Dave Barnhart reviews two intraday trades with a 90% win rate: SPY dropped from 605 to hit the 601.50 target, while BABA peaked at 109 before sliding to 102.70 and hitting targets. Both trades followed pre-defined pivot levels and daily chart signals.
Chapters
Good afternoon, traders. It is Friday, February 7th at 11:37 AM. So let's review our trades. We had the SPY and we had BABA. So the SPY today, we were bullish above 608 and bearish below 605. So we came up at the market open, we came up, tagged 608, and then it tanked, right? It came all the way down to 601.18. So at our 605 shorting area, it went all the way down to 601.18 with our final target was 601.50, and so that hit all of our targets on the downside and relatively quickly as well. That seemed to be done by 10:50 in the morning, that whole trade. So now we're consolidating a little bit. We'll see what happens this afternoon. Now look at the daily here. Just wanted to point this out. This is kind of a downward trend. We're not making a higher— we're not making higher highs, and this is a bearish engulfing here. So we'll see what happens into the close if we're swinging this. What I've got is these purple lines are our daily support and resistance lines. So we just got to be careful because if we look at this, that was the low, and then that was the low there. So we need to close below that. I can see us coming down to $600, $599, and then we would just have to see. $597.50 would be another area there, and then $595. And you can see on the daily how it likes to trade. So there's that there. So let's go ahead and look at BABA. So BABA, well, it did work out, but it did all of its movement pre-market. So we were bullish above $108.20 and we were bearish below $104. So what it actually did— so just remember that we're mapping this out here with only several candles, right? This one comes up with pre-market volume, so we know it's going to move, and clearly it did. The thing is, is many of us aren't trading pre-market, so this— in this case, the move actually happened. So we were, yeah, bullish above 108. So it actually came up to not quite 108. What was the high here? 109. 107.82, and then it just turned around and went right to our bearish blow. So we were bearish below 104 with targets down to 103, 102.50, 102.26, and this actually came all the way down here to 102.70. So that's not bad. It's a couple bucks there. So that happened pre-market. And then when we look as the day actually opened, it's a nothing burger. It's just in the range between the open the resistance there, so between 104.50 and 107, and then now we're just consolidating between 104.50 and 105. So I have to see what the afternoon brings. This one might be over, but there might be some decent trades here. And then looking at the daily here, we have a big wick here at the top, so this jumped up on news. Buy the rumor, sell the news, I guess. This has the opportunity To come back to this 4 EMA about 101.60. That's on the daily. So remember, these are, these are dynamic, so they'll move. So this could actually come back down to the 103, 102, all the way back to here. It's like a rubber band if we're, if we're swinging that. And then this is technically quite long. So in the longer, longer term, we get above 108, then we got a trade up to 120. All right, there you have it. There's your trade reviews. So please like and subscribe, leave some comments in the comment section below, and, uh, we'll see you on Monday with all new trade setups. All right.
