Bought Apple (Nasdaq: AAPL) At The Open Yesterday For $428.47 Per Share: Here's Why

Our first swing trade on this board is the might Apple (Nasdaq: AAPL).

I bought at the open yesterday using "Buy At Market". The trade went through during the first minute of trading.

Here's what I was seeing a liking on the Apple daily chart:

(click on chart image to enlarge) 

1. The three encircled candlesticks all showed long "bottoming" tales before recovering late day. The first of those candlesticks (the one from last Friday, 5 Apr 13) is what's referred to as a hammer - which is signalling a "hammering out of the bottom". 
2. Note that the hammer on 5 Apr 13 touches $419.68 as its low. Previously, one month earlier on 5 May 13, we have a yearly low of $419.00. What we have from both of these lows is a "double bottom".
3. Note the 3 week old downtrend line (used by swing traders "shorting" Apple for two the past two weeks) was broken out of on Monday 8 Apr 13. Tuesday was more of the same type of action of Monday, higher highs, higher lows. Three sticks in a row, higher highs, higher lows.
4. Lastly, using risk/reward money management, I set my stop/loss at $418.00. Even had I been stopped out (or stopped out of it today) I still would have not lost more than 1/2 of 1 percent of all my trading capital. 

As luck would have it, Apple takes off, finally, the day I bought the open. As Apple continues up its new trendline, I will continue to raise my stop/loss.

For an always updating view of my Apple Daily Chart, click here.