No! Its going to 64. Once it reaches my target, then I say it will pullback. The pullback will be to around 54.5. Thats when you consider a long position. I have waved my magic wand and now it will be so.
Dude, I have been trading a lot of years making money and I can tell you that a stock can and will do exactly what it does, regardless of any chart formation. You called this correctly, but I think you need to chill a bit since 1) luck cannot be ruled out on a single example and 2) the skill lies not in the call, but in what is done with the call. Yes, I was short. Yes, I had to adjust the position to get out well. Yes, I was wrong about this example. But, I put my money on the line and that is what makes a trader. Act, don't pontificate please. On a final note, that certainty you claim can never exist in this world; it is a risky thought. A good trader changes his mind often and realizes quickly his mistakes. I appreciate your work, and in TA you've got talent for sure, but in the final analysis I make my own decisions based on what I see, not what others say. That is how I know when a trade is sucking wind. Thanks again for the Micron pick; it's a dilly so far.
Agreed. Certainly, the r/r is no longer favorable. There are some lovely spots to enter on that chart. I am, however, glad I do not trade stocks much any more. Bad tax treatment and too many charts to look through. Cheers!
Looks like my target might be reached in the afterhours session. 63.15 is the high in the a/f session.
While the AMZN bulls' exhuberance may propel it a bit higher still, I have to agree with BuyLo. Compare it with any other specialty retailer ... with a P/E of 80 (!!!) it's ridiculously overvalued at these levels. 63-65 range would be a great place to initiate a short position, IMO.
Expectations based solely on fundamental analyses are doomed. Let the chart show you where the price is heading. A P/E does not provide any sort of time frame, you could experience a tremendous drawdown in the mean time. Technical analyses will tell you where the price is heading.
If TA were that dead on, you'd never be wrong.... tell me, what % up are you for the year, you TA buffs? Bet I beat you.
Main point is that FA tells you something ain't right with valuations, but it does not indicate when prices might correct, TA does, I would say if you understand FA, then use TA as well for the above reason.