RE: Looking goodMy criteria is far from flawed and unrealistic, although maybe I did not fully explain myself.
Let me remind you:
1. When price is trading in a range, volume may indicate in which direction abreakout is most likely to occur:
- Higher volume before (leading up to) peaks means that an upward breakout is more likely
- Higher volume before troughs indicates that a downward breakout is more likely
2. Use volume to confirm the breakout:
- High volume immediately after the breakout indicates a healthy breakout.
- Low volume immediately after the breakout indicates weakness.
What you described in your post was point "1". We have seen good volume as we are approaching the peak. This in itself does not signify a breakout, but the potential for one.
What I described in my post was point "2". That is, we need to break
through the peak with accompanying strong volume in order to
confirm a healthy breakout.
As I am also a holder of FPX, I would hope (as I clearly stated in my post) that we are, indeed, breaking out. But we're right at the peak and so far only 6000 shares has traded at 95 cents.
It is important to differentiate your hopes from the facts. And the fact is that we have not broken out........YET.