Two options: Depending on your degree of confidence in whether or not the breakout will stick*, one could take a full or starter position on any intraday breakout (adding to a full position if the stock is poised to print a solid close above the downtrend line towards the end of the trading day)…or… wait for a solid daily close above the trendline.

Benefits of the latter are to minimize the chance of jumping the gun if the breakout proves to be a whipsaw, closing back down on or below the trendline. The downside is that some breakouts can run hard, thereby denying an ideal entry if one were to wait for confirmation on a daily closing candle, especially if the breakout occurs early in the day.

*A couple of factors I like to see to confirm a breakout during the trading session is 1.5x or greater the 90-100-day average volume of the stock as breakouts that occur on average or below average volume have a much higher failure rate than those on 1.5x or better average volume.

The other thing I look for is “what is the rest of that sector, as well as the stock market doing that day?” A breakout on even the best-looking setup can fail if the stock market or the sector thatthe stock belongs to triggers a major breakdown/sell signal that day, resulting in broad-based indiscriminate selling from index ETF& mutual fund redemptions.