NFLX was a successful short trade recently but now looks like an objective long-entry for a long-term trade around current levels with a stop based on a close below this weekly/7-day period chart support level (intersecting uptrend line and horizontal support). targets TBD. of course this trade could also be suitable for a shorter-term swing trader using a tighter stop and lower target levels, which i will follow-up with. remember, trades that are added to the Long Term Trades category are not necessarily mutually exclusive from shorter term swing trades. that catergory was added for trades that exhibit the potential to be multi-month swing trades based off longer term charts (daily, weekly or even monthly) but very often the shorter term charts will also confirm the trade and offer shorter-term targets and stop levels.
also, although i am still very cautious due to the potential systemic risks to the global financial markets, if i see a bullish (or bearish) chart, that’s what i’ll post. although i believe that the risks to being fully invested are still high right now, i am seeing a lot of bullish chart patterns and as such, the technicals always come first in my book, before fundamentals or my ‘gut’. if my gut feeling (intuition) is not in line with the charts, i may decide to disengage from trading or i might trade in line with the charts but not as aggressively as i might normally, or maybe trade hedged (long/short). again, charts speak loudest and the near-term trend is up so i will continue to post what i’m seeing as i scan the charts and lately that has been bullish set-ups.
