AMZN rallied to the top of the R-Zone , consolidated sideways, printed
NRIB (NR7) and rallied all the way back up to the reaction high from last week. I did not change the Fib. placement from yesterday because yesterday was an inside day, so RH and
RL are the same going into today's session.
The two weakest stocks on my
WL were
ABX and
AEM. Here I'm placing my fibs from
intraday RH and
RL.
ABX retraces 50% and carves a bearish stick for a short.
AEM was less obvious so wait for
NRB.
SU gapped above the trend channel and traded sideways, forming a very narrow wedge. It
finally broke down for a gap fill.
AMZN rallied to the top of the R-Zone , consolidated sideways, printed NRIB (NR7) and rallied all the way back up to the reaction high from last week. I did not change the Fib. placement from yesterday because yesterday was an inside day, so RH and RL are the same going into today's session.
The two weakest stocks on my WL were ABX and AEM. Here I'm placing my fibs from intraday RH and RL. ABX retraces 50% and carves a bearish stick for a short. AEM was less obvious so wait for NRB.
SU gapped above the trend channel and traded sideways, forming a very narrow wedge. It finally broke down for a gap fill.
2 comments:
Great trading Jamie. I had a short bias on AMZN thinking $64 is resistance from yesterday. Now looking at your chart and explanation it all made sense to go long. :)
Thanks 504
Yeah, $64.00 was strong resistance yesterday, but since my entry point was well below, I had plenty of room to exit if $64.00 didn't break.
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