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Todays Big Stock Wealthpop News

What The Shooting Star Formation On Amazon (AMZN) Means To Traders


While the market may still be in an uptrend and look quite bullish, there is still room for the occasional pullback. For Amazon (AMZN), this area for a pullback may be imminent. Currently, if you look at the daily chart on AMZN, you see two signs that a pullback may be close to taking place.

One, you have a bearish candle formation and, on the higher timeframe, this signal holds more weight. The second reason is due to the fact that, not only does this candle point to a bearish move, but it also happens to have formed at a upper level of resistance, lending credibility to the possibility of a pullback.

This trade may be more of a quicker trade than we are used to, so don’t get in this trade looking for a huge pullback across multiple days or weeks. Again, we are never ones to fight the trend, however, as we said previously, there are pockets or areas traders can look to scalp a move lower, such as the setup that was presented by AMZN.

If you missed this move, don’t worry. There will always be another opportunity. Keep following our daily trade idea posts and you’ll be sure to do one of two things, get educated and add up that screen time, and perhaps, find your next big trade.

Learn to trade like this for yourself when you join The Profit Machine. There, you’ll learn all about my favorite stocks, setups, strategies, and plenty more. You’ll also be invited to weekly webinars where I answer questions and go over important trading lessons, like the one in today’s article. The best part, you’ll also receive live trade alerts. Not only will you get a world-class education, but you’ll earn while you learn.

Get a jump start on your options education and put yourself in position to win in 2023. Sign up today! Until then…

Good Luck With Your Trading!

Christian Tharp, CMT

Christian Tharp

I am an expert stock market coach having helped over 4000 beginner and advanced traders & investors from around the world take control of their financial futures. I also write stock market related articles for the Adam Mesh Trading Group. My Chartered Market Technician (CMT) designation substantiates me as an expert in areas such as the technical analysis of stock trends, market indicators, cycles, price patterns, Elliot Wave principles, Candlestick charting, analyzing financial trends and behaviors, portfolio strategies, and forecasting future price movements. With my straightforward approach to simple, systematic trading, students learn how to strategically assess buy signals and market entry timing, establishment and management of stop losses, and how to employ a simple and disciplined trading approach that creates profits.

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