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.
Just for the hell of it I will be so bold as to predict the closing price for today at $762.53. Will explain why and see if I am correct after close today.
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.
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
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.
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