After making a new daily low in the morning, the Qs reversed course and went into a multi wave rally. What a surprise! By the time I realized what was happening, I had missed the first wave, but I took a long position in AAPL as it bounced off of its rising 10 period EMA on the 5 minute view. I sold 50% of the position as it came into resistance of the declining 200 MA and sold the balance after the next wave signaled a loss of momentum. After a deep pullback, AAPL was able to bounce off of intraday support at $63.50, I decided to take a chance on a rally into the close. Once it got going, it felt like a power scalp and I just kept trailing my stop closer and closer. I happily let it go at $64.50, no need to be greedy.
Friday, May 19, 2006
Trade of the Day - AAPL
After making a new daily low in the morning, the Qs reversed course and went into a multi wave rally. What a surprise! By the time I realized what was happening, I had missed the first wave, but I took a long position in AAPL as it bounced off of its rising 10 period EMA on the 5 minute view. I sold 50% of the position as it came into resistance of the declining 200 MA and sold the balance after the next wave signaled a loss of momentum. After a deep pullback, AAPL was able to bounce off of intraday support at $63.50, I decided to take a chance on a rally into the close. Once it got going, it felt like a power scalp and I just kept trailing my stop closer and closer. I happily let it go at $64.50, no need to be greedy.
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