still a bit of work to be done on this one as NFLX is well within this large falling wedge pattern but close enough to the apex of the wedge that a breakout could occur any day now. a long entry would be triggered on a break above the top of the wedge (blue downtrend line). however, there is significant resistance just above that level as marked by the orange horizontal line (R1). therefore, one strategy might be to take a partial position on a break above the wedge, adding to that position if and when the R1 level is cleared. stops to be determined based on the entry price once/if the breakout occurs. as this trade has significant profit potential and a large technical pattern (the larger the pattern, the larger the potential gains and expected duration of the trade). as such, this setup will also be added to the Long-term Trades setups category. the Long-term Trades ideas are geared towards longer-term swing traders and investors although that category is not mutually exclusive from the regular Trade Ideas as more active traders may find these patterns useful targeting the initial profit target(s).
