teckno05

$NFLX Short trade 330ish to 303. "Alright NFLX... Chill"

Short
teckno05 Updated   
NASDAQ:NFLX   Netflix, Inc.
Signs we're going to pullback hard
-200ma is at 332, I've never seen anything not react to it's 200 daily MA.
-At least 4 previous rejections (support and resistance) at this price
-A 9 on the TD9 indicator (the numbers above the candles). Back test this, you NEVER mess with a 9 on a high timeframe lol. (9's are strong indicators of reversals)
-All oscillators maxed,
-Nasdaq is about to pullback also, (when nasdaq finally goes down, NFLX is coming with it)
- Side note: Look back at my previous nasdaq chart, it is insane how well my zones are still playing out WEEKS later
-Side note: Earnings on the 18th it looks like?

We're still "trending bull" on a daily timeframe so I'm being conservative putting my support at 305, but who knows how far we fall.
As always good luck


Comment:
Update, After further analysis, I FOMO'd a little bitt,I should've done half position short at 332, and another half at 338. I will consider this play as incorrect at $342. It would be my first wrong call in a few weeks, but it happens to everyone haha
Comment:
Revising my Support 1 to $320 as my first shortside target, where I'll take profit and wait for the bounce off the daily ichimoku cloud and reshort. Then Support 2 as
$305. where I'll fully close short. Let's see what happens Monday
Trade active:
This was a a very solid play in theory, but didn't pan out the way I'd like it too. I took the loss, and bought puts again at 360, closing if we get above that somehow.

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