TTWO Daily chart analysis
Take two? The bulls about to take a strike 3 on this one.
TTWO is currently in a downtrend with price under both the 200 and 50 ema
After hitting a low of 103.05, price bounced to about 134.
At 134, price found resistance from the 50ema which knock price down to 122.45
At 122.45 price found support and price bounce back up again but failed to make a higher high.
After bounce, Price was shot back down to support level of 122.45
At support, price has been building up, moving sideways.
We now have a Double Top pattern with a build-up of price at the neckline support of 122.45.
This Double Top patten also has a build-up at the 50ema Dynamic Resistance.
When looking for high probability short trade, look for bearish patterns in existing downtrends.
Double Top pattern + Downtrend = High probability trade.
I would normally wait for price to break the neckline to confirm the Double Top pattern….BUT….
since we have a “build-up” of price at the neckline support, I feel comfortable being more aggressive and entering trade.
Entering trade short.
Entry: 122.67
Stop Loss: 136.04 (-10.90%)
Target: 103.13, +15.93%, 1.46 RR ratio
Take two? The bulls about to take a strike 3 on this one.
TTWO is currently in a downtrend with price under both the 200 and 50 ema
After hitting a low of 103.05, price bounced to about 134.
At 134, price found resistance from the 50ema which knock price down to 122.45
At 122.45 price found support and price bounce back up again but failed to make a higher high.
After bounce, Price was shot back down to support level of 122.45
At support, price has been building up, moving sideways.
We now have a Double Top pattern with a build-up of price at the neckline support of 122.45.
This Double Top patten also has a build-up at the 50ema Dynamic Resistance.
When looking for high probability short trade, look for bearish patterns in existing downtrends.
Double Top pattern + Downtrend = High probability trade.
I would normally wait for price to break the neckline to confirm the Double Top pattern….BUT….
since we have a “build-up” of price at the neckline support, I feel comfortable being more aggressive and entering trade.
Entering trade short.
Entry: 122.67
Stop Loss: 136.04 (-10.90%)
Target: 103.13, +15.93%, 1.46 RR ratio
Comment:
trade is still active
Trade closed: target reached:
Exit: 90.71, +26.05, 2.39 RR ratio
Patterns are just patterns. We look for the breakdown of levels and the direction of the trend.