IRE Long Trade Likely Moving to Mark-Up

In Yesterday's Update of our Jan. 31st IRE long trade idea we looked at two potential entries, 1) on a pullback, but as 3C showed confirmation in all timeframes (see yesterday's post) it didn't look likely and 2) on a move to a stage 2 breakout, described as the following:

" If you are not in the trade, the two entries I would favor would be 1) a breakout above resistance at the gap that is being filled today, but the volume should be huge, nearly double what we have already seen, this entry gives you a high probability entry"


Thus far price is in the mark up area and volume is already huge this early, making today a look a lot like the transition from a base to the mark up period. In talking about buying a breakout to stage 2,


"I would wait for a breakout before buying,  you give up some percentage points, but you make up for it in probabilities and this could easily be a 300% trade."

What we want to see is price hold above the red trendline which represents the breakout from the base, we also want to see volume increase markedly.


It can be difficult to buy a breakout like this, but stage 2 is where the stock really moves, although the original entry was the best, which is now nearly at a 30% gain in 3 days.


Right now the short term timeframes are in line with an intraday pullback we are seeing, but timeframes from 5 , 15, 30, 60 and daily are all either confirming the upside move or are leading positive. It may be worthwhile to phase a portion of the entry on the intraday pullback and see how IRE closes, near the top of the range on expanding volume is what we are looking for.


This is an example of a stage 2 breakout, I didn't cherry pick this... This is a stage 2 breakout and 74% gain, however IRE's Beta is double that of STX!