Long trade in GE SHIPPING - Consolidation Breakout

GESHIP

A long trade looks good here in GE Shipping as it has broken out of a consolidation, or also a ascending triangle pattern.

Breakout occurred with good volume activity. Chart shown is the hourly chart.

Pattern targets come out to be at 770.
SL can be kept below the breakout candle low, which will give a R:R of 1:3, or below the weekly pivot, which gives a R:R of close to 1:1.75.

Volatile stock with a good bid-ask spread so take that into account as well to manage risks!

Comment:

If it closes below 705, I wont be carrying any longs here as it would mean a failed breakout of sorts, lets see how it closes.

Comment:

Looks like will have to get out of this trade if it holds below 705 today

Trade closed: stop reached:

Will close below 705,
Time to close!