timwest
Short

Amazon.Com -AMZN -Daily -Breaking down slowly through support

NASDAQ:AMZN   AMAZON COM INC
335 3 7
Slow and steady decline in AMZN             here as it rolls over from what was support. There is a giant triangle you can see on the chart (highlighted in blue) where I use the highest lows and lowest highs to draw the triangle (not the highest highs and lowest lows).

AMZN             was sitting there the past few days as the market sold off after quadruple-options-expiration last Friday, but I like to "go with" trades that set-up like this and look for another 20-40 points (6-13%) on the downside for AMZN             through the end of November. I'm sure that AMZN             will have a barn-burner for a Holiday selling season, but for now I think it is under pressure along with the retail group.

Risk 15 pts - 20 pts to make 20-40 pts. Probability estimate for this type of trade 50%.

Tim 11:16AM EST 9/26/2014 AMZN             318.31 last
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Maybe will rebound to upper trendline and test 342.. depends on how the market unfold.
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Nice action... Cover at least half on the opening. Trail the balance 10 points behind the price action.
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The magnitude and general direction of the forecast seemed to work, but the timing was a little fast. Overall, AMZN has been a good downtrend with one violent rally back up the apex of the triangle.
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