We still waiting for a new bullish impulse on AMZN.
Today we will take a look at the AMZN chart and a pending setup we have.
The key concepts of this chart are:
- The price has been moving in a range for 300 days until we saw the new ATH
- Our main concept was: How many times can we look at situations in the past that the price stayed more than 300 days moving on a range and the resolution after that
- Based on that, we have defined the setup you can see right now as the best option to develop positions in the current situation. It's important to say that we have found moments where the setup was executed, we have a stop loss, and then the price continues in the direction. That's why we are ready to develop 2 setups if necessary.
- Now, we have a flag pattern on the edge of the range, and we are using Fibo extensions to define the targets of this movement. The fibo extensions are drawn based on the previous impulse (March 2020 - August 2020)
- On a setup like this, we will be risking 2% of the capital, looking to make 4.5%+ as a return.
- The expected time for a resolution like this is between 2 to 5 months.
Thanks for reading!
Today we will take a look at the AMZN chart and a pending setup we have.
The key concepts of this chart are:
- The price has been moving in a range for 300 days until we saw the new ATH
- Our main concept was: How many times can we look at situations in the past that the price stayed more than 300 days moving on a range and the resolution after that
- Based on that, we have defined the setup you can see right now as the best option to develop positions in the current situation. It's important to say that we have found moments where the setup was executed, we have a stop loss, and then the price continues in the direction. That's why we are ready to develop 2 setups if necessary.
- Now, we have a flag pattern on the edge of the range, and we are using Fibo extensions to define the targets of this movement. The fibo extensions are drawn based on the previous impulse (March 2020 - August 2020)
- On a setup like this, we will be risking 2% of the capital, looking to make 4.5%+ as a return.
- The expected time for a resolution like this is between 2 to 5 months.
Thanks for reading!