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Neutral

The only way forward to is anticipate many optionsGood Morning traders! Todays forecast is fairly similar to yesterday, I will keep it short and sweet We are still contained in the 4hr and 1hr sell ranges-price has simple ranged the past 2 days. This means orders have been built in at current price so we should expect a move, when this will be, I can't say but I will be ready. Looking at the current PA, a sweep of the Asian session highs into the unmitigated range roughly 10pips above current PA could give a great sell opportunity. Likewise the same sweep into the higher range would be excellent, but I find this less likely. We have also built some liquidity under the current PA seen with the blue LQ line. I wont be rushing into the markets today and will let price show its hand first. As always happy trading EnvisionEJ
Short
by EnvisionEJ
NFLX Low Risk Short PositionNFLX has been trading in a range for many months, as we can see by this weekly chart here: Stochastics on the daily chart are showing it as heavily overbought, with an RSI of about 85, likely in anticipation of earnings which come out in 6 days. Historically, NFLX sells off about 80% of the time post earnings, usually quite steeply, with an average sell-off of between $50-60 dollars within the week that follows earnings. Here's a daily chart with stochastics visible: Barring a few temporary outlying moves to the outer extremities of its range, I believe NFLX will either: 1) Push up towards and then reject at the $566 level and then retrace back down towards $515.00 post earnings. 2) Falter post earnings and retrace to more "typical" RSI and stochastic levels prior to earning hitting. 3) (Hopefully not) push outside its trading range (difficult to imagine this scenario actually happening) and form new highs above its existing range. I am currently in an Iron Condor on NFLX with 570 and 490 short strikes. It is leaning bearish at the moment, but a move back down downwards 515 and a crush of implied volatility will substantially help my position. I believe both are likely to happen in the current market environment. -------------- If you were to enter NFLX short, you might consider it around the $566 level, assuming it pushes that high. You could accomplish this with a call credit spread which would give you the benefit of IV crush, assuming volatility decreases (which it would, if the price fell off steeply.) You could also take a bearish debit spread, but that will struggle with volatility collapse as it's a BTO position. ------------- Whatever happens, I'll be curious to watch NFLX as it develops. I do not think it's current price behavior is sustainable.
NASDAQ:NFLXShort
by PureDelta
4
AUDUSD - Neutral Pre Powell TestimonyAUDUSD has consolidated below support at 0.786 as the US dollar has strengthened across the board. Additionally, the Australian dollar has weakened due the impact of covid as cases have risen resulting in Sydney extending it's recent lockdown. If Powell indicates in his testimony later today that the FED are likely to raise rates sooner than expected by the market this could lead to a sharp drop in the currency pair. The next support level is as it 0.71 which if breached could lead to prices challenging the psychological 0.7 level. Therefore at this stage we hold a neutral AUDUSD view as we await significant price action and major announcements to enable us to form a directional view.
by KQMarkets