AMZN still looks bullish as it sets up a base and break pattern on a break of the swing high at $63.84. Friday's volume was not enough to push price beyond the retest area.My entry was on a break of the pivot point. I traded AMZN on the 1 minute chart using a scale in approach to minimize risk. Long on break of $62.60 and added more as price held and bounced from the initial entry level.
I was stopped out with a nice profit as depicted on the 15 minute timeframe below.
CAL looks weak as it rallies on declining volume. I will be looking to short a breach of the trendline and I expect CAL to retest the 200 MA.
5 comments:
Hi Jamie,
Would like to clarify if you you added more position on a break above 12th bar high on 1 min chart for AMZN? How do you usually enter after a test of pullback and confirmation? At least 2 bars that close in green? Thx!
Esca
Hi Esca,
Yes, I like to buy between the retest support area before it takes out the high because that's usually when price takes off, but I need to see at least two green bars.
Esca,
I also look for price to close above the 5 period EMA (gold MA in my AMZN chart).
Thx Jamie. How did you manage your stop for AMZN? And when you added position, do they have the same stop as your original position?
Esca
I don't move stop beyond breakeven until after the 10:00 reversal. Then I trail a stop below the last completed 15 minute bar.
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