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Charts, Stock Picks, and Technical Analysis from an Online Stock Trading Veteran

December 21, 2006

A Trade in MPEL - Melco PBL Entertainment (Macau) LTD

Filed under: Online Stock Trading — Online Stock Trading @ 10:01 pm

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.

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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.

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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.

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