Few characteristics of a successful breakout-
- It sequels from some kind of consolidation pattern. It could be a channel/Triangle/flag/Pennant or something else.
- Increased volatility in price post breakout
- Increased momentum. Which means- More number of high days than number of low days. [High days = close>open , Low days = close<open]
- Some books/traders say increase in volume is seen as prices leave the consolidation zone, although I haven’t tested that.
Chart from 2/12