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AMZN now 2944 this is ridiculous, actually, 600 pt drop for no real reason over the course of a week or two. Usually when a stock like AMZN drops that much, that fast, it recovers to a new ATH (all time high) but I guess a lot of people will need to get burned first.
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It jumped from 2944 to 2951 just like that.
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2957 now. Woulda loved to be in that action, but I made money today going LONG on a stock that dropped 60+ points...I do that all the time. It's easier for me to make money trading when a stock drops than when it goes up. When it goes up you keep thinking, how can it keep going up, but when it dips my mind always says it's gotta rebound, even if just temporarily.
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2960. People are fed up with this dropping for no reason.
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Did another one, fourth trade of the day, AMZN 2931 to 2933. I actually messed up I intended to enter 2934 but in the excitement I entered +2 instead of +3...I must have been thinking I entered at 2930.
This seems pretty oversold to me, even for a Friday with all these different types of options expiring.
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So as you may see, you don't have to be a genius to do four trades and make money on all four, even on a stock that drops -75. Just very careful. I do this all the time...it's not that hard. I'd prefer for the stock to be rising though, and then I wouldn't feel compelled to day trade much at all.
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Did a fifth trade, AMZN 2926 to 2927...had the original sell order in at 2929, and I should have stuck to my guns, but it dropped all the way to about 2905 first before coming back and paying me.
That's the thing about trading AMZN - traditional stop losses if you're buying on dips will almost always stop you out such that you'll lose money on the majority of your trades. It almost always first drops lower, then rebounds.
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It's now 11am PST. I generally stop trading by now if not much earlier even. The early morning trades while the stock has its elasticity and people are still buying the h. out of dips, are usually easier - higher probability. Booked just under two grand. Unless I see something really good, I'm done for the day.
Two grand doesn't sound like much, given the dollar amount I put into each trade (about a million) but that's on a very hard day like today. Still, book ten grand a week and it adds up.
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It was a rough week. Yes, I booked a fair amount trading, probably more than I would have during a green week, but the extra trading dollars did not by any means make up for the over all drop in my long terms.
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Given that AMZN has dropped this far, this fast, and that even the lowest analyst target price is 2600, I see it rising from here, although it will inevitably dip to shake off some more shares along the way.
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