IONA

[calven]

Doesn't get any better than this from a technical standpoint!  

I will be buying at $5.80 on monday.

[Ares]

Nice Weekly Chart.
Above 50ma and 200ma
Tight Bollinger Band being broken by increased volume.
Fresh cross on MACD,Histogram, and Stochastics.

[Ares]

Just received a newsletter from StockScores(another school of thougt that I like) recommending IONA.
This thing could fly.
Here's a clip from the newsletter.

1. IONA
IONA is breaking from an ascending triangle pattern through resistance at $5.65 with strong volume support. Support at $5.15 that needs to hold up if the stock is to stay healthy.













 

[calven]

This is probably my #1 technical setup at the moment... Interesting to see how this reacts this week - hoping to get in monday at 5.80ish - covering this under my personal log thread also

[Ares]

Sorry Calven,

I missed to mention that 5.70 previous resistance as support.
Entries:
6.05 breakout
5.70 support
5.48 support
5.15 support

I was just wondering how you came up with 5.80.
Did you use the Fibonacci retracement or just estimating it?

Ares

[Ares]

Caught a ride with a block trade at 5.96
So far, the 6.05 support (previous resistance) seem to be holding
Hourly chart just made a higher high.
I wonder what price the "tickle " point is at.
Shorts may have to cover.

[calven]

Im still waiting for an entry at the midpoint of the white bodied candle 5.75-5.80

[Ares]

Today?

So far as of 10:34am ET:

Hourly 50ma =  5.70
15 minute 50ma = 5.90
previous day's high = 6.05

The way I see it is, before the price could go down to 5.80, it has to break these supports:
6.20,6.05,and 5.90.

[Ares]

Out at 6.08
I don't like that block that sold to the bid.
You may get your entry today Calven.

[Ares]

I may have just been shaken out.
I just came back from taking my son to school.
I had to close my position because I can't stare at the time and sales.
Previous hour's high: 6.13
Previous hour's low: 6.04

I'm watching 6.13 as most recent resistance.

[calven]

I may have just been shaken out.
I just came back from taking my son to school.
I had to close my position because I can't stare at the time and sales.
Previous hour's high: 6.13
Previous hour's low: 6.04

I'm watching 6.13 as most recent resistance.

Unless you are daytrading this there is no reason to get in over $6.00 - IONA will move down below $6.00 in coming days and touch the 5.70 support line... Im looking for an entry of $5.75-$5.80 - If it doesn't get in my buy range I won't take the trade....

My quote says "buy the breakouts - sell the breakdowns" Here we are in effect "buying the breakout" (on the retrace) which is optimal and has a positive EV considering we missed the first break over 5.70...

Patience my friend 

-calven

[Ares]

Thanks Calven,
You finally responded.
I agree with you.
The optimal entry for swing traders and long term holders would be close to the breakout point, which is 5.75 to 5.80.
I just wasn't sure if you daytrade or not.

Ares

[Ares]

I'm calling it a day.
I just caught myself sittng through the "idle hours" again.
I need to get a haircut.
Good luck trading everybody.

[calven]

Bought IONA @ 5.76 - glad to get my fill!

[Ares]

Hi Calven,

Your patience is starting to be paid.
I'm tempted to get in as a daytrade here but the volume is still below 100,000.
Hard for me to get in and out.
Long term, the chart's looking nice,

Ares