IBM Weekly Chart Triangle Break

Rare triangle pattern on a weekly chart. I jumped the gun a little today and got in on the long side. Based on the market bottoming out today I'm bullish on this break. Will keep a close stop at 128 and target 180.

Trade active:

I change up a bit on this play. I still believe a good breakout is imminent, but I don't want to lock myself into a direction. I put on an Iron Condor option play. This will pay on a break in either direction. So long as the break occurs prior to the June expiration.

Trade closed: target reached:

Closed this position 5/31/22 up $1.30 per contract. I didn't have a lot of faith holding this any longer. Which was a good call. First Iron Condor work out well. I'll look to play this strategy when I think a breakout move is eminent.