In today’s AM Meeting I highlighted a short setup in Apple. It was based on the prior day’s price action. This pattern not only applies to AAPL but to the market more broadly and is important to learn. When the price action on the Open confirmed my short thesis I entered an automated script to get short between 131.30-131.50. Downside target of 129.60 based on recent support. Blow off move would be down to 128.50-129 based on 2.50-3 point moves AAPL has had past few months when hammered.

I covered my short into 129.60 as I was heading for a quick trip down to Florida to escape this brutal Winter.

Each morning we highlight and execute high probability setups similar to this one in our AM Meeting.

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Steven Spencer is the co-founder of SMB Capital and SMB University which provides trading education in stocks, options, forex and futures. He has traded professionally for 18 years. His email address is: [email protected].

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