Entry conditions:
(i) higher share price for
IRE along with swing up of indicators such as DMI/RSI.
Depending on risk tolerance, the stop loss for the trade would be:
(i) below the low of the recent gap-up (4th September) of $8.80, or
(ii) below previous potential support of $8.63 from the open of 13th May.
(i) higher share price for
IRE along with swing up of indicators such as DMI/RSI.Depending on risk tolerance, the stop loss for the trade would be:
(i) below the low of the recent gap-up (4th September) of $8.80, or
(ii) below previous potential support of $8.63 from the open of 13th May.
Trade active
UPDATE (week ending 12-Sep): Aggressive traders could've entered the trade on Friday 5th September with the higher share price and swing up of indicators following the close above 200 day MA on 4th September, whilst conservative traders wait for a subsequent signal. Potential resistance of $9.20 from 18th August could be posing possible issues for further share price advancement at this point in time. Charts suggest raising protective stops to the most conservative level (i.e.: just below the low of the recent gap-up of $8.80 from 4th September), considering this issue with the potential resistance overhead.Note
SPECIAL UPDATE (18th September): Share price is having a great run towards the recent gap-up in share price on 8th May that was experienced just prior to earnings the following day. The open of that gap-up ($9.60) appears to be acting as a significant resistance area today, with several attempts to approach this area for a potential breakout, to no avail thus far. Holders of this trade are experiencing a decent profit since entry already (between 3 to 5%), so the charts are suggesting to take a small amount off-the-table, and since we have beaten the prior resistance level of $9.20 noted in the last comment over the weekend, there would be no harm to follow the chart's suggestion to raise the profitable stop level to an area just below $9.20 to let the rest run - congratulations on a great trade thus far!Note
UPDATE (week ending 19-Sep): Following on from the special update on Thursday above, the resistance area of about $9.60 has certainly been confirmed from the price action of 19th September, which raises more confidence in the chart's suggestion of the raised profitable stop just below $9.20 for the remainder of the position. Congratulations!Trade closed: stop reached
UPDATE (week ending 26-Sep): Profitable stop triggered on Monday 22nd September, which would've prevented losses accruing later in the week - congratulations on a great trade!
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