This Is One Way To Use Prior Lows In Your Trading
The S&P 500 index has
just broken down to a new low of the day, and it is approaching
yesterday’s low. Weak semiconductor sector is definitely pushing the market
down.
10:19:54 (from TradersWire)
|
Action |
Symbol |
Order Type |
Setup |
Stop |
 Target |
Current Price |
Posted By |
|
Sell |
AAPL | sell stop at 36.44 | testing the 6/7 low | 36.59 | 36.25 | 36.48 |
TK |
Apple Computer (AAPL) gapped
down at the open and began to approach the low recorded on June 7. Many traders
attempt to buy a stock when it hits the recent low. So often prior lows become
support levels. But if they fail, those levels can be good places to open short
positions. I placed a sell stop order just below the June 7 low.
10:24:36
Follow up on AAPL
Cover half, and move stop to breakeven.
Feel free to mail me your
questions.