rudcharts

AMZN 6/30/2022

Short
NASDAQ:AMZN   Amazon.com, Inc
The great Paul Tudor Jones once said, “Losers average losers”.
In this trade, I will be ‘averaging down” a winning trade.

Below you can find my original trade and analysis.



Sad to see what happened to the bag holding fanboy “investors” who bought the AMZN stock split. They say its ok because they’ll be up in 10 years LOL.


AMZN Daily Chart Analysis

AMZN currently finds itself in a downtrend.
Since touching low of 102, price has started to move sideways.
During this sideways movement, price has taken form of a Head & Shoulders pattern.

You want high probability short trade? Trade bearish patterns in existing Downtrends.

We are currently in Downtrend and price has formed a Head & Shoulders pattern at 102 Support/neckline.
This is my cue to enter trade short and add to my existing short trade.

Entering trade short.

Entry: 106.19
Stop loss: 123.29
Target: 83.86, +21.03%, 1.31 RR ratio
Comment: trade remains active
Trade closed: stop reached: Stop loss: 123.29

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