Dave Barnhart walks through two winning intraday trades from January 6: AMD, which rallied to $130.50 after bouncing off support, and QQQ, which peaked near $527.68 on a gap-up open. He shows the chart patterns and volume signals that marked his entries.
Chapters
Hey traders, it's noon on Monday, January 6th. Hopefully you guys are having a great trading day. Let's review our trades that we had. We had AMD and we had the QQQ. So AMD, let's have a look. We were bullish above— let me get my numbers— $129, $129.64, $130, $131.25 and up. So this one's a little bit whippy. And there was a better trade, but you know, for the, the purposes of how we're calculating this, if it goes above our target, then we get in, and if it goes below— so usually this 15 minutes can be a little bit crazy, and any of you that trade AMD, you know that she's a whippy one. So let's have a look. We were bullish above $129 or bearish below $127.50. And so this kind of Which is a shakeout candle here at the open. AMD likes to do this sort of thing. But anyway, bullish above $129. This one, this one opened and then it went all the way up here. The high was $130.16. So that got us our dollar. But if we're watching this, the really the best entry is when we bottom out near support and then break above again. This here is a better entry. This candle here because this came up, we couldn't make a higher high, and then we came down and we bottomed out. But then all of a sudden we had increasing volume and we're closing above this and closing above the open. There's a great entry here at $1.29. And then we— 20 minutes later we came back and we retested it. So there was 50 cents there to grab. But anyway, came back and tested the open and did it again. And so this here is another good entry. We can steal the volume from this candle because this was just— it was a big upthrust with no selling. And so this was a good entry here as well, and this got us up to about 130.50. So there were a couple opportunities here to trade that one. So that worked out. The other one that we were looking at is the QQQ, and we were bullish above 523. With a target of 524, 524.50, all the way up to 528 and 530. So we wound up looking at this. This was a gap up, and on my daily, this is a bit of a mess. I've got a downward trend here. These are weekly trend lines that I have here. This is kind of what you call a T-spot, a junction, and we just kind of opened up on that and kept going. So this gap up was bullish on the daily, and and I apologize for the state of my chart. I've got to clean it up myself too. So looking at this, we were bullish above 523 because in the morning we only had this here when we mapped it. When we mapped it out, it was very early in the morning. It was it was right here, I think, when we mapped it out. So we were bullish above 523 and So if you were trading pre-market, sure, you had some opportunity, but really, to be fair to everybody, this, this was the opening candle here at 9:30, and we shot up. This here, we had a pullback and a hammer, so 523, we were bullish above, and this one went all the way up to 527.50. It went up here, and the high here was 527.68. And then the high here was 527.92, almost to our 528, so we won't count the 528. We'll count it to 527.50. Happy trading! Leave your questions and comments in the box below, and we'll catch you tomorrow morning.
