Apple Reversal Bounce on Daily Trendline and Oversold Daily
I am looking for Apple to one again bounce off of the main channel line and 50 MA.
It is a high probability set up on the hourly as well. We are currently over sold on the stochastic and are rotating nicely back up. We are also over sold on the RSI.
We are currently in the buy zone and looking for us to move up again to the 128 area. This area has a big volume profile (Meaning a lot of trades and trading time has been done here. This means this area will be a chop zone and represent an area of resistance)
I would like a stop be set in with a failure on the hourly rotation. If the market breakdown the chart can break down. But as long as the chart is intact. This looks like a good set up.
I am cautious that things can breakdown but if we dont this should work out well.
It is a high probability set up on the hourly as well. We are currently over sold on the stochastic and are rotating nicely back up. We are also over sold on the RSI.
We are currently in the buy zone and looking for us to move up again to the 128 area. This area has a big volume profile (Meaning a lot of trades and trading time has been done here. This means this area will be a chop zone and represent an area of resistance)
I would like a stop be set in with a failure on the hourly rotation. If the market breakdown the chart can break down. But as long as the chart is intact. This looks like a good set up.
I am cautious that things can breakdown but if we dont this should work out well.
Kris "Maddog" Kagan -
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