For our featured forecaster of the week, we are showcasing a trader who was spot on with his trading last week. Sorbeterong Trader a.k.a. @gan21, an active member of the community who constantly shares his own views of the market, was able to forecast the upswing of Italpinas Development Corporation or $IDC. Let’s take a look at how he did it.
The post can be found here:
https://www.investagrams.com/Post/gan21/1100122
Although $IDC wasn’t in an uptrend like many of the other stocks that stole the spotlight, it’s range was big enough to provide a profit opportunity for those who did their homework. As a small-cap stock, the corrections of the blue chips and other bigger mid-cap stocks were signals that money could rotate here. There could be a variety of ways to trade this, but the one Sorbeterong Trader used and shared with the community is a momentum pause play in the intraday chart.
Trends exist within every timeframe. Thus, within bigger sideway trends, a smaller uptrend can be found within lower timeframes. In this $IDC trade, a momentary pause or consolidation could be the continuation pattern that one can use to trade the range. Despite having moved away from support, the upside was still good at 15% given that the range was wide. In addition, the use of intraday levels gave better control over the downside as a tighter stop could be used than simply using the support at the bottom of the range.
Kudos to Sorbeterong Trader for a good trade. As our featured forecaster of the week, you will receive FREE one-month InvestaPRO access!