As trading goes, sometimes there are actionable trade setups, but sometimes a wait-and-see attitude is best.
23, and over the past several days, it has started to build a tight consolidation right at the 50-day moving average (yellow line). In fact up to day-two we have a bullish Engulfing Pattern, itself a strong two-day reversal pattern.
In fact, all Apple stock has done is drop lower again to further consolidate and retest its July 2013 uptrend, which now also roughly coincides with AAPL’s 50 day simple moving average. In the next few seconds, the market rises before their unbelieving eyes to close above the last trading session.
But, if you stay calm before the market tips its hand, you can exploit the chaos for profit.You will see bullish traders buying blindly above a bullish outside bar.
However, its exceptional wide range did not bode well for the young bear trend.The breakout above the outside bar met instant resistance.
Outside bars that trap breakout traders offer great breakout failure trades.For this setup, the opposite extreme of the outside bar is a safe target.
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