Here is an example of a trade where I was comfortable taking a position before the actual market open. As per last night's watch list, AAPL looked like a good reversal candidate after yesterday's NR daily bar. I took a position in AAPL just minutes before the open as price started to accelerate quickly to test the pre-market high set earlier in the morning and which also matched up well with yesterday's highs. I exited 50% of the position with a +1.00 gain as the Q's ran into resistance and started to back away. The balance was sold just below $68.00 when it appeared that this level could not be taken out.
Wednesday, April 26, 2006
Trade of the Day - AAPL
Here is an example of a trade where I was comfortable taking a position before the actual market open. As per last night's watch list, AAPL looked like a good reversal candidate after yesterday's NR daily bar. I took a position in AAPL just minutes before the open as price started to accelerate quickly to test the pre-market high set earlier in the morning and which also matched up well with yesterday's highs. I exited 50% of the position with a +1.00 gain as the Q's ran into resistance and started to back away. The balance was sold just below $68.00 when it appeared that this level could not be taken out.
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2 comments:
I didnt trade it today because I took a position in it last week. The risk-reward factor seemed very good with the sideways shuffle the last 11 days. I was in at $24, with an initial stop around $23.6 and a target in the gap fill range of $26-27. Needless to say, todays action was good for me.
Great! That was a nice move.
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