Apple IncUpdated AAPL
Liking the setup in AAPL I’m seeing. Corrective retrace down into demand, wedged in there, with a completing 5 wave count.
If we gap up tomorrow, I will look for a retrace back into demand. This would be what I see as a healthy retrace for a 1 - 2 wave base. Ideally you want to enter on wave 3 (this is where most of the money is made!)
Game Plan: if we gap open, will look for retrace, watch price action, then enter long. If we open down, will look for a breakout from demand if this zone holds. If I see an opportunity to catch breakout, I may try and enter a small long just in case it decides to take off and not retrace. Ideally, I want the wave 1 up from demand, then retrace, make a higher low for 2, then enter long.
If we gap up tomorrow, I will look for a retrace back into demand. This would be what I see as a healthy retrace for a 1 - 2 wave base. Ideally you want to enter on wave 3 (this is where most of the money is made!)
Game Plan: if we gap open, will look for retrace, watch price action, then enter long. If we open down, will look for a breakout from demand if this zone holds. If I see an opportunity to catch breakout, I may try and enter a small long just in case it decides to take off and not retrace. Ideally, I want the wave 1 up from demand, then retrace, make a higher low for 2, then enter long.
Note
UPDATE: looks like it wanted to gap fill quick down in the 269 demand! This is why I wait for set ups to present themself. Let the set ups play out and then play; don't play FOR a set up.We sold off right into solid demand AND filled a gap. Those are two good things I like. I entered a small long here at 269. My stop will be if we break down through this demand at 264. Again, I now watch for the 1 - 2 set up. A great way to minimize risk is to see if price pops out of demand for Wave 1, then WAIT for it to retrace back to demand but ONLY after making a higher low; i.e., if low is 267 and we pop up to 271, wait for a retrace back down to 269 area and if it holds, can enter there. This is just my opinion of a potential smaller risk play with more probability on your side.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.