AAPL this week breaks above the key $155 - $156 resistance level but there are couple of reasons why i would wait for a better entry
* Volume this week is low - not a good sign that supports a genuine up-move
* MACD and Strength are in divergence with price
* Macro / Market: This week's FED rate decision (and the reaction to it) will affect the market - especially the big names - across all sectors
So, we wait for a better entry - possibly when AAPL retraces back to (or below) the 20SMA line (the yellow line)
(Some fellow traders asked me for what indicators I use in my trading - these charts show one of the main setups I use. I know it is a bit crowded - and there's a "lighter" version that has only the MagicRibbon on top chart and the K-MACD as lower panel -- but I wanted to show the full setup here in case others find it useful. the indicators in this setup shows kind of a 360 view of all important elements that i would like to see: MA's / Trend / Momentum / Range / Relative Strength and volume -- and I also like to keep an eye on the Renko version)
- Please leave me a comment if I can answer any questions regarding this chart setup.
* Volume this week is low - not a good sign that supports a genuine up-move
* MACD and Strength are in divergence with price
* Macro / Market: This week's FED rate decision (and the reaction to it) will affect the market - especially the big names - across all sectors
So, we wait for a better entry - possibly when AAPL retraces back to (or below) the 20SMA line (the yellow line)
(Some fellow traders asked me for what indicators I use in my trading - these charts show one of the main setups I use. I know it is a bit crowded - and there's a "lighter" version that has only the MagicRibbon on top chart and the K-MACD as lower panel -- but I wanted to show the full setup here in case others find it useful. the indicators in this setup shows kind of a 360 view of all important elements that i would like to see: MA's / Trend / Momentum / Range / Relative Strength and volume -- and I also like to keep an eye on the Renko version)
- Please leave me a comment if I can answer any questions regarding this chart setup.
