ironmouse, have done up a chart for IBY, most of the notes on...

ironmouse, have done up a chart for IBY, most of the notes on the chart will be easy to follow :)

With a new stock listing it obviously has no prior resistance or support levels so first uptrend/downtrend is easy to read.

Starting at the bottom have just placed a support level after each of the high volume bars... next wait for no supply or testing to occur and if so one could buy that bar or the next that moves higher.

Moving all the way up the trend, which gets rather steep towards the top we can see that second bar, its a huge upthrust followed by a no demand.. An aggressive short or close out your longs could have been taken there.. Unfortunately for that aggressive short the following two bar or top reversal got ya... An easier, more low risk entry would have to sell on the break of the lows of that high volume... Just looking at the five highest bars, if one can imagine joining the first two together into one bar and the fourth/fifth together, you would have two big 2day upthrusts...

Now down at the present action, its a bit grim if still holding, as has been shown on the left side of the chart, an easy way to pick the next long entry would be to wait to see this or the next high volume tested.

Hope this helps.

P.S. This is all the data I have so I'm assuming it is a new listing.