CMG Jan 23: Short entry triggered
The CMG (Chipotle Mexican Grill) short trade setup, which was posted yesterday afternoon, triggered a entry on a move below 506 today. I’ve also mocked up a live chart for the CMG short trade which can be viewed by clicking here (and will also be added to yesterday’s trade setups post).
FYI: On the NFLX update sent out just before the open today; I had incorrectly stated my plan to set the stop on today’s short entry above the post opening highs around 9am ET instead of 10am ET (30 minutes after the open). Many traders will wait for the first 30 minutes or so of trading before establishing or even closing a position, particularly with securities that experience a large opening gap, which helps to allow the order imbalances to be worked out. NFLX experienced two large swing following the open today with the stock topping out at 395.63 at 9:58 am ET and has traded below that level since. That post has been edited to correct the typo.