LONG AMZN @ 197.12 because at 728-0, how could I not?I went long on NASDAQ:AMZN because it is oversold and is one of the stocks I have backtested my system on all the way back to its first day as a publicly traded company. AMZN has literally never failed to follow through with a profitable trade after being labeled oversold by my system. I can't ignore AMZN ever because of that.
It isn't always a smooth ride, but it's a dependable and profitable one (although not as profitable as you might expect). But I like trading stocks with a fully known history with my system and I have full faith that AMZN will turn a profit again.
Besides, it is in the middle of a LONG, strong uptrend. This recent pullback has support and looks like a typical pullback like so many others it has had while on this run. Obviously it could be worse than that, but it isn't worse than the dot com bubble bursting or the financial crisis/Great Recession and trades in it would have made money then.
So I will keep buying as long as it is oversold until the entire position is closed, just like last time I posted about AMZN. I will be closing lots as soon as they become profitable, so this could all be over on Monday, potentially/hopefully.
An average win is about 2.7% and while the average trade length is 15 days, that's skewed by a few REALLY long trades. 80% of the trades closed in 5 or fewer trading days and 54% of the 728 trades closed in one day profitably.
My goal here is between 1-1.5% and hopefully 3 days or less.
