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12-20-19 PATIENCE TO BUY ($NFLX)

NFLX gapped up today but didn’t generate an immediate buy signal above blue line resistance and instead started down after the open. With buyers still in control (Price above red line) patience was required to see if a Price Flow buy signal would develop.

Price moved lower to blue line support near 361.50, and while this proved to be a good buy entry point in hindsight, the Price Flow approach doesn’t look to buy as price is moving down. Price turned higher and moved up to 333.50 which setup a Price Flow first pullback buy at 332.62 (Arrow) with high probability for price to move to the upper blue line target. I scaled out 15 minutes later to set up a no risk trade and price reached the first target above.

With buyers in control and price moving lower, you must display patience to wait for high probability buy set ups. The Price Flow approach looks for a variety of price action buy signals as price is moving down. Today, after reaching support and moving higher, a first pullback buy was the high probability trade opportunity for NFLX.

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