NETFLIX - It is time to Chill!

Hello Trading Family, I found NFLX chart interesting.

We can see that NFLX is overall bullish trading inside these two brown trendlines forming a flat rising channel.

From a short-term perspective, NFLX is bearish, trading inside the orange channel but since it is approaching a strong round number 500 (in blue) and the lower brown trendline (non-horizontal support), we will be looking for buy setups to catch the next impulse.

Before we buy, we want the buyers to prove that they are taking over again.
You don't want to buy a bearish market right?

My Trading Plan:
Our upper orange trendline is not valid yet, so we will be waiting for a new swing high to form around it to consider it our trigger swing. (projection in purple)

Trigger => Waiting for that swing high to form and then buy after a momentum candle close above it (gray zone)

Meanwhile, until the buy is activated, NFLX would be overall bearish and can still test the lower brown trendline or even break it downward.

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich