In this evening's mentoring class one of the stocks we looked at was AAPL on the Daily chart. We have a solid False Bar Stochastic Trade with an Elliott Type One Trade present. The only thing we must wait for now is a trigger, for this stock I am using a simple trend line (orange line) drawn across the highs of the retracement. The aggressive trader can enter the market with a simple cross of the trend line.
Our ultimate goal for AAPL is the MOB Level at 206.00, however the Gann Box is identifying a few additional price points that may act as failure points for the trade. Our first test will be crossing the 2X1 (Blue Line) which has held AAPL back the last two times it was tested. For the aggressive trader if this level is tested it would be a good time to adjust your stop and take a small bit of profits in. Our second test is the 4X1 (Green Line) which again will be a level to adjust stops higher and take in additional profits.
I will update the trade as it progresses.
Ron Wheeler
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