"If X pulls back to $33'ish an aggressive trader might take a shot on the long side. Otherwise entering on a break above $36.50 is the more conservative approach."
This needs further explanation. Why would a conservative trader enter at a higher price? Simply because a clean break above 36.50 would signal the breakout. The aggressive trade would enter at a lower price betting it will be a breakout without waiting for confirmation. If this doesn't make sense it's because it doesn't make sense.
X found support yesterday in the consolidation area outlined in the previous post ($31). I took a long position in X yesterday near the close for a trade. I will not hang out very long if the market breaks down and out.
