AMZN Short Position Setting Up

AMZN is one of my favorite core short positions, the $300 area is a psychological magnet and as long as we are near it, it keeps giving set up after set up, although we had to wait months before we could take action on AMZNM, we knew it would make a break above the previous range and up through $300.

Today AMZN is setting up another great short entry, where exactly it ends up being, in this area or even better near $320, we'll have to see when the intraday timeframes line up with the longer term negatives.

Here's what we have so far and this is the EXACT SAME CPNCE{T as the FRP trade set up video.

 This is AMZN moving again, I said I like AMZN > $300 and we are in that area, although I'd wait for the downside confirmation (tactical or timing) signals; the strategic signals (longer term) are there and have been there for some time.

This is the move this morning above a recent range/resistance, this is what retail will chase as a breakout and volume is up on the breakout move.

This strategic 60 min chart shows how bad a shape AMZN is in and the last place we shorted it, 3C is worse now. It's unclear whether the AMZN target was to break this range today or the last high around $310, the >$310, would be the best entry and I'd add to AMZN on that without hesitation.

The 15 min chart shows the same small accumulation for this move that I said the entire range/accumulation area in the market was for, to help stocks like this break resistance and get retail chasing them. The distribution signals are evident.

 We have distribution from 10-60 min, but the intraday 1-5 min charts are in line as they'd need to be to support the breakout move, it's when these charts go negative that we know we have a high probability short entry with good timing.

 As mentioned, the 2 min chart with small accumulation as a primer to get AMZN moving above the recent range, it's in line right now.

And the 5 min chart, despite showing distribution on the gap up yesterday, is in line now.

It's just a matter of letting these charts go negative, the market should do the same at the same time and these make beutiful set ups.

If you watch the FRP video again, this is the exact same concept described in that trade set up, that's why I asked you to watch it again until the concepts stuck because that's what we are looking for in more than 100 stocks.