BOT TRADING SYSTEM
LAST evening the AAPL news was completed. Earnings from all corners seem better. We spoke about this in a prior post. With expectations muted, any good news would rally the market. In the late afternoon US trading it was suggested that there may be an interest to long AAPL; either stock or calls.
PA pushed higher and leveled off until the Euro Zone open, running from the 1375 area to 1380+ then settling into a range bound area around 1378.
The reason the Global look is preferred over the Rth chart: PA is continuous from market opens on Sunday evening until the close Friday evening. Astute traders watch what happens before the open. Today was no disappointment. PA hit the SB and ran the range. By the US Open, there was a LBBO which was playable as well. PA continued for the BO-5 level at 1386. With an end of the day close at one point higher, the initial open action settled into a range bound day between the LB and the BO5.
Key points:
Early range run and a break out to the +5 level that hit selling resistance.
Bear channel back to the LB support. PA began to show a slight gap above the LB and was trapping between the LB and the upper channel TL.
Support wins; a BO of the channel (after the FCHBO) PA run back to the +5 area.
Another sell off back to support where buyers returned for a three push run to break the 1386 resistance.
Yes, the trapping sideways action is trying, and will lead some to try other instruments. Keep working on your trades. Planned entries and exits in any market will more than make up for brief "no trade zone" action.
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