AMZN = LONG @ 764.42.
- Thread starter eganon69
- Start date
LOL. You are welcome. I am STILL not celebrating but feeling much better about my trade this go around. Believe it or not this is STILL not the big move I am expecting. We need to break below $754 before I think we see a SWOOSH lower. Until then this is just a trading range. Obviously it could also SWOOSH higher and break above $780 but I don't think that will happen.
I know. The move you originally spoke of is yet to come. I had to take the bird in the bush on this one though. It was sweet. And I gotta admit, had I not overslept yesterday when the bitch hit $779.99... I would have been sick and probably taken a major hit. Once again, more impetus for staying up late and .... whatever ....LOL.
Let your winners ride EG... g/l
I'm into the TSLA pig.
Obviously not correct on closing price yesterday. It appeared a pennant flag was forming yesterday on the hourly chart which is a continuation pattern but that didn't occur. Either way we are having a continuation day today and there is significant damage being done to the price of AMZN today. We would need a major bounce and break and close above $780 to negate this move down. We have only strengthen the likelihood of a major break down in AMZN in the first week of 2017. Still not a SWOOSH down in price but we are setting up for that to happen REALLY SOON. We would need a break below $754 for that to be confirmed. Moving my stops down. For now maintaining SHORT position.
Happy New Year. Trade what you see.
Happy New Year. Trade what you see.
Last edited:
SWOOOOOOSSSHHHHH!
https://www.elitetrader.com/et/threads/amzn-long-764-42.305209/page-5#post-4379899
I would like to remind everyone of my detailed post on Dec 22, 2016 where I described a 2% move setting up and why from a TA perspective I expected this to be a drop. That SWOOSH occurred today.
It is highly likely we retest the breakout and retrace to the $760ish level before rejecting and more rapid selling. Looking to add to my SHORT position if that happens. Price would have to retrace to the $780 level and higher before this breakdown is negated.
Happy New Year. Trade what you see.
Eganon
https://www.elitetrader.com/et/threads/amzn-long-764-42.305209/page-5#post-4379899
I would like to remind everyone of my detailed post on Dec 22, 2016 where I described a 2% move setting up and why from a TA perspective I expected this to be a drop. That SWOOSH occurred today.
It is highly likely we retest the breakout and retrace to the $760ish level before rejecting and more rapid selling. Looking to add to my SHORT position if that happens. Price would have to retrace to the $780 level and higher before this breakdown is negated.
Happy New Year. Trade what you see.
Eganon
You killed it. Spot friggin on.
If you're bored this weekend, meager a gander at the BABA chart.
Got stopped out on that damn BULL TRAP and was the reason I entered SHORT again when I saw weakness again. My stops RARELY get hit unless I am wrong. That just pissed me off and for a while there I thought maybe I was trading on emotion. Good to know it was just correct analysis of ths situation. I had conviction in my skills and thats why I put myself out there to make this call.
Impressed me. I'm studying more T/A lol.
LOL,...I guess that is one of the reasons I posted this analysis. TA gets such a bad rap and people say "prove it" all the time. I dont know how much more I can do to prove it than this and several recent calls I have made all based purely off TA. Clearly, I am not always correct but I am correct enough to make money off it and that is all that matters.
So I am going to take a bit of a victory lap here as the year ends....LOL
So I am going to take a bit of a victory lap here as the year ends....LOL