Apple just released earnings good earnings earlier and the stock is going to turn green later tonight. Shorted last evening as the stock was pretty weak when it opened where sellers were dominating as you can see from the 5 minute chart. For once, I thought the earnings would be bad because of the supply zone but suddenly, something just shifted and turned. The selling started to abate and stopped while the buyers came in. It was a signal to get out quick as the stock might just reversed. Luckily I did just that and locked in my profits.
Soon after market, true enough, Apple released earnings that did not tumble which meant it was not bad. The stock after market was up and I luckily I was there watching and escaped without too much emotions. The key learning point here is to watch out for sudden reversal of buyers should you have shorted like me and not to think about target prices or hope for better profits but to get out asap instead. That is the mindset of the good trader I believe.
Ron K - A Game Changer
