2. Red candle with reducing volume pull back to previous resistance which could act as support. (If miss out the first breakout entry, this could be another entry level) 3. Breakout with a buildup Buyers are willing to pay at higher price to buy even though it is at resistance level. It shows there is a demand. Stop loss can be placed below the tight consolidation.
how to further ensure the tight consolidation happen: 20dma catch up with the price 4. Higher low (pattern trader would like to call it acending triangle)
there is another stock also forming similar pattern, build up (yet breakout). TMO. Earlier on, I trade tmo as a reversal and false break. it hit my stop loss and now it looks like forming a buildup, awaiting breakout.
* I may not be trading tmo. I prefer to trade continuation or reversal trade or breakout along with reversal. Unless I can't find other trade, I may take on this trade. it is just personal preference.
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