Long

$AAPL Ready for Bottom Fishing?

Updated

I like how this is setting up. It looks like it has held the $180 “area” for a month now. It has had some good rallies from that area. I am looking for it to break above that steep blue downtrend line. It has captured the 5 DMA (white) and looks like it could take the 10 EMA too. All TBD.

My plan is to go long on a break of the downtrend line with a stop just below that day’s low. If the market is going to move higher APPL needs to participate, IMO. Of course, we must wait and see.

The chart I am using is LevelUp available here on TV. Checking it out, I think you will like it as well as I do.

Ideas, not investing / trading advice. Comments always welcome. Thanks for looking.

Trade active

dropped below the last low of $179.25 and has rallies back over that. I have started a 1/2 sized position as an undercut and reverse trade. Very little risk for me here if it does not work out as my stop is just below that $179.25 point. Lets see how it plays out.

Note

I need to make another comment. Yesterdays volume suggests to me that it may have been the final shakeout even though it dropped lower today. As stated above I am in on a U&R play with a very tight stop.

Note

blew past my stop of 179.20. I am going to hold it just a bit to see if it recovers. It didn't help that the EU is fining them $1.95 Billion!

Trade closed manually

I probably sold at the low of the day, lol... As mentioned above it blew pat my stop. I gave it some room to recover but it kept going down. I am out for 3.5% loss.

Trade active

Opened a new "Day" trade as it crossed back above $175. Stop at 174.40. Let's see what happens.

Trade closed: stop reached

jaxdog

Ideas I publish are my own. They are not meant to be investment / trading advice. You are encouraged to do your own due diligence.

I may or may not take any trade published and I am under no obligation to post any action or update to any idea.

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