AAPL to retrace to 20/50 moving average area before heading down

This is a counter trend trade. AAPL is still in an uptrend, and so trade this idea under watchful eyes. The chart is a 4H chart and it is currently at the 127-128 support level. The support level should hold and caused a bounce back up. But because it has broken a recent up trendline (1st point on Jul 20 2020 and 2nd point on Sept 21 2020. Note: I take all lines, be it trend lines, support or resistance as an area rather than absolute points), as well as formed a new low, the retracement should be a weak one. Here's the forecast; price will rise to 132-135 area (within 20 & 50 moving average on a 4H chart) before heading down to 120 area (target profit 1) and 110 area (target profit 2). If you trade options, you can buy the 120 Put March 21 expiration week contract. Happy trading!

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Looks like the retracement is going to be a strong 1.

We will wait to see how the price action is tomorrow. If it doesn't break above 130, we might still have a chance to short it to original target profit 2 level. If it breaks above 130 level, chances are the buyers are in control. Then we will look for a chance to buy instead

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(Disclaimer: not giving any trading & investment advise. Just sharing views)

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Ok! Looks like the bulls aren't back yet. We might still get a small up tomorrow, but if we don't then it looks good to short to $112 level

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Not looking like we are getting any up move today.
Looking good to hit initial target profit 2

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NASDAQ turns bullish today.
Chances are the smart money is buying again!

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Still no buying pressure. If there's a Daily bullish engulfing pattern formed today, then chances are we are done with this setup

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No bullish engulfing pattern yesterday but there's a gap up at the open today.
There's a bullish divergence based on the MACD histogram as well.
This setup is likely done but we'll monitor again tomorrow

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Still no buying pressure today. We still have a chance of it hitting target profit 2.

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Not looking like it will hit target profit 2.
If price goes above 124, then this setup is invalidated

Trade closed: target reached

Buying pressure back in

leslieyimsm

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leslieyimsm

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