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Scott Redler: Amazon’s Second Trip to $2000+

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On August 30, we connected the dots on AMZN's first trip to $2,000+.

The stock made a trip down to $1,865 on Monday before a second trip above $2,000 today.

Let's look at it chart by chart.

On Monday, AMZN reclaimed the 50 day fast and put in a Red Dog Reversal signal. I got long around $1904ish. 

On Tuesday morning, I noted that it needed a high-volume close above $1957.

It then cleared $1957, breaking above the wedge, to hit $1975.  

Since it was up on day #3 by this time, I trimmed so I can add back if it wanted to rest. I also noted next resistance is $1993-$2008.

And finally, AMZN put in two more up days to hit $2010+ -- right above my resistance range.

This is a good example of why I take an "if-then" approach to trading.

I don't just blindly buy based on patterns -- I want confirmation of a move based on my levels before I commit.

Positions Disclosure: As of September 28, 2018 at 12:33 p.m. ET, Scott J. Redler is long CDTI, CRBP, NIO, TWTR, AAPL, BA, XLE, NFLX, IBM calls, NFLX calls