AMZN loading up for a nice move
I've been following AMZN for a while as it's been range-bound for about a year while the market has continued to grind higher. I was tracking the ascending triangle and prematurely made a BUY at 3370 before the breakout, but I believe the set-up now is more attractive. We broke out of the triangle on great volume on July 6 and I was waiting for a retest of 3543 to increase my position. This level should serve as support.
Equal risk/reward ratio but I believe the odds are solidly in our favor for a bullish move. If the market stays calm and/or moves higher, I believe we could see $4,000 but for this trade, let's keep more realistic expectations.
TP: ~$3830 (+7.1%)
Published trade statistics:
Win Percentage: 6/8= 75%
Avg Gain on Wins: 12%
Avg Loss on Losses: -13%
Weighted Avg P/L % : 5.98%
Pending Trades (including this post): 2
- Sultan of Chart
*This is not financial advice*
Equal risk/reward ratio but I believe the odds are solidly in our favor for a bullish move. If the market stays calm and/or moves higher, I believe we could see $4,000 but for this trade, let's keep more realistic expectations.
TP: ~$3830 (+7.1%)
Published trade statistics:
Win Percentage: 6/8= 75%
Avg Gain on Wins: 12%
Avg Loss on Losses: -13%
Weighted Avg P/L % : 5.98%
Pending Trades (including this post): 2
- Sultan of Chart
*This is not financial advice*
Never let the fear of striking out get in your way.
- Sultan of Chart
- Sultan of Chart
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