Netflix Short
Updated
NFLX up ~25% the last week on reducing volume and osc's maxed out on most time frames.330 would be the optimal entry which will hopefully get tapped leading into the earnings report, however, I have prematurely entered at 320 with 40% of trade size as the daily PA looks toppy and I called it early last time (see related).
Targetting: ~274
SL: ~350
Trade closed: stop reached
Should be stopped.Perhaps "newbishly" I cancelled the SL after seeing the pre-market hype hoping for a blow-off top after ER, might pay off so currently holding a full position with plans to double at 346.
Another lesson on trading what I call "hype" stocks; Similar to the cannabis stocks (CRON) the NFLX gain was much greater than expected due to a PR being released about higher prices. Most will know to expect a lackluster ER, however, my opinion is that some novice traders will not be aware of the ER days off and blindly long.
Just pure speculation, but similar to CRON and BTC, when hype is pushing the market the FA & TA means nothing until the rug is pulled.
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