Trade Journal: Short TTWO - Rising Wedge - 2/24/2020

With market weakening and a big gap down day, I've been continuing looking for short ideas to ride this possible start of a big downtrend. TTWO has been of interest short since making a bearish PEG and creating a nice rising wedge pattern. I was looking to get short at the break of this pattern.

Entry - 112.70
Stop Loss - 115
Target - 100

I already exited this trade at 114.60 (Early stop). I pulled the trigger way too early on this trade today. TTWO did not clear the high volume node which was clearly acting as support. I ended up bottom ticking the short entry.

I will continue watching TTWO as the setup is still valid. I am expecting retracement to the upside tomorrow in the market.

Trade active:

Reentered the trade. Continued downside momentum.

Entry - 112.40
Stop loss - 114.50
Target - 100

Comment:

Great start in TTWO. Took 1/3rd off at 107.76. Taking profits in this stock and moving stop loss to 111.03.

Trade closed: stop reached:

Stopped out rest at 111.14. What a reversal on TTWO! This is signs that the market conditions are changing. Although the indexes are down, a lot of stocks are making big reversal like TTWO. Buyers may finally be stepping in... but still letting the market decide that instead of catching knives.