A subset breakout pattern
Observed a subset of the vcp/breakout pattern that's worked for me a few times.
1. Stock needs to be in an uptrend. As in the 10sma, 20sma, 50sma are all stacked and rising.
2. Price forms a "hump"
3. A shakeout at the end of the hump. Shakeout candle at minimum goes below 20sma, but closes in green at eod.
4. Next day breakout with huge volume. Try and get in about 5%-6%, before it runs away.
Traded it a few times. Specifically BSE on 1st Dec 2021. Seems good for 4-5days swing trading. Also, the setup doesn't seem to occur too often. The hump-breakout occurs quite often, but this hump-shakeout-breakout doesn't. The shakeout I believe makes weak hands exit, so the reliability is probably better. So that's the edge. And, if this seems like a no brainer setup I apologize.
1. Stock needs to be in an uptrend. As in the 10sma, 20sma, 50sma are all stacked and rising.
2. Price forms a "hump"
3. A shakeout at the end of the hump. Shakeout candle at minimum goes below 20sma, but closes in green at eod.
4. Next day breakout with huge volume. Try and get in about 5%-6%, before it runs away.
Traded it a few times. Specifically BSE on 1st Dec 2021. Seems good for 4-5days swing trading. Also, the setup doesn't seem to occur too often. The hump-breakout occurs quite often, but this hump-shakeout-breakout doesn't. The shakeout I believe makes weak hands exit, so the reliability is probably better. So that's the edge. And, if this seems like a no brainer setup I apologize.
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