Homeswing tradingNetflix chart/trade updates 10/523 and 10/6/23

Netflix chart/trade updates 10/523 and 10/6/23

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10/5/23

$NFLX Trade idea update. Β Β 

Hammer candle attempting to form here on the daily chart with about an hour left of trading. A daily close below $471.25 would invalidate the hammer candle and a close below $471.10 from last Thursday would definitely make this idea a little rocky. However, with this volatility, it is hard to have these exact invalidation levels on something like Netflix that has had so much volatility lately. This is where your risk tolerance comes in and how much flexibility you want to give the invalidation. No one can make that decision except you. Β Β All lower indicators continue to print divergence as this potential bottom plays out over the last several days.

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10/6/23

$NFLX Trade idea update. Β Β I would be shocked if this was not your short-term capitulation event this morning as positive divergence continues to print on the RSI and % Range as the MACD curls up. Β All details remain from the previous posts.

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Overall market update: Β The lower indicator signals we have been watching over the last week are finally starting play out. As mentioned yesterday, these bottoms can take days to form, especially in this type of market environment. Β It is important to watch how these weekly candles form into the close and I will be posting these setups before the close as I have been the last 2 days. This helps you get an idea if you want to make any moves before next week.

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