AAPL kept me busy all day. The setup was a long entry on a break of the pre-market high. Price stalled at $72.89 which matched the high set on feb. 24th just before it started to tumble towards its 200 period MA. This indicated a likely failed breakout so I sold my entire position. AAPL tried to rally back up but there was no volume to support price so it tumbled. I grabbed a piece of the short and covered after it capitulated on a big volume spike. My last trade was a long entry as AAPL tried to recover and failed again when it ran into its intraday downtrend line. For the day we have doji bar with a longer upper shadow. It will be interesting to see where AAPL goes from here.
Thursday, May 04, 2006
Trade of the Day - AAPL
AAPL kept me busy all day. The setup was a long entry on a break of the pre-market high. Price stalled at $72.89 which matched the high set on feb. 24th just before it started to tumble towards its 200 period MA. This indicated a likely failed breakout so I sold my entire position. AAPL tried to rally back up but there was no volume to support price so it tumbled. I grabbed a piece of the short and covered after it capitulated on a big volume spike. My last trade was a long entry as AAPL tried to recover and failed again when it ran into its intraday downtrend line. For the day we have doji bar with a longer upper shadow. It will be interesting to see where AAPL goes from here.
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4 comments:
Wow. Masterful job with the 3 profitable apple trades in one session.
Thanks Jeff, I've been trading AAPL almost daily for the past week and half waiting for it to retest this price level. I was almost 100% sure it would fail on the first attempt.
That is great trading. Top class.
Thanks PF!
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