I have only 2 short positions and one of them is NFLX (the other is SMH). I completely blew INGN after identifying it as a valuation pig months ago. I also blew TSLA because I let its big mouth CEO intimidate me.
So I have 2 shorts. It is a well established fact that I am not a good short trader when markets are in up trends and I manage market risk in other ways (unless we go on to confirm a bear market or downtrend). Even now I am wondering whether to take the profit on NFLX because, this…
It’s in an H&S that every chart jockey and Algo can see. It’s neckline also coincides with the SMA 200, which is rising. They see that too.
I shorted it on yesterday’s bounce to the SMA 50 and knowing myself as I do, will probably take the profit and not starting thinking about a break of the H&S, at least not yet. Side note, if it breaks below
110 [correction: 310! Thanks Harold] it’s probably going a lot lower.
Subscribe to NFTRH Premium (monthly at USD $33.50 or a 14% discounted yearly at USD $345.00) for an in-depth weekly market report, interim market updates and NFTRH+ chart and trade setup ideas, all archived/posted at the site and delivered to your inbox.
You can also keep up to date with plenty of actionable public content at NFTRH.com by using the email form on the right sidebar and get even more by joining our free eLetter. Or follow via Twitter @BiiwiiNFTRH, StockTwits or RSS. Also check out the quality market writers at Biiwii.com.