Trade Journal - Long $PETS - First Flag - 2/20/20

Trying going long PETS again since stopping out last week. PETS has been within a beautiful consolidation pattern right above the Cup & Handle breakout pattern on the daily chart. PETS is holding the 20DMA and is coiling tightly at highs. I entered within the consolidation as PETS sprung from the support this morning and back near the breakout zone.

Entry - 28.41
Stop Loss - 27.40
Target - 33.00

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Tight flag pattern above support. This flag pattern is considered a First Flag setup where a stock that recently broke out consolidates with a tight flag pattern.

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PETS broke out but pulled right back to the breakout zone creating an ugly candlestick. Market conditions not helping this trade but we shall see. Moved stop to 28.30.

Đóng lệnh: dừng lỗ:

Ouch... Stopped out but took a pretty big hit on this trade. Huge gap down but low volume pullback all the way back to green. Trying to control emotions here as this whole situation is pretty annoying. Stopped out at 26.46.

Expecting some retracement in the markets so this play may run. I'm done with for now tho - going long here would not be justified with the current risk:reward ratio.