If you’ve been watching, you’ve figured out I enjoy trading IPOs. MPEL – Melco PBL Entertainment (Macau) LTD. is a recent IPO, hitting the street just this week. Shares were well received. The stock achieved a 13% gain on it’s opening day. I’ve had the stock on my IPOs stock list to watch, but was actually alerted by someone else on the trading pattern today.
MPEL has been pulling back since the ipo, but today decided to finally put in a base to trade off of. I bought the stock using the Bull long 3 trading pattern.
I decided to risk another R on Melco PBL Entertainment by buying more stock on the pullback near the close. The stock put in what looks like a bottoming tail. It could make it’s first higher high on the daily chart tomorrow. I’m looking to swing trade this add with stops at pivot lows.
