[isatrader]

I see a breakout on INO but can't identify a nearby stop. I don't see a nearby stop so was going to look at the 4-6% rule. With such a low price not sure what a good round number would be. Any thoughts anyone? Right now I am thinking I just have to wait.

One of the rules with breakouts is that it needs to close near the high of the range on the breakout day/week, so I'm not sure that INO fulfills that, as it's near the lower end of the weekly range currently and so it's an iffy one imo, although it had excellent volume on the breakout day. So waiting seems sensible to me in this case, but that's just my opinion.

However, if you do trade it then there is no nearby swing low to use on the daily chart, so in that case I'd look to alternative methods like point and figure charts which gives you a clear place to put the stop loss below 0.79 on the 1% by 3 reversal chart, as that would be a double bottom breakdown and hence a short term sell signal. See attached.