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NFLX – 5 To 1 Long Play

By
"Danno" Sheehy
Equity Strategist

Today, we are approaching the market with a “prove it” attitude. The market is going to have to prove that it is really rolling over here as opposed to just working off its recent overbought status with a sideway-to-lower move. The later case plays right into the hand of a good long entry location in Netflix (NFLX).

NFLX was hardly effected by the broad market’s gap down yesterday which is a signal that there is support for the stock around the current price level. If a decline in stocks brings NFLX into the lower ascending trendline today, we will look to enter the stock long. With a stop placed just below prior resistance (dashed line, magenta ovals) while targeting the upper trendline, this trade idea has a better than 5 to 1 reward to risk ratio.

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The full version of this article appears in the ShadowTraderPro Swing Trader newsletter which is published daily. The Swing Trader newsletter delivers value to its followers on multiple levels. The newsletter stands alone as either a purely informational vehicle for those who like to find and trade their own setups, or as a daily resource for trade ideas. These ideas are listed in the Bulls & Bears section and may also be traded live via MyTrade alert by our team. Each day’s edition contains commentary on either the broad market or a particular stock in focus (Looking Ahead), a heads up on upcoming economic and corporate data, and a look Under the Hood, listing what happened with market internals in the previous day’s session, along with /ES Pivots and Market Profile levels for the current day. The newsletter is sent out at night assuring that users have ample time in the morning to digest the information regardless of how early they get up!
Dovetailing with the newsletter are specific trade recommendations via MyTrade which are sent out as we find them. Long/short equity trades are generally concentrated on issues showing extreme relative strength or weakness to the market. Selections are further narrowed by volume convergence/divergence, sector analysis, and technical events such as candlestick patterns and trendline reversals. ShadowTraderPro uses both daily and weekly charts to scan for short to medium term swing trading opportunities with a time horizon of 2 days to 4 weeks. Clients will receive detailed posts for each and every trade entry and exit, clearly explaining the technical analysis behind each move, including any changes to stops or targets. These trades get added to the ShadowTrader Pro Model Portfolio, which is updated nightly and included in each day’s edition of the Swing Trader.

Written by "Danno" Sheehy

Danno is the editor of the ShadowTraderPro Swing Trader and is the developer of the ShadowTrader Sector Trend Scores and also the infamous ShadowTrader Money Flow indicator. Check out the full version of the Swing Trader newsletter daily at www.mytrade.com/shadowtraderproswing

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