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Friday, December 21, 2012 5:08:05 PM
That's just my preferred trade. I'm a bottom feeder/ pinch guy.
Of course it's hard to resist a huge momo play no matter where it is on the chart, and sometimes some 'break above Bollinger bands' plays, or a blue sky breakout.
But mainly bottom feeder, bounce, or pinch plays for me.
IPRU is close to the bottom of it's historical lows, and yet it is not in a downtrend. It is very close to the bottom of a 4 month trading channel that will give a guy close to a double just trading the channel.
Money flow is on the plus side and accumulation is up. RSI is below 50 and rising, and MACD is moving up.
If you like Bollinger Bands, we're close to the bottom of the band with the entire channel to move up in.
Perfect! This is a very good position to be in. And the volume will come. It's on it's way even now, I think I hear it. :)
IPRU
Well, it may be the devil, or it may be the Lord but you're gonna have to serve somebody - Bob Dylan
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