ANN Breakout Trade

jazziej Updated   
Breakout trade opportunity, taking a position at a safe place. Stock has had a big rounding base pattern and has been on a downtrend for two years. We are now starting to see a possible early recovery. Looking to

False breakout has occurred over major resistance. Price action is retracing and I am waiting to enter around $28.10, where a few technical confluences come together.
• Level where recent volume profile peak occurs - likely to be supported.
• Fib retracement level 0.382
• Also pulling back toward the 50 moving average.
• At current levels, if breakout does continue, it could potentially run up to $31 quickly as this is a region of low volume profile node.

I expect that after this retracement, it will continue to move higher and break through the resistance level again. Taking a long 2.6R trade.
There is also a nice asymmetry setup in the 15m time frame. Falling Bullish wedge pattern. Break below $28.50 support level and it could fall further. This is level is also a low volume profile node so not a lot of volume activity in this price level. If support is held, it can potentially run back up, conservative 2R trade is my plan.
Trade active:
Took the trade on the 5 min timeframe - very hard to do while still being busy at work... Chased it a bit because of FOMO as it bounced off the 05 Fib level, entry at 28.64. If I stayed patient, would have had a better entry and hit my original entry target around 28.59 which was the VWAP level at the time.
Price today dropped briefly below the previous support level - support around the 28.50 level looks strong. However the more this support is tested, the more likely it will to fail eventually.
Wide SL @ 28.33, I realise now that Take profit @ 29.14 is an optimistic target in the 5min timeframe, needs to overcome a major resistance around 28.80, which also happens to be the edge of the vol profile pattern.
Having said this on the daily chart, structure still looks good (bullish).
Trade active:
Trade made, SL and TP levels updated.
10.02.23 - Learning - this pullback was impulsive and gapped down below the previous resistance level and on high volume. Ideally to take the breakout trade entry - price should have consolidated around the previous res level and on low volume.