TTWO - 030806; 15-minute chart

I mentioned TTWO earlier today:

1.) What did I see?
A gap up and wide-range first bar. It left a long upper tail/wick, but the second bar "filled-in" much of that tail/wick and closed strong. The second bar was also a narrow-range, inside bar.
2.) What is the entry?
A break of the second bar high*.
3.) What is the exit?
The target was the Fibonacci extension of the previous day's low to the opening range high; it was hit three bars after the entry.

Set-up grade = B; the entry was below the OR high.

*as with any entry below/above a previous high/low (in the case of my charts, the opening range (OR) high/low), you need to watch for resistance/support as price approaches those levels. If it stalls, you want to exit. If it breaks through, the odds are good you will have a move to the corresponding Fibonacci extension. TTWO made a decisive break of the OR high on the third bar.

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Tags:
Trader-X, Stocks, Fibonacci, TTWO