Hello I am the Cafe Trader.
Today we are again looking at AMZN.
We are in the middle of a range. Buyers are currently in control in the short term, but I am expecting a Hot reaction off that strong supply level. This can be especially suitable for a quick options flip (same day, or overnight hold).
Short Setup
Entry: $231.30 (Bottom of Strong Supply)
Stop: $234.50 (Top of Strong Supply)
TP: $225.30 (2R target)
Notes: Looking for a hard rejection out of supply. If we do not close inside the strong supply zone, this would be bearish. you may have to be patient intraday on this one.
If we do get a really strong reaction and actually take out the new buyers trying to step in, This will not look good for AMZN as a whole, and we could expect it to break those previous lows (eventually tapping into strong supply)
Hope everyone does well, and happy trading!
thecafetrader
Today we are again looking at AMZN.
We are in the middle of a range. Buyers are currently in control in the short term, but I am expecting a Hot reaction off that strong supply level. This can be especially suitable for a quick options flip (same day, or overnight hold).
Short Setup
Entry: $231.30 (Bottom of Strong Supply)
Stop: $234.50 (Top of Strong Supply)
TP: $225.30 (2R target)
Notes: Looking for a hard rejection out of supply. If we do not close inside the strong supply zone, this would be bearish. you may have to be patient intraday on this one.
If we do get a really strong reaction and actually take out the new buyers trying to step in, This will not look good for AMZN as a whole, and we could expect it to break those previous lows (eventually tapping into strong supply)
Hope everyone does well, and happy trading!
thecafetrader
Trade active
In the short, that was much more bullish then I was expecting coming into the zone, fortunately for my puts the buyer was fought off. Either way we know the seller is active here, hopefully we get a little drop tomorrow. In any case, we took a swing and managed risk according.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.