Hi Guys, today we will share our view on NFLX. We think its an interesting chart due to the massive correction we can observe since July 2020
What is our plan? First of all, we want to observe a breakout. We are not interested in trading inside the current range. The level we will use to confirm the breakout is 600. IF the price reaches that level, we will consider that its time to look for the retest
What is a retest? Also known as Throwback in bullish impulses or Pullback on bearish impulses. It's the correction that happens after the price breaks a relevant level or structure. The small red arrow above the structure is our expected Throwback.
Great, what can I do with that?
Our plan is to wait for a clear throwback (between 7 to 15 days). IF that happens, we will use that structure to execute pending orders above (horizontal green line), and we will define our stop loss below the throwback—final Target on the 2nd fibo extension. (we defined this by using the previous impulse).
Risk
We will be risking between 1 to 2% of our trading Capita. (NEVER RISKED MORE)
What happens if the price doesn't do that?
We don't trade...
What happens if the price executes your order and then goes straight to your stop loss?
We have a stop loss...
Thanks for reading!
What is our plan? First of all, we want to observe a breakout. We are not interested in trading inside the current range. The level we will use to confirm the breakout is 600. IF the price reaches that level, we will consider that its time to look for the retest
What is a retest? Also known as Throwback in bullish impulses or Pullback on bearish impulses. It's the correction that happens after the price breaks a relevant level or structure. The small red arrow above the structure is our expected Throwback.
Great, what can I do with that?
Our plan is to wait for a clear throwback (between 7 to 15 days). IF that happens, we will use that structure to execute pending orders above (horizontal green line), and we will define our stop loss below the throwback—final Target on the 2nd fibo extension. (we defined this by using the previous impulse).
Risk
We will be risking between 1 to 2% of our trading Capita. (NEVER RISKED MORE)
What happens if the price doesn't do that?
We don't trade...
What happens if the price executes your order and then goes straight to your stop loss?
We have a stop loss...
Thanks for reading!
