Triangle Breakouts

What's up everyone, today I want to talk a little about ascending triangle breakouts and how to play them. Two plays that I used this pattern on today were SGMO and GSAT. I want to start off by explaining what a triangle breakout is. Its pretty simple, a triangle breakout consists of 2 things (A resistance line) and (Higher Lows). If you look at the SGMO chart below you will see that the resistance point was at $7.75 and it was making higher lows. I alerted at 10:30 this morning that an ascending triangle was forming and that I was looking for a breakout past that resistance. The perfect entry point would be 1-3 cents above the resistance line just like in the other strategy I posted previously. It broke out nicely and rode up all the way to 8.54 almost $0.80 per share profit potential. I was watching for a bounce off the 9sma however a reversal was alerted and it cracked under. The 9sma crossed the 18sma later on. The next chart GSAT also had a nice breakout however this one dint breakout as strong as SGMO did however it still followed the pattern. Resistance was at $2.40. GSAT was slowly grinding along the 9sma until it hit high of $2.59. A good entry would be at 2.41 a cent above that resistance. Even though its only about $0.20 per share profit (Profit is Profit) and is always better than a loss. I want to remind you guys that never have an order ready exactly at the resistance line because it might get rejected. Also dont try to get in a couple of cents before a breakout cause it moght get rejected and it will turn into a loss. Its better off getting in a little higher to take a smaller risk. If you have any questions just dm me and I will be sure to answer them. Also let me know if you like how I put the writing on the chart. Catch you guys next week.

-Rob

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