IRE Update

I never thought I would recommend a long trade in an Irish Bank, but I did in this post on Jan. 31

So far IRE is up exactly 18% from the post and in the last 2 days, it's right at a decent size gap (resistance) and also at the point where it could make a stage 2 breakout.

When I mentioned the trade, I said I would treat it as a position trade (longer term, with a wider stop) so if you are in the trade or if you would like to consider getting in, this is your update.

 The daily chart with an RSI positive divergence, excellent volume on a rounding bottom and the white arrow is the entry, which is a swing trade entry method, there's a link on the WOWS site under the risk management link about these Swing entries, which I prefer as the probabilities of the trade go way up.

 Using the daily Trend Channel as a stop at this point guarantees at least a break even trade and allows some room for consolidation/pullbacks. This is my preferred stop, but an 18% gain in 2 days isn't bad either, I leave that to you.

 The 10-day average was the first pull back, the second may be a bit deeper, but the question is whether it breaks out to stage 2 before pulling back.  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, or a pullback which gives you a better risk profile, or you can blend the two with a partial position and an add on a pullback, although 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.

 The close within the range as you can see has been very high and bullish lately.

 The daily chart suggests this has a lot more upside, that's also why I think it hasn't hit mark up yet.

The 60 min chart's accumulation...

 The 15 min chart in perfect confirmation, this is what a healthy move should look like.

 The problem is, even the 1 min chart is in near perfect confirmation, so it is not hinting that a pullback is being planned, at least not yet.

Here's the breakout to mark up, if we get a pullback before then, it's a low risk entry, if we get a breakout on high volume and it needs to be watched, then I would consider at least a partial entry there and leave some room for an add to on a small pull back.

If you are already long and want to look at stops to protect the gains you already have (tight), then just email me.

I've been running some scans and have some other trade candidates that I'll be positing today.