I absolutely love it. This is great counter. I've thought of these kinds of situations, and of course I come across them quite a bit.
I would rather tend to play blue sky breakouts. They're just all the more objective, but you can't always come across plays like that.
In this case, if its a clearly defined high, I play the most recent high. If the stock has pulled back for at least two or three days, I consider that previous high a point of resistance.
OPLK does look like a great triangle pattern to be honest, as clear cut as they can get. If you are to draw a triangle on this, you'd get your triangle breakout only a couple points below where the break of the most recent previous high would be.
In this situation. I feel comfortable giving up those couple points to gain the added confirmation of the break of the previous high as well.
After the stock broke, and I took postition in it. I would watch the other two peaks, as well as other points of resistance to look to possibly take profits off the table. (it looks like there might be some previous high, and psychological resistance around the three area, would be paying close attention to it around here, but a break of it would give free sailing for another .25 or so.
On the second stock, I again would consider the nearest high to be a good point on breakout, with the higher high possibly being resistance.
In consolodating patterns like these, I consider the lows to be just as important, if not more important in determining wether or not I would hop into a trade like these. If the most recent low is below the low of the next most recent, it is a sign that the stock is trending downward, and I'm not likely to hop in it, unless other indicators tipped the scales quite a bit. Neither of these have that to contend with, but it is just a heads up in looking for these. You always want to trade on the right side of the long term trend in my opinion.
That's about all I got on this. I am a fan of breakouts of triangle formations. I don't feel its a bad way to play, but in many situations, its just not for me.
I have both of these on my watchlist currently, with breakouts set at both of the most recent highs.
Every stock I post on that I said I've purchased, if you see it quick enough, its a buy recommendation. Unless I posted to sell it, then its a sell recommendation. I'll go ahead and take the blame for any money you lose, or win.