NFLX is currently at level 2 rise. This is why I'll say this is a 5/10 risky trade. Now, its important that we understand this M formation could mean the retrace of level 2 rise. I'll explain you why I think NFLX will drop. First of, we can see in the 1h time-frame we are in level 2 rise. We already broke the level 1 high so Market Maker can now retrace. On the other hand, retail traders think the previous high or resistance has been broke, retested and confirmed, so it's happy days and they can go long now. The problem is they forgot to see both ADR-High taps, NY session Stop-Hunt rise and the clear M formation. Also, before I forget to mention this, 1d time-frame shows something similar to the 1h time-frame, in other words, 1d time-frame is in level 2 rise, and the TDI is showing an M formation, in other words, a hint of price retracing. Talking about TP's, I'll set them here:
- "Resistance"
1st TP (20% of position)
563.11 - Unrecovered Vector
2nd TP (30% of position)
549.66 - 1h nPOC
3rd TP (30% of position)
536.61 - Unrecovered Vector
4th TP (20% of position)
523.75
Happy trading!
Note
Just drew a Fixed Range Volume Profile in the last rise, and the POC is at the high's. This could mean Market Makers have built lots of short positions at the high's.Trade closed: stop reached
Oops, SL reached. 0.25% loss, we exit.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.