Identify The Trade
$IPAS was a very strange stock to trade. It wasn't initially on my radar until it zoomed up and got halted. At that point I became more interested in taking a position and trade this stock.
Choose The Strategy
The strategy was to use historical resistance in the $3-$3.10 level and see if it is respected and take an entry against it. If I can get a decent entry, then a move back to $2.50 would give a very nice Risk:Reward ration.
Setup, Entry and Exit
Execute The Trade
Post-halt, $IPAS did a quick look and see at the resistance before it was slammed down hard. within a few minutes I had reached a sizeable Risk:Reward, so I took off the entire position and never looked back. A very quick trade.
