IRE Update

Yes, the Irish Bank long trade, it's not a sub $3 stock, but may be a C&D trade although it does have a bigger base and looks to have enough support to trend higher. However being aware of the basic fundamentals in the Euro-zone right now is probably helpful in understanding this trade.

 IRE on Friday, which had the volume of a breakout day, but not the close, remember, pay attention to the close, that's when the pros are trading. IRE didn't close near the top of its range, which is not what we want to see on a breakout day.

 Thus far the Trend Channel on a daily setting is about the only trailing stop that is wide enough to hold the recent trend, allow for a correction and possibly higher prices, if you want to take profits or use a tighter stop, that's a matter of preference. I would think that the Greek meeting this weekend is what caused IRE from closing strongly as some profits were probably booked going in to an uncertain weekend. I have no idea what exposure IRE may have to Greek debt, but any Greek default will likely freeze the entire financial sector, so IRE may be responding to that uncertainty, if it were not for Friday being a breakout day and the situation in Greece, I would say this looks like a benign pullback. In any case, if you took the trade when it was mentioned, using the Trend Channel as a stop will keep you in at least a profitable trade as it is higher then the entry at roughly $6.50 and will continue to move up, the bottom of the channel is the stop for long positions. Usually I use it on a closing basis, but if you want to preserve profits, you can certainly use it on an intraday basis.

As far as a Swing Trade methodology, today's candle is considered noise within the trend, only a candle with a daily high that is lower then the pivot candle's (at the red arrow) low, would be considered a break of the Swing trend.

As for 3C...

 The hourly chart still looks very good, but remember, Greece is a big event, much bigger then Lehman.

 The 30 min chart is in perfect confirmation of the trend thus far.

 The 10 min chart shows a move from confirmation to some distribution on Friday.

Thus far the 1 min chart isn't telling us much about whether there's going to be accumulation on the pullback yet, it may just be a normal pullback, in which case the 10-22 day moving average would likely be targeted, this can be a correction in price or through time as the 10/22 day continue to rise.

I would keep an eye out for any headlines out of Greece, Germany or the Troika in general and if things get dicey, I would consider taking profits or at the minimum, tightening stops or a mix of both.