NFLX: Inflection zone incoming
Updated
Really perfect trade missed on NFLX today. These I find are fairly easy when the market environment is right. Bounced off of the 100sma on friday and traded RIGHT back up to the beginning of its latest runup on 10/20 today- to the penny. Would have taken that all day had I seen it. Fibs previously drawn. When I see setups like this on names I watch regularly, I will put alerts in so that I remember and do not have to watch closely.
If we can get a market bounce here moving forward in the week, I would def watch for daytrade/swingtrade probably really both or a daytrade-turned-swing-trade (meaning leaving on a smaller size to swing which I do often when the right momentum is with the names). I stuck an alert near the top of Thur-Fri candles of last week so that if/when it hits, I can reassess it to take back up 644 or at least the 10sma- a 10/100 sma sandwich/fib play. From there, maybe a short again, but being careful to look out for Santas sleigh coming into Christmas. All Aunt Edna wants for Christmas is another year of NFLX??
IF the market continues the selling and this does not work and we lose the bottom of today/100sma, we will head back down at least to the top of the channel between 479-573 where we spent the greater part of the 2nd half of 2021~ 200sma sitting around 562.
The reason I put my alert BEFORE the top of the thur/fri candles is because IF we cannot break above those, that is an excellent place to short and the momentum would probably break the 100sma taking us back down to the 200sma and if that breaks, to the purple channel.
The cliffnotes are: there is no trade. BUT, I am prepping for a trade ;)
If we can get a market bounce here moving forward in the week, I would def watch for daytrade/swingtrade probably really both or a daytrade-turned-swing-trade (meaning leaving on a smaller size to swing which I do often when the right momentum is with the names). I stuck an alert near the top of Thur-Fri candles of last week so that if/when it hits, I can reassess it to take back up 644 or at least the 10sma- a 10/100 sma sandwich/fib play. From there, maybe a short again, but being careful to look out for Santas sleigh coming into Christmas. All Aunt Edna wants for Christmas is another year of NFLX??
IF the market continues the selling and this does not work and we lose the bottom of today/100sma, we will head back down at least to the top of the channel between 479-573 where we spent the greater part of the 2nd half of 2021~ 200sma sitting around 562.
The reason I put my alert BEFORE the top of the thur/fri candles is because IF we cannot break above those, that is an excellent place to short and the momentum would probably break the 100sma taking us back down to the 200sma and if that breaks, to the purple channel.
The cliffnotes are: there is no trade. BUT, I am prepping for a trade ;)
Trade active
It did exactly what I expected it to do and closed right above where I needed it to close to go long. Officially now in long at $625. 1st target will be $635 as that will be the 10ma. Depending on price action there, maybe I take off more or less, will determine that while watching price action as it is now on my short list and I will be watching closely. Stop is at $616.50 which is just under that S/R line from that we touched a few days last week. If we can get past the 10ma, 645ish will be a piece of cake. Particularly if the general market keeps moving up. Again, will base how much I take off at each of these areas based on price action, but will definitely be taking off profits at both areas.Entry: $625
Stop: $616.50
1st T: $635
2nd T: $645
If I couldn't watch the markets tomorrow, I would put an order in at $635 for 25% and $645 for 50% and try to move up my stop to b/e as soon as possible to lock in a win.
Note
perfect move for this trade. Bounce RIGHT off of my alert area. Nearing our 1st profit target zone...
Note
Was a nice thought. At least we took profit near the 1st T on half and moved stop up to b/e. Not a homerun, but at least a nice single!
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