IRE Trade Idea (long)

While I'm running some scans, I've been just browsing some charts and came across IRE. I wouldn't think I would find a bullish chart that had the words, "Bank" and "Ireland" in the name, but you take what the market gives.

 My Trend Channel on a daily basis has held both the down and up trends very well (I used an average entry point and the TC's exact exit point). Note volatility at the top in the bottom window. The small red arrow is the Chanel's stop or buy to cover.

 RSI is positive at the bottom, which has the look (flat price and low volume) of an accumulation zone. There's also been a recent break out.

 The X-over Screen did its job and rejected the first price crossover signal, but recently went long w/ a pullback to the 10 day s.m.a.

 Here's a closer look at the Trend Channel stop and this is what I would use and calculate my risk management to in case of a deeper pullback.


While I don't have my main 3C layout open because of the scan I'm running, there is confirmed accumulation on the 60 min chart right where I'd expect to see it. I would almost treat this as a position trade with the wider stop, which means fewer shares initially, but if the trade moves in your favor, averaging up a winner is a winning idea.