By All About Trends
All week under the chart notes on AAPL we advised subscribers the following:
10-1 Where is the "What Do I Need To See To Make Me Take A Trade"?, to which we'll refer to as the "Gimme Trade". Why it's the 50 day average in the face of fear that's where.
9-30 A tag of the 50 day in the face of fear sure would be a nice area to go long on it at.
For weeks we've also been talking about the power of a "What Do I Need To See To Make Me Take A Trade". This can be one of the most powerful centering statements you can ask to remain unbiased in your trading?
The 50 day moving average ($650) was laid out on the daily charts for you as a zone. Yesterday as the chart below shows AAPL tagged the 50 day average in true "Don't Blink" form and off to the races. Many times these key support levels are reached and bounce immediately so it's very important to have asked your centering questions first, formulate a game-plan, and know exactly how you will react when the moment arrives.
Preparation + Execution = Success
So now what? Let's look at the one minute, 30-day time frequency chart for our answer as to what to do with it.
So what's the moral of the story? Ask the question, then look at the charts for support levels and 50 day averages.
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