NFLX Update

Some of you had options positions in NFLX and took gains on that deep momentum move down, I want to say I agree with that move 100%. I'd rather re-enter a new trade on a bounce than watch those gains disappear.

So NFLX "may" try this again, but in reality NFLX did what we were expecting in concept, we're use to seeing some pretty large head fake moves, but as far as the concept, it did it today so I don't know how far this gats, whether it's just a part of the reversal process or it makes another head fake move. The bottom line are the longer term charts, the highest probability trend are so horrible, I really should spend more time on those.

 The process itself is proportionate and symmetrical, I have no problems with it at all. The move was suppose to be above the triangle, a failed breakout, if you look, we had that, a breakout move outside the triangle that failed and price did what it is suppose to do in a head fake situation like that, it fell fast and hard (consider the scale as well).

 This is all that should really matter as far as the big picture is concerned, this should be 75% of our considerations, the rest are tactical (entries).

The 1 min chart saw some sharp positive upside in 3C, it is still a 1 min chart though.

The 2 min showed the same, because it was on both charts so quickly, I'd assume it was a fairly large underlying move considering the timeframe.

And the 3 min seals what I said above.

There's nothing but the negative on the 5 min so I'd say it's capped right about there. If you look at the first chart, it could very well just be a continuation of the rounding process, but in case it pops out, we'll see if there's another put or short trade.