Wednesday, June 13, 2007

Trade of the Day - Apple Inc. (Public, NASDAQ:AAPL)

AAPL gapped up slightly on the open and immediately started fading. It tried to rally up to its 20 period ema, but failed to close above it. The third and fourth 15 minute bars traded at the base support line and setup a nice short. My target was the 20 day EMA from the daily timeframe which was tracking at $116.70. I covered my full position as price approached my number because it was already showing signs of capitulation as can be seen from the volume spikes. Unfortunately, I outsmarted myself and left too much money on the table. Should have taken a partial like I usually do.


CROX gapped up and made a lame attempt to break resistance yet again, but failed. It carved out an inverted base and setup a nice short at the cusp of a bearish 5/20 ema crossover. I placed a sell stop order two pennies under the base. Once the base broke it it fell very nicely through the first PP and I took a partial as price approached the second PP. I was stopped out on the balance.
CROX has printed a red hanging man on the daily which hopefully will be confirmed tomorrow.

2 comments:

OONR7 said...

Great trade on both Jamie. For some reason I just missed CROX exactly where you entered and it dropped too much for me to get in.
Didn't you say a couple days ago to watch for a CROX fall? Nice call.

TJ said...

Thanks OONR7,

The watch list has been good to me this week. Still looking for more weakness on CROX following yesterday's Hanging Man.