Tuesday, April 20, 2010

Scalping - Amazon.com, Inc. (Public, NASDAQ:AMZN)

AMZN held support of last week's lows, formed a mini inverted H&S on the 1 minute timeframe, setting up a scalp long. I took a partial at full extension. Price then retraced back to base of initial entry for a successful retest of the base. Added back full share size on break of next mini-base. Exit at 200% of initial setup. Final scalp into the close.

2 comments:

Novice_trader said...

Wow. AMZN produces some solid intra-day signals. As far as the daily goes-What does it look like to you? Rounded pattern, double top, or something else? Thanks.

Jamie said...

N_T,

At the moment it looks bullish, perhaps forming a handle after testing all time highs. Earnings on Thursday will be key. AMZN needs a big beat otherwise it will be a fade IMO.