This morning I was looking for a NRB in the 10:00 - 10:15 time slot similar to the DNDN setup on Friday. I perused the charts of my usual suspects and found a nice setup taking shape on the AAPL chart. AAPL took out resistance on the daily timeframe and once it had retested former resistance as support I moved my stop just under the red line. After consolidating for a few hours, AAPL setup another long entry above morning resistance. The entries and exits were managed on the 5 minute timeframes below. Shortly before 3:00, AAPL carved out a tweezer top reversal pattern on the 5 minute timeframe and it was time to tighten the stop. No need to use Fibonacci extensions on these tiny gaps as it will only limit your gains.
GROW was a gap down play on weak earnings as highlighted on this morning's Briefing.com gapper list. I waited for price to consolidate and for the downsloping 5 period EMA to catch up to price and took a dummy short entry. I took a partial as price fell into pivot point support from the daily timeframe and covered the balance shortly after as a tag of $23.00 precipitated a reversal. The daily pivot point lined up fairly well with the 25% Fibonacci extension. The low of the day ($23.00) was just about 10 cents above the 38% Fib. Ext.
4 comments:
I took this trade but sold my position at $103.20 to take on a huge liquid position for a stalked trade on HANS. HANS set up quite nice for the base and break, but came late in the afternoon. It was the right move, but at the time I felt the sluggish resistance of HANS while AAPL was taking off even more.
Oh well, decent day as the base and break has been giving and giving.
Did you take any other trades today?
Nice work on HANS Eric!
I was also watching HANS but the midday dip sort of spoiled the pattern for me. I guess I should have kept it on my radar.
These are my only big trades for the day. The rest was just scalping for 20-25 cents here and there.
Hi Jamie,
Thanks for the heads up on CAL yesterday. I had an open position, closed it in the morning for a tiny profit. Would've still held on to it with a paper loss had you not brought the declining volume to my attention.
Thanks,
AJ.
Welcome AJ
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