Just food for thought regarding AAPL
The weekly (right chart) bounced off a 38.2% Fib. retracement with a stark reverse divergence (2c-2d setup). What is transpiring on the daily chart (left) is the potential 3d criteria which sets up the higher time frame follow-through.
Points for consideration:
- Price holding the 50% retrace (roughly $555)
- A breakout above the overhead down trend line leading to the $581 resistance mark.
- First Fib. target of a 50% projection near the $608 level.
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at email@example.com
I am always open to questions, comments, or suggestions on how to improve this blog.