Wednesday, January 8, 2014

AAPL Follow Up

While the 5 min chart is still looking probable for an upside move and the 15 min chart still looks good which is one of the reasons I chose AAPL, last night I was concerned about the 1 min negative divergences migrating to longer timeframes, that's how a reversal starts and I've seen too much in AAPL today to trust it, even if I feel like the probabilities are still slightly better for an upside move, "slightly better" is not good reason to be in a position and as fast as the charts (intraday) are deteriorating, that slight edge may not last long.

 The 15 min chart which still has a positive edge.

However the 1 min has deteriorated all day and migrated to longer timeframes, something I was considering in last night's daily wrap and watching for today.

 The 2 min is seeing a sudden and fairly deep drop

The 3 min is seeing damage migrate to it.

While the 5 min still has a slight edge, it is deteriorating as well.

This is not the same high probability entry/charts of several days ago.

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