Buying NFLX PullBack For Rally
Updated
I know alot of people who got rid of cable and only have Netflix, so NFLX is one stock I am always bullish on. It is trading near last years double bottom. . I believe the recent pullback is due to the previous surges and this is a healthy correction. I believe this because of the low bearish volume.
I am entering this trade with an aggressive stop based on the .382 fib of the previous rally.
Trigger: 93.41
Stop: 90.09
Target: 119.30
I am entering this trade with an aggressive stop based on the .382 fib of the previous rally.
Trigger: 93.41
Stop: 90.09
Target: 119.30
Trade active
I got triggered into this trade today but I will exit this position aggressively at market open because of "hidden divergence" i found confirming the downtrend. Also the gap down from the day prior may be a continuation gap.I hope that the rapid decline and the 4 bearish candles in a row give me a nice bullish pop on Monday from short traders buying to close, so that can exit this position without losing a full amount R and maybe even get a little bit of profit:
Hidden divergence: .
Trade closed manually
Trade has been exited aggressively for a nice small profit. I figured the bears needed to rest. The hidden divergence got me out of this trade and I am glad to watch from the sidelines until I see a new entry signal.
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