HEADLINE: Breakout or Fakeout?
TICKER: APPL
SUMMARY: Last time we got a buy signal on Apple (APPL) it was a false breakaway event. Currently we are watching for another false breakaway with plans for what happens regardless of which direction price goes.
STRATEGY USED: Momentum Mover
Trend Confirmation = Fractal Trend
Entry Signal = Breakaway Scalper
Exit Signal = Breakaway Scalper OR Orderblock Mapping
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DESCRIPTION:
1. Fractal trend (Green background) is showing Apple in an uptrend and Breakaway Scalper (Green bar color) has confirm a long signal.
2. Last time this combination occurred as highlighted on the chart it was a false breakaway and quickly turned into a shorting opportunity (Red background and Red Bar color). We are generally watching for this to occur again.
3. Otherwise, we are looking for either a retest of the bullish order block S1 support or another test of R1 resistance where price is currently conslidating.
4. If R1 is broken, Apple has a chance to rally to the levels indicated at R2 and R3, above that is an all-time-high for Apple.
5. If S1 is retested then we could look for a reaction off that and a retest of R1.
6. However, we will be looking for a confirmation of a short position if we head to S1 and will be looking for a break below S1 with S2 and S3 as the next targets.
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NOTE: We conduct market analysis on a daily basis from a trend trading perspective using our own in house built tools. If you like any of the content we provide please leave a like and a follow to show your appreciation.
TICKER: APPL
SUMMARY: Last time we got a buy signal on Apple (APPL) it was a false breakaway event. Currently we are watching for another false breakaway with plans for what happens regardless of which direction price goes.
STRATEGY USED: Momentum Mover
Trend Confirmation = Fractal Trend
Entry Signal = Breakaway Scalper
Exit Signal = Breakaway Scalper OR Orderblock Mapping
---
DESCRIPTION:
1. Fractal trend (Green background) is showing Apple in an uptrend and Breakaway Scalper (Green bar color) has confirm a long signal.
2. Last time this combination occurred as highlighted on the chart it was a false breakaway and quickly turned into a shorting opportunity (Red background and Red Bar color). We are generally watching for this to occur again.
3. Otherwise, we are looking for either a retest of the bullish order block S1 support or another test of R1 resistance where price is currently conslidating.
4. If R1 is broken, Apple has a chance to rally to the levels indicated at R2 and R3, above that is an all-time-high for Apple.
5. If S1 is retested then we could look for a reaction off that and a retest of R1.
6. However, we will be looking for a confirmation of a short position if we head to S1 and will be looking for a break below S1 with S2 and S3 as the next targets.
---
NOTE: We conduct market analysis on a daily basis from a trend trading perspective using our own in house built tools. If you like any of the content we provide please leave a like and a follow to show your appreciation.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.