Hello Traders, we have a great setup here based on pattern/structure. This is a textbook wave 4 continuation triiangle with price finding support above the IPO price. I have not yet taken a position on this setup, I will set an alert above the top descending trendline. Typically we will see a nice "throwback" after the initial breakout and this will be where I will look to enter long. Since I trade options time is a major factor and this strategy of playing the breakout will keep us from burning up Theta on our position. If the setup plays out as forecasted, clearly there is quite a bit of upside potential here so buying the absolute bottom is not that important to me. Confirming the setup with the details I have previosly listed is by far the the safest way to enter this setup. Feel free to ask any questions you may have.
Happy Trading!
Happy Trading!