

AIB was a long idea for a swing bounce on this Irish bank, this was and probably still is a good risk:reward trade with an excellent set up. Today it's made a move off the positive divergence it's been putting together.

 AIB hourly positive divergence over quite a period.

If we view this as a descending wedge, then our pattern implied target would be around $4.75, although I think we'll need a little more market cooperation then we can expect to get there.
i would let this lift a little more and then stick a trailing stop under it. It's still in a decent R:R position if you missed the trade.

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