AAPL - 4H - Doubletop at Trendline + weekly pinbar
Im not trading stocks but after randomclicking and reviewing a few of them i found this nice setup and thought i just share it.
AAPL seems to be in a corrective structure on a higher view. we now retested a possible important trendline in this correction that happens to also be at the 618 retracment of the recent downmove. now it seems we doubletopped in this area and while it looks like we already broke it (on this timeframe), the big rejection in the end actually made the weekly timeframe forming a nice pinbar respecting this area(check updates). but since the daily timeframe already seemingly broke out i wouldnt jump in right away. i would wait for some sort of confirmation that the market will respect the pinbar and this resistance.
one simple way would just trade the doubletop the standard way.
a diffrent route could be, waiting for a break of the blue dashed trendline plus some sort of correction from which we could make a breakout sell
AAPL seems to be in a corrective structure on a higher view. we now retested a possible important trendline in this correction that happens to also be at the 618 retracment of the recent downmove. now it seems we doubletopped in this area and while it looks like we already broke it (on this timeframe), the big rejection in the end actually made the weekly timeframe forming a nice pinbar respecting this area(check updates). but since the daily timeframe already seemingly broke out i wouldnt jump in right away. i would wait for some sort of confirmation that the market will respect the pinbar and this resistance.
one simple way would just trade the doubletop the standard way.
a diffrent route could be, waiting for a break of the blue dashed trendline plus some sort of correction from which we could make a breakout sell
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here weekly timeframe for reference
