011110 - AAPL

AAPL gapped up and sold off right from the start. The selling persisted for about 45 minutes until price finally pulled back, but was too weak to pull back very far and stopped at the 25% Fib Retracement. Price printed offsetting bars and I shorted below the low of the 11:05 AM bar. It went in my favor and inched it's way down all day until finally tagging my target (lower gray line).



I have made some highlight marks on the chart where it makes new lows for the day. In that past, when price broke the low of the day it would continue to fall, but not anymore. I have come to expect quite a bit of volatility from larger names like AAPL because of "High Frequency Trading" algorithms buying new lows and shaking people out. This type of trade has been taking a long time to play out because of this.