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Annapolis Bancorp, Inc. (ANNB) Message Board

  • hogwash012002 hogwash012002 Jan 8, 2005 4:15 AM Flag

    Don't, AAPL, bracketed orders

    was frustrated to find that I could not use bracketed orders on that AAPL trade yesterday, because though etrade announced the availability, and has a help section on using them, oddly, they will not be available until the second or third quarter!

    Would like to emphasis some salient points about the AAPL trade.

    1) been stalking it for a week or two, it was building a potent congestion pattern on the daily, at first thought it could break down from it, because the lower edge was tested so many times.

    2) but last couple of days, when the price kept hugging the daily 20 sma, while the general market was in the bowels of hell, it just hung tough. So my idea changed to if the market ramps after the nonfarm payroll report regardless if it was good or bad (if it was bad, it was already priced in, and after some initial tubage would reverse, would be the sell the rumour Monday-Thurs and buy the news after the report on Friday play, if it was good, it would ramp because it would be unexpected), then AAPL will most likely become a rocket and break out strongly, at least a point and possibly close to its 52 week high at around 69, about 3.5 points higher than the breakout point of about 65.45 (TASR made a similar move recently, and I missed it, so I was committed not to miss the AAPL version).

    3) So when it took out yesterday's highs early in the morning on tremendous volume, I bought as much as my full buying power allowed, didn't squabble for pennies for the entry price, knew the power of the potential move, and planned to hold for several hours.

    4) meanwhile the Nasdaq was basing at the day's lows, and the broke down from that sharply, which I was expecting as the report was bad.

    5) meanwhile AAPL pulled back during this Nasdaq tubage, and my small paper profit turned into a small paper loss.

    6) determined the bounce point of the QQQQ by clicking on next low point on the daily, and got it by a few pennies. And it bounced there, so I held my AAPL shares, knowing if the market reverses as I thought, then it would fuel the already apparent strength in AAPL, which it did.