NFLX Head & Shoulders [w/ edit]

[edit] Cover another successful short in NFLX on the tank job. Maybe I will never be a heroic, go for it all short trader but over the last few weeks I have been a successful one. I am going to day trade the trading account that I use for shorting and be nimble with this stuff. I’ll keep it on watch as a short if they stick save it again.

I have shorted and covered this pig successfully twice over the last couple weeks. But the big trade – if it goes my way – would be for the neckline to break as it has tried to do a couple times already before getting kick saved. I shorted bounces to the SMA 50 and covered drops to the SMA 200. No big gains, but okay. Yesterday, per the Trade Log, I shorted NFLX on the bounce to the SMA 200.

So far it’s working okay. I am the first to admit I am the furthest thing from a professional or accomplished short seller, but so far so good. I’ll manage risk with the SMA 200 in mind. Meanwhile, the implied target would be around 210, which conveniently fills a gap down there from January.

Separately, you’ll notice I gave us all a break from the Men Who Stare at Charts shtick.

nflx

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.