the NFLX long setup posted yesterday has already triggered as of today. as this breakout happened a bit sooner than expected, the distance between the long entry (the downtrend line came in around 64.80 today so i will use the 65.00 level as the entry price for tracking purposes) and the R1 resistance level (66.80) was a bit smaller than i was hoping it would be. ideally, i prefer not to take a breakout from a pattern if there is a second significant resistance area immediately overhead, at least not a full position. there are numerous factors to consider when trading and although i would not suggest an entry at this point until/unless prices break above R1 (assuming that you did not take it immediately following the breakout), i will consider this trade active as per the criteria posted yesterday (which was suggested as an initial entry of a partial position on a break above the downtrend line with a 2nd entry on a break above S1).
for tracking purposes i only count the initial entry price to keep things as simple as possible although in the real-world, i will often scale into and out of positions using multiple entry and exit criteria. NFLX will now be categorized as both an Active Trade (and Long-term Trade) as well as remaining a Long Setup for now, since it will offer another objective entry on a break above the S1 level. i will follow-up with some suggested stop levels asap. remember to replicate the charts/setups that you like and use price alerts to be immediately notified of breakouts (or buy stop orders for automatic entries). notes on updated (2nd) chart below:
