Chart of the week
Date: 02/22/2010
Symbol: AMZN
Company Profile: Amazon.com, Inc. operates as an online retailer in North America and internationally.
Sector: Services
Industry: Catalog & Mail Order Houses
TRADING PLAN
Entry price: short under: 117.00
Stop price: stop above: 119.10 (daily 20sma)
Target: 200sma daily resistance areas
Chart explanation: For AMZN it is important to watch market action because if market will continue to go up then very possible AMZN will break above daily 20sma what is key resistance for this setup. But if that won’t happen then AMZN have good odds for selling. Setup under Friday low is aggressive or as I like to say “early setup”. Under Thursday low is let’s say “regular setup”. I’m trying to find better risk/reward. My plan is to take 50% under Friday low and 50% under Thursday low if AMZN will work. I like it because it is weaker then market action and if market resistance will hold and if AMZN will stay weak we could see good swing move down.
If anyone have any question or need update feel contact me over email or in the live trading room.
Wish you all good trading!!!
Kind regards
Ivica
http://www.ivicatradingcharts.com/
Date: 02/22/2010
Symbol: AMZN
Company Profile: Amazon.com, Inc. operates as an online retailer in North America and internationally.
Sector: Services
Industry: Catalog & Mail Order Houses
TRADING PLAN
Entry price: short under: 117.00
Stop price: stop above: 119.10 (daily 20sma)
Target: 200sma daily resistance areas
Chart explanation: For AMZN it is important to watch market action because if market will continue to go up then very possible AMZN will break above daily 20sma what is key resistance for this setup. But if that won’t happen then AMZN have good odds for selling. Setup under Friday low is aggressive or as I like to say “early setup”. Under Thursday low is let’s say “regular setup”. I’m trying to find better risk/reward. My plan is to take 50% under Friday low and 50% under Thursday low if AMZN will work. I like it because it is weaker then market action and if market resistance will hold and if AMZN will stay weak we could see good swing move down.
If anyone have any question or need update feel contact me over email or in the live trading room.
Wish you all good trading!!!
Kind regards
Ivica
http://www.ivicatradingcharts.com/
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