AAPL: Buying the Dips!
- Thread starter cactiman
- Start date
i am looking for one year right now but i can change my mind haha on apple the question you really need to ask yourself is was that a bounce or a market jerk from the news with the government. i don't even know what they said that was good like talking after thanksgiving is a major thing come on please. i think the market was just scaring shorts out and i don't see what changed. the middle east can be on fire this weekend, europe is crap, china is crap, and the cliff is just something to talk about. yes raising taxes on the richer and cutting spending is good but we need pain to fix the economy this whole market is built on fed money. if you ask me can we still go up i would say sure haha the market does what it does i am looking at the economy because i can't guess the market.
Quote from cactiman:
Not sure what time frame you trade, but AAPL had a 24 pt. bounce today in a little more than an hour after it hit 505.75.
Would you trade that?
Not me. Don't want to have a heart attack or anything....
if your watching nobody wants to buy the market into the weekend it seems. the apple bounce might have to be on a big apple down day and holding overnight. the reason i say that is for whatever reason it goes up that morning buyers will be chasing it pushing it up. no easy lunch here
Quote from cactiman:
I see what your saying now about 460.
Hope that doesn't happen!
Will the big round number 500 hold as support instead?
We'll find out soon enough I suppose.
Quote from NoDoji:
Unless there's some secret to the markets that the "in" crowd has been able to protect throughout history, that's the only thing charts can tell you
I do plenty well trading charts alone. I can go back as long as charts have been available and the same set ups occur now as then. The over all market trend combined with a reasonable profit target and smart stop placement is all you need. I usually am in and out of a trade within 3 days. I can much better predict the next three days then i can predict the next month and so on. Charts can be all you need for short term profits.
Just because you can't see doesn't mean others can't. No offense.
Covered my short position today at 512.50. Shorted at 532.50 my stop was 552.50.
I am up 5 out of 6 trades with aapl on this down trend simply taking reasonable profits trading broken daily resistance points with an even risk reward initially. Not bragging just simply noting that all i trade is daily charts with no outside influence except for major news such as earnings or nfp reports.
I trade off charts exclusively, based on certain patterns repeating more often than not (and these same patterns have been repeating as far back as I've been able to see). But charts only tell you the past, only show you what has happened; no pattern or indicator predicts the future of any individual trade. All you can count on is that the favorable odds of certain patterns will continue, and simply trade all of them
Quote from NoDoji:
I trade off charts exclusively, based on certain patterns repeating more often than not (and these same patterns have been repeating as far back as I've been able to see). But charts only tell you the past, only show you what has happened; no pattern or indicator predicts the future of any individual trade. All you can count on is that the favorable odds of certain patterns will continue, and simply trade all of them
Fully agree! Any individual trade is a gamble. Mistook your post. Sorry!
AAPL's attempt to break its 44 month Uptrend (by taking out its last Higher Low) was a "spectacular" failure.
The volume was huge, and the "wick" on today's candle (a "Hammer" Reversal Candle to be exact) is very very long.
I read this market action as the "Capitulation Bottom" for AAPL's uninterrupted 8 week retracement.
Now all AAPL has to do is go up another 175 points, through tons of overhead supply and resistance, to reach a New All Time High!
No problem?
Uhhhhhh......
The volume was huge, and the "wick" on today's candle (a "Hammer" Reversal Candle to be exact) is very very long.
I read this market action as the "Capitulation Bottom" for AAPL's uninterrupted 8 week retracement.
Now all AAPL has to do is go up another 175 points, through tons of overhead supply and resistance, to reach a New All Time High!
No problem?
Uhhhhhh......