TWTR Trade Follow Up

Last Thursday around noon we entered TWTR short at what turned out to be a fraction of a percent from the absolute all-time high and have ridden it down since. This morning's 5+% gap down is a little bothersome in the very short term just because few gaps are left open. However as I was saying last night, this is something along the lines I would be looking for early today, see how 3C reacts to some movement and then act on that information during the second half of the day, in TWTR's case, see what 3C looks like in a gap fill and decide how I want to proceed from there because I think the parabolic failure is a stronger concept than the gap fill ultimately.

 With a short costs basis of $73.30, our Profit is now around +18.15%, it was higher on the open, that's not bad for less than 2-days of trade.

This is the daily chart and why I never trust parabolic moves, the IWM has a large parabolic move as well, it hasn't started the failure part, but it's much larger.

 Right now I'm watching trend channels, this first one I expect will be broken.

The wider one which will come down, is the one that has held the trend thus far, I'll be watching this and 3C. I may take partial profits and look to re-enter or I may just stay the course and be patient. If these were put options I would close them and re-open them later.